www.swansea.ac.uk Graduation & Beyond Asad Rahman, Alison Maguire, Rob Ellis & Jess Hughes Money Advice and Support Office www.swansea.ac.uk We’ve Gone Social!!! ‘Follow us’ us on Twitter! Loads.
Download ReportTranscript www.swansea.ac.uk Graduation & Beyond Asad Rahman, Alison Maguire, Rob Ellis & Jess Hughes Money Advice and Support Office www.swansea.ac.uk We’ve Gone Social!!! ‘Follow us’ us on Twitter! Loads.
Slide 1
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 2
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 3
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 4
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 5
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 6
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 7
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 8
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 9
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 10
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 11
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 12
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 13
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 14
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 15
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 16
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 17
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 18
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 19
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 20
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 21
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 22
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 23
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 24
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 25
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 2
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 3
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 4
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 5
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 6
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 7
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 8
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 9
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 10
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 11
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 12
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 13
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 14
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 15
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 16
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 17
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 18
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 19
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 20
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 21
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 22
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 23
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 24
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk
Slide 25
www.swansea.ac.uk
Graduation & Beyond
Asad Rahman, Alison Maguire,
Rob Ellis & Jess Hughes
Money Advice and Support Office
www.swansea.ac.uk
We’ve Gone Social!!!
‘Follow us’ us on Twitter!
Loads of money related information, updates,
competitions & prizes to be won!
@SwanseaUniMASO
www.swansea.ac.uk
www.swansea.ac.uk
Todays Aim……
• To provide
information to help
you deal with the
financial implications
of the transition out
of undergraduate
study so that….
www.swansea.ac.uk
Things to Consider
• Effects of losing student status
• Period of transition until commencing work
• Maximising Income
- Claiming Benefits
- Income tax
• Budgeting
• Dealing with debts
• UNIVERSAL CREDIT ?????
www.swansea.ac.uk
Consider Effects in Change of Status
• Council Tax
• Income Tax
• Car/ House insurance premiums
• Bank Account & Overdraft
• Current Benefit Claims (NINO required!)
www.swansea.ac.uk
Income Maximisation
• Child Benefit & Child Tax Credit
• Benefits for Unemployed
• Benefits for Employed
• Housing Costs Assistance
• Income Tax & Coding
www.swansea.ac.uk
Child Benefit
• Currently £20.50 per week 1 child and £13.55 for each
subsequent child
Incomes over £50,000:
•
If you, or your partner, have an individual income of more
than £50,000 you might be affected by a new tax charge
to be implemented from 7th January 2013.
•
More Information: hmrc.gov.uk/childbenefitcharge
www.swansea.ac.uk
Child Tax Credit
Paid to all families with children regardless of employment
status, subject to meeting eligibility criteria:
• You or partner must have min. of 1 dependant child
• Income must be below prescribed level
• You must meet residency tests
• Family element
£545
• Child element
£2,750
• Child disability
£3,100
• Severe disability
£1,225
www.swansea.ac.uk
Benefits for the Unemployed
If you are unable to secure employment when you complete your
course you may be entitled to JSA if:
•
You are not in paid work (16 hours or more per week) and
•
Have not been found to have limited capacity for work and
•
Are not in full time education and
•
Are available for work and are actively seeking work and below pensionable age and
•
Meet residency requirements set by legislation.
There are two types of JSA:
•
Contribution Based: Must have made adequate NI contributions
Under 25 - £57.35 p/w
•
25 and over - £72.40 p/w
Income Based: Lots of variables and your income is compared to an amount which the
government considers you need to live on and you get the difference.
www.swansea.ac.uk
Benefits for the Employed - Working Tax Credit
•
Working Tax Credit (WTC) is paid to low-paid workers to ‘top up’ your wages.
•
Various eligibility criteria – see our leaflet:
•
You need to be in paid work or starting paid work within seven days of making
your claim. You will only get Working Tax Credit if you actually start this paid
work AND
•
Your income is below a certain level (disregard falls to £5,000 in April 2013)
•
You meet the residency tests set by legislation
•
Help with childcare costs? May also be able to claim assistance via WTC.
•
For more information you can call the Tax Credits Helpline on 0845 300 3900.
www.swansea.ac.uk
Assistance with Housing Costs
Housing Benefit
• Available to anyone in rented property
• Assistance assessed on income & Local Housing
Allowance
• Rates to be capped from 2013 – not particularly relevant in
South Wales
Council Tax Benefit
• Assistance assessed on household income
• Available whether renting or owner occupier
www.swansea.ac.uk
Income Tax Allowance
•
Personal rate - £10,000
•
No ‘couple rate’
unless born before 6 April 1948!
•
Tax bands
20% rate £31,865
40% rate £31,866-£150,000
50% rate £150,000 and over
www.swansea.ac.uk
Income Tax Codes
The Coding shows rate of tax you pay e.g.
810L – means that your personal allowance has been applied
(i.e. £10,00 ) and you are taxed on earnings over that
BR – no allowance has been applied and all income is taxed
at 20% rate
http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/Wo
rkingAndPayingTax/index.htm
www.swansea.ac.uk
Post Graduate Study
• No Statutory Funding Available
• Students are required to fund the course themselves
(fees and living costs)
• Funding may be available from the University or your
department
• You should apply for this funding ASAP.
2nd degree students may also struggle to fund their studies
www.swansea.ac.uk
Budgeting & Dealing with Debts
• Be honest with yourself on
the levels of expenditure!
• Don’t pay for help – there is
plenty of good, free advice
available
• See our ‘Graduation &
Beyond’ leaflet – available
to down load from
BlackBoard
www.swansea.ac.uk
Dealing with Debts
• Priority debts come first –
home/council tax/utilities
• Non-priority debts – credit
cards, bank loans (unsecured),
store cards
• Not the ones that shout the
loudest!
www.swansea.ac.uk
And More on Dealing With Debt………..
Hire Purchase: Gives lender
rights over the item being bought
Borrower not legal owner of goods
until final payment is made
Payday Loans: Legal – but very
high interest rates
Illegal Loans: Loan Shark is
breaking the law NOT you
www.swansea.ac.uk
Universal Credit
Was due to be in place now but we’ll have to keep you posted!:
• Income-based Jobseeker’s Allowance
• Income Support
• Child Tax Credits
• Working Tax Credits
• Housing Benefit
• And others
• New Claimants will apply via the internet from ?????????
• Existing claimants ‘moved over’ during 2014??????
www.swansea.ac.uk
More On Universal Credit
• 2 stage application process – online collection of
information followed by an interview at Job Centre Plus
• Once a claimant is acknowledged as eligible for Universal
Credit, they will usually be required to agree to a ‘Claimant
Commitment’
• The Claimant Commitment details your circumstances and
responsibilities
• Timeline for role out of all benefit reform subject to change
but benefit cap and PIP will apply in Wales later this year
www.swansea.ac.uk
Universal Credit Continued……
• Available to people who are in work and on a low income
• As well as to those who are out of work
• Claimants will receive just one monthly payment, paid into a
bank account in the same way as a monthly salary
• Support with housing costs will go direct to the claimant as
part of their monthly payment.
• Find out more at: www.dwp.gov.uk/universal-credit
www.swansea.ac.uk
Contact Us
[email protected]
01792 606 699
Join us on Blackboard
SwanseaUniMASO
SwanseaUniMASO
Drop in: Currently Mon & Fri 9.30am – 12.30pm; Tues & Thurs 1pm – 4pm
During October: 9.30am – 4pm every day except Wednesday
Where: Keir Hardie Building: Student Services Reception
(Opposite the main library on campus)
www.swansea.ac.uk
Useful Websites
•
•
•
•
•
•
•
•
•
•
www.hmrc.gov.uk
www.directgov.gov.uk
www.citizensadvice.org.uk
www.adviceguide.org.uk
www.nationaldebtline.co.uk
www.cccs.co.uk
www.moneysavingexpert.co.uk
www.moneymadeclear.fsa.gov.uk
www.prospects.ac.uk
http://studenttaxadvice.direct.gov.uk/index.html
www.swansea.ac.uk
Feedback
Thanks for listening!
As we deliver these talks
to students all year round we are constantly
aiming to improve them.
We would appreciate it if you could fill in the
feedback sheet.
www.swansea.ac.uk