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Automotive Insurance, Minimal Wages and Pensions – 22 Forex Alternate for 2022 – Bristol Dwell

A spate of financial changes is slated to kick in this year – affecting millions as inflation hits record highs.

The state pension, hourly earnings and council tax will all be revised between January 1 and the new tax year in April – but many increases will likely be outweighed by the cost of living, reports Der Spiegel.

In the run-up to the changes, we went through the 22 important changes that you must be aware of before January 1st.

Sarah Coles, Senior Personal Finance Analyst at Hargreaves Lansdown, explains: “2022 will be a year of change, but not in a good way.

"Most of the financial developments in the pipeline will make us worse off by the end of 2022. The announced budget-related tax hikes will come into effect, along with higher prices for everything from energy bills to rail tariffs to pubs." Prices.

“But it's not all bad news. There are some other positive changes hidden beneath the price increases, including the end of the loyalty penalty for insurance customers, lower water bills and relief for the families of the deceased.

"Unfortunately, for most of us, the bad outweighs the good, so we need to plan ahead and be prepared for the worst that 2022 may throw at us."

1. Minimum wage

Workers on the basic wage will receive a top-up in April as the minimum wage is raised to £ 9.50 an hour.

The Chancellor announced in October an increase in the national living wage for those over 23 from the current £ 8.91 an hour.

The minimum wage increases are due to come into force on April 1st:

  • National Living Wage for over 23s: from £ 8.91 to £ 9.50 an hour
  • National minimum wage for 21-22 year olds: from £ 8.36 to £ 9.18
  • National minimum wage for 18-20 year olds: from £ 6.56 to £ 6.83
  • National minimum wage for under 18s: from £ 4.62 to £ 4.81
  • The apprentice rate: from £ 4.30 to £ 4.81

The apprentice tariff applies to people under 19 years of age or over 19 years of age, but in the first year of the apprenticeship.

Apprentices over the age of 19 who have completed their first year of training are entitled to the minimum wage applicable to their age group.

The minimum wage is the same in all parts of the UK.

2. Rail tariffs

The rail tariffs will rise by 3.8% in March, confirmed the Ministry of Transport (DfT).

This is in line with the July Retail Price Index (RPI), the measure of inflation used each year to calculate rail fares.

3. State pension

Retirees receiving the full, new state pension will increase their income by £ 290 this year, the government has confirmed.

It will increase by up to £ 5.50 per week from April 2022, which is the September inflation rate of 3.1%.

Earlier this year, retirees were promised their incomes would still rise by the highest inflation spike, or 2.5% – whichever is highest in 2022 after the Prime Minister – and canceled an 8% increase.

An increase of 3.1% means the annual income of those receiving the full new State Pension will rise to £ 9,628.50 – an additional £ 289.50.

To receive the full state pension, you must include at least 10 “qualifying” years of employment and 35 years of social security contributions in your employment file.

Men born on or after April 6, 1951 and women born on or after April 6, 1953 can claim the new statutory pension.

The current full, new state pension is £ 179.60 per week or around £ 9,339 per year.

A 3.1% increase adds another £ 5.56 per week to the payment, increasing it to £ 185.15 per week.

Over the course of the year that's £ 9,628.50 and an additional £ 289.50.

Those who reached the state retirement age before April 6, 2016 will receive the old state pension known as the State Basic Pension, which is currently £ 137.60 or £ 7,155.20 per year.

A 3.1% increase increases the payment by £ 4.26 per week, increasing it to £ 141.86.

Over the course of the year that's £ 7,377 and an additional £ 221.81.

4. Car and home insurance

Many insurance companies increase prices for existing customers when they renew in a practice known as price walking.

They use sophisticated procedures to address customers who they believe will not change in the future and will therefore pay more in the long run.

At the same time, these companies are offering new customers at low prices to attract them.

This is one of the reasons people are encouraged to browse and switch every year.

From January, however, insurers will be prohibited from billing existing customers more than new customers as part of the measures to abolish this so-called loyalty bonus.

In short, this means that your renewal price will not be higher than if you had joined the same company as a new customer.

It said these measures will save consumers £ 4.2 billion over 10 years.

5. Increase in the social security rate

From April 2022, employees, employers and self-employed will pay 1.25 pence more to National Insurance (NI) for every pound they earn.

This is a new one that comes into effect this year and will be renamed Health and Social Insurance from 2023.

After that, the average worker pays an additional £ 255 in taxes per year. An employee with an annual salary of £ 20,000 pays an additional £ 130.

Higher earners with £ 50,000 a year would pay an additional £ 505.

Individuals earning less than £ 9,564 per year or £ 797 per month will not have to pay Social Security and will not have to pay the new levy.

However, all other employed adults, including those over the statutory retirement age, have to pay it.

Starting in April, the additional 1.25% will appear on pay slips as a higher social security tax, but in April 2023 NI will return to its current rate and the additional tax will be levied as a new health and social security tax.

Hargreaves Landsdown estimates that introducing the levy will cost someone on a £ 30,000 salary an additional £ 255.40 a year – meaning they end up paying a little over £ 2,700.

Someone who has £ 40,000 will see their Social Security contributions increase by £ 380 a year – to £ 4,032.

A £ 50,000 worker will spend an additional £ 505 a year – to £ 5,357.

And someone who makes £ 100,000 pays an additional £ 1,130 a year – bringing their total contribution to £ 7,010.

How Much More Tax Will I Pay?

  • If you make £ 20,000, pay an additional £ 130
  • If you make £ 30,000, pay an additional £ 255
  • If you make £ 50,000 you will pay an additional £ 505
  • If you make £ 80,000 you will pay an additional £ 880
  • If you make £ 100,000 you will pay an additional £ 1,130

6. Dividend Tax Rates

The tax rate on dividends if you own a company or shares in a company will also increase this year.

You don't pay tax on dividend income that falls within your personal allowance – £ 12,570 – this is the amount you can earn each year before you have to pay tax.

The dividend tax rates for this year will also rise:

  • Property tax payer – 7.5% to 8.75%
  • Taxpayers with higher tax rate – 32.5% to 33.75%
  • Taxpayers with an additional tax rate – 38.1% to 39.35%

The next £ 2,000 in dividend income is tax-free through the dividend allowance. The remaining £ 35,430 is the base tax rate.

7. Council Tax Rates

Some households could see their council tax bills spike by as much as £ 400 over the next five years, amid measures buried in the US.

The Office for Responsibility (OBR) said it expected the total amount of municipal taxes to be a third higher in 2026/27 than in 2019/20.

Revenues will be £ 12.1 billion higher in 2026/27 than seven years earlier. This equates to an additional £ 435 per household.

Last year councils got bills a whopping 5% – even though the actual average increase was 4.4%, bringing Volume D's average bill to £ 1,898.

This year local authorities can increase their bills by a maximum of 3% without having to hold a local referendum, 1% of which goes to welfare.

However, the fine print also means that any municipality that did not impose its 3% allowance in the past year can carry it over to 2022. That means residents in 33 cities could increase their bills by up to 6% in 2022.

The Ministry of Finance's Red Book, published with the budget, states: “To ensure that all local authorities have access to the resources they need to provide core services such as child welfare, road maintenance and waste management, the referendum threshold for the Increase in council tax “set is expected to remain at 2 percent.

“In addition, municipalities with social welfare responsibilities are expected to be able to increase social welfare obligations for adults by up to 1 percent per year.

8. Upper energy price limit

The next energy price cap, due to go into effect in April, could rise by a further £ 280, reflecting a 500 percent increase in wholesale gas prices, the industry has warned.

Rapidly rising costs, which have driven the industry into a meltdown, mean that prices are likely to rise as utilities hope to survive, according to a report from comparison website, the Energy Shop.

The price cap limits how much suppliers can bill the most vulnerable customers, but this year it meant companies couldn't charge real-time tariffs to their customers as gas prices skyrocketed – 28 suppliers were sent to administration.

The next cap will be announced in February and then introduced on April 1st. The announcement won't be pretty as it will reflect far higher wholesale prices, as well as the cost to the industry picking up the parts after energy companies collapse.

At the moment, households are advised to hold back and prepare to start shopping in March.

9. Inheritance tax

On January 1, an amendment to the guidelines means thousands of people who do not have to pay inheritance tax will have less paperwork as the rules will be expanded to include those who do not need to file full accounts with HMRC for probate audits.

It is said to save 230,000 people the additional stress every year.

10. TV license

At the moment we don't know how the license fee will change.

The BBC called for an inflation-linked increase, the government rejected the proposal. This means we could see a smaller increase or freeze in royalties.

In any case, the increase will take effect on April 1st.

11. Changes in prescription fees may occur

For the past few years, prescription costs have increased every April in line with inflation – and that's expected to happen this year too.

The government is also debating whether to change the age rules if you stop paying prescriptions.

There are currently no fees for those over 60, but the possibility exists that they will apply to those over the legal retirement age, driving millions of people to pay for essential medications. A result on this is expected shortly.

12. Tax thresholds remain frozen

Rishi Sunak announced last March that key thresholds would be frozen in April of this year.

This means that over time, rising wages and house prices will lead to more people paying more taxes and moving more to the higher tax bracket. It is a terrible stealth tax that will hit millions of people for years to come.

Here are the tariffs:

  • The personal allowance will remain at £ 12,570 in April and each year through 2025/26
  • The higher interest rate is £ 50,270. frozen
  • The annual capital gains tax exemption remains at £ 12,300
  • The life annuity is still £ 1,073,100
  • The zero inheritance tax rate is £ 325,000 and the zero residential tax rate is £ 175,000
  • In addition, everything remains the same, from the ISA subsidy to the annual gift subsidy to the child benefit tax rate for high incomes and the savings subsidy.

13. No-fault divorce introduced

The no-fault divorce should finally come into effect in the new tax year on April 6th.

The current blame and accusation system is being replaced with one in which one or both couples declare their intention to divorce and then wait six months for the trial to take place.

This is a long awaited and welcomed change that is abandoning the current adversarial process, which apparently was designed to cause maximum conflict and suffering.

14. Company pension scheme

The rules for auto enrollment mean that every time we start a new job, there is a good chance that we will also start a new retirement.

People who change jobs frequently can end up building up many small pensions.

The problem is that if you have a small pot and the pension insurance charges a relatively high flat fee, the fee effectively soaks up the entire value of the pension over the years.

An amendment to the system on April 6th will help avoid this possibility by banning flat fees for qualified occupational pension pots valued at less than £ 100.

15. Pension wise push

On June 1, a regulation will come into force whereby people who are drawing their retirement income for the first time are offered an appointment with the Pension Wise advisory service.

The aim is to provide people with important independent support when it comes to how they can best draw their pension.

16. Old £ 20 and £ 50 bills withdrawn as legal tender

Paper banknotes have been around in the UK since 1695 – but now the British are being warned that the banknotes will finally be phased out.

Old-style paper notes have been replaced with polymer alternatives since 2015.

The Bank of England announced that they will no longer be legal tender on September 30, 2022.

A statement from the bank said: “Have you started your Christmas shopping? Retailers can still accept your £ 20 and £ 50 paper bills through September 30, 2022. "

17. Speed ​​limiters in new cars

From July 6, 2022, new vehicles will be equipped with speed limiters to increase road safety.

The black boxes of Intelligent Speed ​​Assistance (ISA) use GPS to determine the maximum permitted speed and then ensure that the car does not exceed it.

A new regulation will be introduced by the European Commission in the General Safety Regulation adopted by the European Parliament in 2019.

ISAs will be mandatory starting July 6th for all new models that receive “type approval”. This means that any new car that hits the market after that date and not new cars already in production.

18. Local clean air zone fees

London's Clean Air Zone, also known as the Ultra Low Emission Zone (ULEZ), is currently charging drivers of the most polluting vehicles £ 12.50 per day on top of congestion charges.

On October 25, 2021, the area expanded to the North and South Circular ring roads, affecting more motorists with some of the most polluting vehicles.

Next year Greater Manchester and Bradford will introduce their own clean air zones.

The Manchester Clean Air Zone begins May 30, 2022, while a date for the Bradford Clean Air Zone is to be announced.

Birmingham's Clean Air Zone goes into effect in June, forcing older vehicle drivers to drive into the city center for £ 8 a day.

The ULEZ-Checker online pays off whether the fees are due for your vehicle.

The First Zero Emission Zone will also be piloted in Oxford – with the exception of electric vehicles, which travel on eight streets in the city center.

Oxford will pilot the program in February 2022, charging all drivers who use the city center from 7 a.m. to 7 p.m. 7 a.m. to 7 p.m. daily, 2 to 10 pounds.

May 2022 will be followed by a clean air zone for Greater Manchester, Bolton, Bury, Oldham, Rochdale, Salford, Stockport, Tameside, Trafford and Wigan, but only for drivers of buses, coaches, taxis, trucks, PHV and LGV.

Newcastle city center, Sheffield and Bristol will adopt a similar policy in July 2022 that will also affect Gateshead and North Tyneside – but motorists will not be charging.

19. Changes to the statutory pension scheme for expats

From January 2022, changes will be introduced that will affect how the state pension is calculated for Britons who wish to retire abroad.

British citizens moving to or between an EU or EEA country or Switzerland can no longer count the time spent abroad in the following countries towards their state pension:

  • Australia (before March 1, 2001)
  • Canada
  • New Zealand

This does not affect those who continue to live in the UK or EU, EEA or Switzerland until December 31, 2021.

As long as you continue to live in the same country, your lifetime in Australia (before March 1, 2001), Canada or New Zealand can be used to calculate your state pension.

You need at least ten qualifying years on your social security register to receive a state pension, or 35 years to receive the full amount.

20. Increase in pension credit to £ 279

Pension credit is set to grow this year – and couples can get up to £ 278.70 a week if they qualify.

This is a type of benefit that gives you extra cash to support a living if you have passed the statutory retirement age and are on low income.

The current maximum pension balance that you can receive is £ 177.10 per week for a single person or £ 270.30 for a couple.

But as of next April that will rise to £ 182.60 and £ 278.70 respectively.

That means an increase of £ 5.50 a week for singles and £ 8.40 a week for couples.

21. More money for small pension pots

Flat-rate fees for small pension pots worth £ 100 or less are to be eliminated to prevent “rip-off” fees from wiping out savers' funds over time.

The changes would help workers who have accumulated many small company pensions through automatic enrollment systems during their working lives.

This can be, for example, people who have frequently changed jobs or who regularly accept fixed-term contracts.

Rebecca O’Connor, director of retirement and savings at Interactive Investor, previously told The Mirror that a £ 100 retirement pot could potentially disappear within five to eight years under current rules.

This is based on average figures published by the government showing the average fees are between £ 13-20 per year, with the highest maximum flat fee being £ 36, based on a survey of 20 vendors.

22. Beneficiaries can no longer be paid via the post office

Postcard accounts are a popular way for people to get their benefits, but HMRC will no longer allow payments.

This means that anyone who receives universal credit or other services in a postal account must take alternative precautions or run the risk of not receiving their money.

If you already have a bank or building society account, you can choose whether you want to pay in there instead.

You can do this by updating your personal tax account or child benefit account online at or by calling 0300 200 3100.

Anyone receiving a tax credit can change their account details online through by calling the Tax Credit Helpline on 0345 300 3900.

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