December can be a costly month with Christmas expenses, but there are other significant financial events on the horizon that could impact your finances.
Households can anticipate a Christmas bonus payment, alongside updates on inflation and interest rates. Additionally, various winter assistance programs, such as Cold Weather Payments and the Warm Home Discount, will continue into December.
The Department for Work and Pensions (DWP) is set to distribute its annual tax-free Christmas bonus of £10 to eligible households. Claimants of specific benefits are entitled to receive this bonus, typically arriving by January 1.
The latest inflation data from the Office for National Statistics (ONS) is scheduled for release on December 17, with current inflation at 3.6%. The Bank of England will announce its next interest rates decision on December 18, with the base rate presently at 4%.
Due to the Christmas and New Year bank holidays, benefit payments for thousands of individuals will be expedited. If benefits are due on Christmas Day or Boxing Day, expect payment on December 24. Similarly, benefits scheduled for January 1 will be paid on December 31.
Self-assessment taxpayers aiming to have HMRC collect owed taxes through their PAYE tax code must file their online returns by December 30. Those with tax bills under £3,000 and already paying tax through PAYE can utilize this option.
Throughout December, support schemes like Cold Weather Payments, Winter Fuel Payments up to £300, and the Warm Home Discount offering £150 off electricity bills will remain active.