December can be a costly month with the holiday season, but there are significant financial developments on the horizon that could impact your finances. Look out for a Christmas bonus for eligible households, as well as updates on inflation and interest rates.
Various winter assistance programs, such as Cold Weather Payments and the Warm Home Discount, will extend into December, offering support to those in need. The Department for Work and Pensions (DWP) is set to distribute the annual tax-free Christmas bonus of £10 to qualifying households, typically during the first week of December.
Inflation figures from the Office for National Statistics (ONS) are scheduled for release on December 17, providing insights into price changes. Meanwhile, the Bank of England will announce its next interest rate decision on December 18, affecting borrowing costs for consumers.
Due to the Christmas and New Year bank holidays, benefit payments will be processed early in December. If your benefit is due on Christmas Day or Boxing Day, expect to receive it a day earlier. Self-assessment taxpayers wishing to offset their tax bill through the PAYE tax code must submit online returns by December 30 for amounts under £3,000.
Throughout December, support schemes like Cold Weather Payments, Winter Fuel Payments, and the Warm Home Discount will continue to assist households facing financial challenges. Stay informed and prepared for the financial updates and assistance programs coming your way this month.