At the beginning of the new tax year, there will be several changes in the laws that can hit you and your loved ones in the pocket.

Some of this will be positive due to increased benefits and the minimum wage. Others will be negative, like an increase in utility bills. Others are highly controversial, like how much tax some people will have to pay.

MEN revealed what changes and laws you can expect by the end of the year, read below…

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Help a Buy program is coming to an end – March 31st

A government loan scheme aimed at helping first-time homebuyers will end soon. It was introduced as a way to combat the skyrocketing house prices and interest rates that were putting many first-time homebuyers away by providing additional financial assistance.

No plans to expand or replace Help to Buy have been announced at this time.

End of payments to energy operators is March 31

The generous electricity bill support scheme will officially end after the end of the winter period. Many households will see their monthly electricity bills rise to £400 thanks to the scheme.

An alternative fund option will be available after March, but people will need to apply before being considered and will only be available to people with lower incomes. See more about it here.

Amendments to the Fiscal Council Bill – April 1

Council tax increases in Wales are expected to be significant this year. Many are above 5% and families in D-houses will be hit with additional bills of over £100. See more here.

Salary increase – April 1st

The National Living Wage and the National Minimum Wage will increase for all categories of workers across the country. Depending on your age and professional status, you will receive one of the following allowances:

  • National minimum wage: increased to £10.42 (an annual increase of 9.7 per cent)
  • 21-22 year olds rate: increased to £10.18 (an annual increase of 10.9 per cent)
  • 18-20 rate: increased to £7.49 (a 9.7 per cent annual increase)
  • Ages 16-17 fee: Increased to £5.28 (an annual increase of 9.7 per cent)
  • Apprentice Fee: Increased to £5.28 (an increase of 9.7 per cent year-on-year)
  • Placement Fee: Increased to £9.10 (4.6 percent annual increase)

The water tariff will increase on April 1st

Starting in April, households will see the biggest increase in their water bills in nearly 20 years. UK Water said the 7.5% increase would mean bills would rise by an average of £448 a year.

The increase means customers will pay an average of around £1.23 a day, an increase of 8p a day or an average of £31 more than last year’s charges.

Changing broadband and mobile communications bills – April 1st

Millions of mobile and broadband customers can expect at least a 14% increase in monthly bills from April. Suppliers attribute the annual price increase to the Consumer Price Index (CPI) or Retail Price Index (CPI) for January, which were 10.5% and 13.4%.

Broadband contracts with BT, EE, Plusnet and Vodafone allow for an IPC price increase of more than 3.9%. TalkTalk has CPI plus 3.7%, while Shell Energy can add CPI plus 3%. Sky and Virgin Media’s contracts allow for mid-contract price increases, but they don’t dictate the pricing formula in the same way as rivals.

Change of payment for pregnancy and childbirth, patronymic, salary changes – April 2

The Department for Work and Pensions (DWP) has confirmed that it will increase pay rates for several statutory entitlements. Statutory maternity, paternity, adoption, paternity and bereavement benefits will increase from £156.66 a week to £172.48 a week. Meanwhile, statutory sick pay will rise from £99.35 a week to £109.40 a week.

Income tax changes – April 6

The additional 45% income tax rate cap drops from £150,000 to £125,140, ​​meaning more people who earn more will pay more tax. The personal allowance will remain frozen at £12,570, as will the 20% tax threshold of £12,571 to £50,270. The zero-rate inheritance tax bracket remains at £325,000 and the zero-rate residential tax remains at £175,000. Everything else, from national insurance rates to ISAs, is also unchanged.

Benefits increases, including universal credit, PIP and pensions – April 10

Inflation-linked benefits and tax credits will increase by 10.1% from April 2023, in line with September 2022 Consumer Price Index (CPI) inflation. £11bn means 10m working-age households would need a boost next year, with the average household on Universal Credit getting around £600 next year.

The maximum benefit will increase from £23,000 to £25,323 for families in Greater London and from £20,000 to £22,020 for families in the countryside. The lower limit for single-person households will rise from £15,410 to £16,967 in Greater London and from £13,400 to £14,753 nationally.

Benefits that will increase by 10.1% include Universal Credit, Housing Subsidy, Pension Credit, Disability Subsidy and Personal Independence Subsidy.

New voter ID laws – May 4

Under the new laws, voters will need to show their voter identification card to receive a ballot. The Elections Bill 2022, which introduces photo ID for in-person voting for the first time in the UK and amends postal voting, received royal assent in April last year. On May 4, England will hold its first local elections under the new rules.

Any person without identification documents (passports, driving licenses, identity cards and other specific documents) can request a free document, a “Certificate of Voter Authorization” (VAC).

Applications are open for a new document, which will be used in the elections. According to the government, voters have until 5 pm on Tuesday, April 25, to apply for identification ahead of the May elections.

Additional free day – May 8

This year, the people of Great Britain will have an extra weekend to honor and celebrate the coronation of King Charles III.

The government said the holiday would fall on Monday 8 May, following the coronation at Westminster Abbey two days earlier on Saturday 6 May. It will take place across the UK. Prime Minister Rishi Sunak said that, like Queen Elizabeth’s coronation in 1953, it would be an opportunity for families and communities across the country to come together to celebrate.

Prime Minister Rishi Sunak said: “The coronation of a new monarch is a unique moment for our country. In recognition of this historic event, I am delighted to announce an additional weekend across the UK next year.

“I look forward to seeing people come together to celebrate King Charles III and pay tribute by attending local and national events across the country in his honor.”

Brand changes – July 31st

Classic stamps are being replaced by digital barcodes. As of July 31st, traditional stamps are no longer accepted.

However, you can still use non-barcode themed, commemorative, and holiday stamps after this date. Before this deadline, you must either use your old stamps or exchange them for free barcoded versions.

Community legislation bill maintained (repeal and reform) – 31 December

If the EU Withholding Laws Bill comes into force, it will mean that all Withheld Laws from our former EU members will be transferred and enshrined in UK law by 31st December. On the other hand, laws may cease to apply in Great Britain.

However, it is important to note that the government has the power to extend the laws until January 23, 2026.

Date to be confirmed

The following could become law by the end of the year:.

Draft Labor Relations Law (Flexible Work).

The government previously announced its support for the Labor Relations Bill, which proposes the following policies:

  • Employees will be entitled to request labor flexibility from the first day of work
  • Elimination of the current 26-week qualifying period
  • Employers must consult with employers before rejecting flexible working requests
  • Employees can submit two flexible work requests per year
  • Employers must respond within two months to a job flexibility request

Layoff Protection Bill (Pregnancy and Family Leave).

The Dismissal Protection Bill will strengthen women’s protection against dismissal during or after pregnancy. It is understood that this protection will be granted from the moment the worker informs the employer about her pregnancy, within the six months following the return from maternity leave.

Extended protection may also be available for those returning to work after paternity or adoption leave.

Caregiver leave account

The Carers Leave Bill is currently in the House of Lords as part of a review process. According to the government, the bill will grant unpaid leave to millions of people across the UK who care for family or friends for free.

It will introduce a new, flexible entitlement to one week of unpaid leave per year for workers providing or arranging care.

Neonatal care account (leaves and wages).

The neonatal care bill will provide leave and compensation to workers who care for children in neonatal care.

The bill includes provisions that include up to 12 weeks of paid leave for both parents, so they can spend more time with their children if they are born prematurely or sick, without having to worry about going back to work.

The digital information law and data protection

Data protection in the UK is currently governed by the GDPR. However, the government has proposed new data protection legislation that aims to expand data protections and provisions for personal information as part of a broader national data strategy.

Draft Worker Protection Act (amending the Equality Act 2010).

The Worker Protection Bill includes a new requirement for employers to be more proactive and have a duty to prevent sexual harassment of their employees. It also holds employers accountable for harassment of their employees by third parties.

Source: Wales Online