A money expert has urged people on benefits to ‘plan ahead’ as the DWP and HMRC change payment dates this month.
People who are currently paid benefits including Universal Credit and Child Benefit are being urged to keep an eye on their bank accounts due to moving payment dates.
Child Benefit which would normally be paid on August 26 is going to switch to August 23, with the same happening for Tax Credits.
The new payment dates also affect Universal Credit, Personal Independence Payments (PIP) and the state pension as well as Carer’s Allowance and Jobseeker’s Allowance.
Although an early payment is never unwelcome, it does mean claimants will have to go an extra three days until their next payment, so managing and budgeting that payment carefully will be key.
Andy Wood, money expert from Crypto Tax Degens, said: “Bank holidays often disrupt the regular schedule of benefit payments, which can be concerning for those who rely on this income. With the August bank holiday falling on a Monday, payments from the Department for Work and Pensions (DWP) and HM Revenue and Customs (HMRC) are being moved to the previous working day to ensure that recipients still receive their funds on time. This adjustment helps prevent any financial strain that could arise from delayed payments.
“Effective communication from DWP and HMRC is critical, especially when bank holidays affect payment dates. For example, Child Benefit and Tax Credits due on August 26 will be paid earlier, on August 23. Such information must be clearly communicated to recipients so they can plan their finances accordingly and avoid any potential difficulties.
“Changes in payment schedules, such as those occurring due to the August bank holiday, are significant for vulnerable populations, including those receiving Universal Credit, Personal Independence Payment (PIP), and State Pension. An early payment ensures that these individuals, many of whom live on tight budgets, can maintain their financial stability without interruption.”
