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Exact date in July your income could change – how to check your pay

MILLIONS of people will see a change in their income next month, giving them a much-needed cash boost.

Workers and people on Universal Credit will be among those who benefit from cost-of-living help in July.

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Millions of Britons to get a cash boost in JulyCredit: Getty

It comes as the prices of essential items rise, including grocery purchases, energy bills and fuel costs.

However, two changes coming in a few weeks will offer some relief.

That includes a one-time cash payment that goes into the bank accounts of Universal Credit holders and other benefits.

Meanwhile, hundreds of thousands of workers will get a pay raise when a change to National Insurance takes effect.

Free cash worth up to £2,050 if you do NOT qualify for the cost of living payment
Date all cost of living payments will be made

Anyone who has a job and is on Universal Credit will benefit from both. This is what you need to know…

Increase in the Social Security threshold from July 6: how it affects you

The amount you can earn before you start paying National Insurance Contributions (NICs) will increase to £12,570.

You should see the change on your first paycheck after July 6 when it goes into effect.

The £9,500 increase means you can earn more before tax is due, and some people will now pay nothing.

You can check exactly how much less you will pay for NIC and how much more you will get in your payment package using the government calculator.

Someone with a salary of £20,000 will pay around £291 less each year.

Cost of living payments from July 14: how it affects you

Anyone who has Universal Credit and certain other benefits will see a change in their payments next month.

This is because they must receive an additional amount thanks to a cost of living payment.

The first half of the £650 increase will hit bank accounts from July 14 and should reach everyone by the end of the month.

The first amount is worth £326 and is designed to help with additional costs as inflation rises.

Cash is in addition to regular Universal Credit or benefit amounts and is paid separately.

To receive the first payment, you must receive any of these eligible benefit payments by May 25 of this year, or have started a claim by this date and then be successful.

Eligible benefits are:

  • Income-Based Job Seeker Allowance
  • Earnings Related Employment and Support Allowance
  • income support
  • Work Tax Credit
  • child tax credit
  • pension credit
  • Universal Credit

Anyone who gets tax credits is also eligible, but will get paid at a later date.

A second payment worth £324 will be made in the autumn with the exact date to be confirmed.

There will also be a later deadline when you must claim the benefit to qualify for this second amount.

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It means you could be eligible for the second payment, even if you didn’t receive the first, if you start claiming Universal Credit or other benefits.

It might be worth checking now if you can claim benefits, as it is estimated that millions of people are missing out.

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