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IRS is stepping up efforts to suppress fraud in the tax credit program

Sabir Ansary — Fri, 22 Mar 2024 18:39:15 +0000

The software was called ‘Tax Bandits’. The scheme, run from a California prison, attempted to fraudulently claim more than half a billion dollars in tax refunds.

The method was known: incorrectly claiming the tax credit.

The IRS said Friday it was stepping up its efforts to root out such cases of fraud as it tries to safeguard taxpayers’ money, but it acknowledged that without congressional intervention, the agency would remain inundated with potentially unjustified claims.

One of the most brazen cases of alleged fraud in the program emerged in February, when federal agents announced charges against the ringleader of an operation led by Kristopher Thomas, a former gang member already in prison for murder. He was charged outside the jail along with seven co-conspirators, including his mother, who helped carry out the scheme, authorities said.

The joint investigation of the FBI and the Internal Revenue Service Criminal Investigation Unit was convened “Operation Fraud Street Mafia.” It involved intercepted calls and text messages exchanging information about fake companies while using the money they earned to live luxuriously – even flying to a party in Las Vegas on a private jet.

The alleged plot is perhaps the most egregious example of the abuse of tax breaks created during the pandemic crisis to keep companies and their workers afloat. Since its inception in 2020, a new sector of tax preparation companies has emerged just to process claims for the Employee Retention Tax Credit, which allows companies to collect up to $26,000 for each employee on the payroll.

But the program is riddled with fraud, with many of those tax preparation companies tricking companies into applying for tax breaks they don’t qualify for. As a result, the program has cost the federal government billions more than originally estimated.

Taxpayers can continue to apply for the tax credit through 2025, but the IRS halted the program last September so it could clear a backlog of claims and ramp up audits. Lawmakers in Congress have negotiated tax legislation that would end the program early, potentially saving the federal government about $80 billion, but an agreement has yet to be reached.

The IRS said Friday that since it temporarily stopped accepting new applications for the credits last fall and offered taxpayers a chance to withdraw their claims, it has safeguarded more than $1 billion in federal tax revenue. However, the agency warned that the program remains a problem and that it still has about a million unprocessed claims.

“We remain deeply concerned about the widespread abuse related to these claims that have harmed small businesses,” Daniel Werfel, the IRS commissioner, said in a statement.

Wally Adeyemo, the deputy finance minister, urged lawmakers on Friday to end the tax credit program.

“Congress must act to protect the interests of American taxpayers and honest small businesses and give the IRS the tools needed to tackle fraud,” he said.

Since last September, 1,800 companies have withdrawn claims totaling $251 million. The IRS said it also caught 12,000 companies in the past six months that filed more than 22,000 claims that were improper, resulting in fines of $572 million.

The pot of seemingly unlimited amounts of pandemic relief money prompted tax firms to launch an advertising campaign to convince companies to apply for the credits, earning them lucrative commissions.

In Mr. Thomas’s case, court documents showed that he and his associates filed approximately 300 payroll tax returns claiming more than $550 million in refunds, much of it tied to the employee retention tax credit.

Officials said the returns were for “fake business entities, real businesses with inflated wages and employee numbers, and businesses that were defunct at the time the payroll tax returns were filed.” Much of the money they requested was not returned because the IRS suspected fraud.

The case showed a striking level of recklessness. At some point in 2023, Mr. Thomas was caught talking to his mother in a recorded prison about her concerns that the federal government would realize what they were doing, officials said.

According to the complaint, Mr. Thomas downplayed these concerns, saying they would likely be told, “You owe us this back and you need to pay it back whenever you can,” which would be the “33rd of Neveruary.”

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Famous plastic surgeon says Hollywood personal trainers send their best clients to him for procedures — and then take credit for the results

Sabir Ansary — Thu, 21 Mar 2024 16:40:34 +0000

By J. Peterson for Dailymail.Com

Published: 12:35 EDT, March 21, 2024 | Updated: 12:35 EDT, March 21, 2024

One of Hollywood’s most successful plastic surgeons has revealed the shocking secret behind some major celebrity makeovers.

Dr. David Matlock, whose clientele includes Oscar and Grammy winners, claims some celebrity personal trainers have secretly sent their clients to him and other surgeons for subtle nips and tucks.

Speaking to cosmetic injector Alex Pike on her podcast The faceDr. Matlock claimed that some celebrities – who he could not name – are now looking to more ‘non-invasive procedures’ such as micro-needling and radio frequency treatments to keep their improvements secret.

“Some of them came for a new role or whatever, they have to get in shape,” he said.

“We had a phase here where we didn’t understand why the coach sent that celebrity in,” he continued.

Famous surgeon Dr. David Matlock claims personal trainers to the stars secretly sent their clients to him and other surgeons for subtle nips and tucks

Speaking to cosmetic injector Alex Pike (pictured) on her podcast The Face, Dr. Matlock that the trainers use surgery to “jump start” their clients’ transformations.

“Well, the trainer wanted to make that huge jump and then he’s done!”

Alex replied: ‘They’re only going to credit the trainer though… [but] there’s a lot more going on behind the scenes.’

Although Dr. Matlock hasn’t mentioned any of the celebrities who have done this, he has a reputation for working with some of the biggest stars in Hollywood.

According to his website, the celebrity surgeon has worked with “a selection of A-list clients who have won Oscars, Grammys, Emmys, Tonys and more.”

He also went viral in 2013 after performing procedures on his then-fiancée Veronica Matlock to create the “perfect woman.”

The nurse underwent a ‘Wonder Woman’ makeover, including liposuction of the chin, arms and legs, and a Brazilian butt lift.

‘She chose everything I suggested. Even marriage,” he told Truly at the time.

Although Dr. Matlock hasn’t mentioned any of the celebrities who have done this, he has a reputation for working with some of the biggest stars in Hollywood.

Dr. Matlock operated on Angela White, aka Blac Chyna, for hours to remove illegal silicone injections she had previously placed on her buttocks

Although many clients of Dr. Matlock prefers to keep their procedures private, he has treated a number of reality stars publicly.

Last year, he operated on Angela White, aka Blac Chyna, for hours to remove illegal silicone injections she had previously placed on her buttocks.

He also performed laser vaginal rejuvenation and skin tightening on Kim Zolciak after her divorce from husband Kroy Biermann.

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What the Fed’s moves mean for mortgages, credit cards and more

Sabir Ansary — Wed, 20 Mar 2024 16:29:19 +0000

The Federal Reserve is expected to hold its key interest rate steady on Wednesday, but US households will listen for clues about whether rate cuts are on the horizon, which could have meaningful implications for their monthly budgets and influence major purchasing decisions.

The central bank has raised its benchmark interest rate to a range of 5.25 to 5.50 percent, the highest level in more than two decades, in a series of hikes over the past two years. The aim was to curb inflation, which has cooled significantly from a peak of 9.1 percent in 2022.

Fed officials have kept rates unchanged since July as they continue to monitor the economy. And with inflation still somewhat stubborn – price increases have been hovering around 3.2 percent for five months now – policymakers are unlikely to cut rates too quickly.

Still, several banks have already begun to anticipate possible cuts by lowering the rates they pay to consumers, including on some certificates of deposit.

Here’s a look at how different interest rates are affected by the Fed’s decisions – and where they stand.

Credit cards

Credit card rates are closely tied to central bank actions, meaning consumers with revolving debt have seen these rates rise rapidly in recent years. Increases usually occur within one or two billing cycles, but don’t expect them to drop that quickly.

“The urgency to pay off expensive credit card or other debt is not easing,” said Greg McBride, chief financial analyst at Bankrate.com. “Interest rates went up on the elevator, but they are going down on the stairs.”

That means consumers should prioritize repaying debts with higher costs and take advantage of zero percent and low interest rate offers when they can.

According to the Federal Reserve, the average interest rate on fixed-rate credit cards at the end of 2023 was 22.75 percent, up from 20.40 percent in 2022 and 16.17 percent at the end of March 2022, when the Fed began its series of rate hikes.

Car loans

Interest rates on car loans remain high, which, in combination with higher car prices, continues to put pressure on affordability. But that hasn’t deterred buyers, many of whom have returned to the market after postponing their purchases for several years due to supplies being tight during the Covid-19 pandemic and later Russia’s invasion of Ukraine.

The market is likely to normalize this year: the inventory of new vehicles is expected to increase, which could help lower prices and lead to better deals.

“Tips from the Fed that they have achieved their rate hike targets could be a sign that rates could be cut sometime in 2024,” said Joseph Yoon, a consumer insights analyst at Edmunds, an auto research firm. “Inventory improvements for manufacturers mean shoppers will have more choice, and dealers will need to earn sales from their customers, potentially with stronger discounts and incentives.”

According to the report, the average interest rate on new car loans was 7.1 percent in February Edmundsup slightly from 7 percent both in the previous month and in February 2023. Used car rates were even higher: the average loan had an interest rate of 11.9 percent in February 2024, compared to 11.3 percent in the same month of 2023.

Auto loans typically track the five-year Treasury yield, which is influenced by the Fed’s policy rate — but that’s not the only factor that determines how much you pay. A borrower’s credit history, vehicle type, loan term and down payment are all factored into the rate calculation.

Mortgages

Mortgage rates have been volatile in 2023, with the average 30-year mortgage rate rising to 7.79 percent at the end of October before falling about a point lower and stabilizing: the average 30-year mortgage rate as of March 14 was 6.74 percent. according to Freddie Mac, compared to 6.6 percent the same week last year.

“Mortgage rates remain high as the market grapples with the pressures of persistent inflation,” Sam Khater, Freddie Mac’s chief economist, said in a statement last week. “In this environment, there is a good chance that rates will remain higher for an extended period of time.”

Yields on 30-year fixed-rate mortgages do not move with the Fed’s benchmark, but instead generally track yields on 10-year Treasury bonds, which are influenced by a variety of factors, including expectations about inflation, the Fed’s inflation expectations actions and how investors react.

Other home loans are more closely linked to central bank decisions. Home equity lines of credit and adjustable-rate mortgages — each of which has a variable interest rate — generally increase within two billing cycles after a change in Fed interest rates. The average interest rate on a mortgage loan was 8.66 percent on March 13. according to Bankrate.comwhile the average home equity line of credit was 8.98 percent.

Student grants

Borrowers who have federal student loans are not affected by the Fed’s actions because such debt has a major impact fixed interest determined by the government.

But every July, new federal student loans are priced based on the May auction of 10-year Treasury notes. And this one interest rates on loans have risen: Borrowers with federal student loans disbursed after July 1, 2023 (and before July 1, 2024) will pay 5.5 percent, compared to 4.99 percent for loans disbursed during the same period a year earlier. Just three years ago, interest rates were below 3 percent.

Graduate students who take out federal loans will also pay about half a point more than the rate a year earlier, or an average of about 7.05 percent, as will parents, up from an average of 8.05 percent.

Borrowers of private student loans have already seen interest rates rise due to previous rate hikes: both fixed and variable rate loans are tied to benchmarks that track the federal funds rate.

Saving vehicles

While the Fed’s benchmark interest rate has remained unchanged, several online banks have begun to roll back the rates they pay to consumers.

With interest rates likely to have peaked and could eventually head lower, several online banks have already cut rates on certificates of deposit several times this year, which often have the same maturity as government bonds of a similar date. For example, online banks including Ally, Discover and Synchrony all recently cut rates on their twelve-monthly CDs to below 5 percent. Marcus now pays 5.05 percent, down from 5.50 percent, while Barclays cuts its rate from 5.3 percent to 5 percent.

“CD rates are already falling, and as we get closer to the first rate cut, they will only continue to fall,” said Ken Tumin, founder of DepositAccounts.com, part of LendingTree.

The average one-year CD at online banks was 5.02 percent as of March 1, lower than the peak yield of 5.35 percent in January but higher than 4.56 percent a year earlier, according to DepositAccounts.com.

The average return on an online savings account was 4.44 percent as of March 1, down only slightly from a peak of 4.49 percent in January, according to DepositAccounts.com, and up from 3.52 percent a year past. But the returns on money market funds offered by brokerage firms are even more attractive because they have more closely tracked the federal funds rate. The return on the Crane 100 Money Fund Indexwhich tracks the largest money market funds, was 5.14 percent on March 19.

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Major bank makes rule to help Universal Credit households get onto the property ladder

Jeffrey Bailey — Tue, 19 Mar 2024 16:12:13 +0000

A major high street lender has introduced a huge rule change to help Universal Credit households get onto the property ladder.

Santander now accepts Universal Credit payments as a secondary income for mortgage affordability.

Santander now accepts Universal Credit payments as secondary incomeCredit: Alamy

Universal Credit is a social security scheme designed to combine several of the old “legacy benefits” into a single monthly payment.

Mortgage experts have described the change, which came into effect this week, as ‘good news’ for low-income households, who may find it difficult to get a mortgage.

Prospective buyers looking to borrow from Santander will need to prove they have a primary source of income in addition to their Universal Credit entitlement.

This can be done through a job or as a self-employed person.

This information must be clearly stated in the Universal Credit award letter and you must have been making a claim for six months.

Hopeful homeowners claiming Universal Credit may find it difficult to get a mortgage, but it’s not impossible.

Some banks refuse to grant loans to benefit recipients, but others will consider your application.

Eligibility varies depending on the bank, and some will accept your application depending on your financial circumstances.

That’s because they’re concerned about a borrower’s ability to repay their mortgage.

Karen Noye, a mortgage expert at asset management company Quilter, said: ‘Lenders offering additional income, such as Universal Credit, are good news for low-income households, especially where the low income is due to having a young family and more of a is a short-term measure. rather than in the long term.

The Sun’s James Flanders explains how to find the best deal on your mortgage

“Different lenders have different criteria regarding additional income. Some will only accept it if it is guaranteed for the life of the mortgage, while others will consider it if it is likely to last at least another five years.”

How to get the best deal on your mortgage

If you’re looking for a traditional mortgage type, getting the best rates depends entirely on what’s available at any given time.

There are several ways to get the best deal.

Typically, the larger the down payment, the lower the interest rate you can get.

If you take out a new mortgage and your Loan-to-Value ratio (LTV) has changed, you will have access to better rates than before.

Your LTV decreases if your outstanding mortgage is lower and/or the value of your home is higher.

A change in your credit score or a better salary can also help you access better rates.

And if you’re nearing the end of a standing deal soon, it’s worth looking for new deals now.

You can sometimes lock in current deals up to six months before your current deal expires.

If you leave a fixed deal early, you’ll typically be charged an exit fee, so you’ll want to avoid these additional fees.

But depending on the cost and how much you can save by switching or staying, it may be worth leaving the deal, but compare the costs first.

Use one to find the best deal Mortgage comparison tool to see what’s available.

You can also contact a mortgage broker who can compare a much wider range of offers for you.

Some charge an additional fee, but there are plenty who provide free advice and are paid only on the lender’s commission.

You will also need to consider mortgage costs, although some may not have any costs at all.

You can add the costs (sometimes more than € 1,000) to the costs of the mortgage, but keep in mind that you will pay interest on it and will therefore cost more in the long term.

You can use a mortgage calculator to see how much you can borrow.

Please note that you will also need to meet the lender’s strict criteria, including affordability checks and viewing your credit file.

You may also need to provide documents such as utility bills, proof of benefits, your last three months’ pay slips, passports and bank statements.

HSBC, Lloyds Banking Group, Natwest, Barclays and Nationwide will consider mortgage applications from benefit claimants, including those on Universal Credit.

While Metro Bank only accepts Disability Living Allowance (DLA), Personal Independence Payment (PIP) and State Pension as income.

DLA and PIP are available for people who have additional care or mobility needs due to a disability or health condition.

Whether your application is successful depends on whether you have any other income or assets and on the benefits.

You must demonstrate that you can keep up with the repayments.

Some banks will include specific conditions in their offer, for example that you may only use a certain percentage of your benefit to cover the mortgage.

Find a mortgage advisor who will help you find a suitable provider who will consider your application.

They can also find the best deal for you.

However, keep in mind that they charge a fee for their services, so you should factor that into your costs.

What other mortgage assistance is available?

As soon as you think you may have a problem with your monthly mortgage payment (whether you cannot pay anything, cannot pay your monthly payment in full or cannot pay it on time), contact your lender immediately.

They have certain arrangements in place to help you if you are having a hard time.

You can ask your lender about the breathing space arrangement if you feel that payments are unaffordable.

Under the breather program, none of your debts will accrue interest and you will not be charged any fees for 60 days.

You are protected against collection agencies and bailiffs.

You may also be able to request a payment holiday; then you don’t have to pay anything.

But interest and fees may still accrue, and missed payments will have to be made up in the future.

Each company has different policies, so you will need to contact us to find out what support is available to you.

Mortgage Interest Support or SMI helps people on Universal Credit (and other benefits) by giving them a low interest loan.

The assistance goes towards paying the mortgage or towards loans taken out to help repair any damage to the home.

SMI is a loan that you must repay with interest when you sell your home.

You will receive help with paying the interest on a maximum of € 200,000 of your loan or mortgage.

But you only get a maximum of £100,000 if you get a pension credit.

The interest added to the loan can go up or down, but the interest rate will not change more than twice a year – the current interest rate is 3.03%.

Contact the office that pays your benefits to see if you can get an SMI loan.

There are also several charities and services that offer free help and advice if you are worried about money.

It is always best to contact one of these services before thinking about debt consolidation or hiring a debt advisor who will likely charge you.

Citizens Advice is a free and impartial service that helps you come up with a plan to pay off your debts, including which payments to prioritize and how to reduce your living costs.

There is one on the organization’s website useful page with advice about many aspects of debt, but you can contact them directly by phone, online or in person for more personalized help.

StepChange is another free advice service that offers support and guidance online or over the phone, and is completely confidential.

You’ll need to provide details about your debts, income and household expenses to get a clear picture of where your money is going.

Where possible, their advisors will help you come up with a plan to repay all your debts, but in a way you can afford.

National Debtline is a charity offering free and confidential advice to people in England, Wales and Scotland.

You can contact them online or by telephone on 0808 808 4000, Monday to Friday from 9am to 8pm and on Saturday from 9.30am to 1pm.

An advisor will help you figure out what you can pay back and help you determine the best solution for your debts.

Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.

Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.

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Millions NEED to switch to Universal Credit – you can beat the five-week wait for cash

Jeffrey Bailey — Sun, 17 Mar 2024 11:59:03 +0000

MILLIONS of households on various legacy benefits are being asked to switch to Universal Credit as part of a massive wealth change.

All two million legacy benefit claimants must move to Universal Credit (UC) or pension credit by the end of March 2025, through a process known as managed migration.

Households waiting for their first Universal Credit payment can apply for an advance loanCredit: Alamy

Universal Credit was created to replace old benefits.

Eligible households will be contacted with letters in the post explaining how they can make the switch from tax credits to Universal Credit.

Once you receive a letter, you have three months to switch. Otherwise, you may lose your current benefits.

However, the latest statistics show that more than 31,000 people with tax benefits who were invited to move to UC have not made a claim and have had their benefits stopped.

There could be a number of reasons for this, including the issue of the five-week wait for cash.

When you first sign up to the Universal Credit scheme, there can be quite a long wait for your first payment.

In some cases it can take up to five weeks before you are in the system and this can cause problems for many people.

Many households struggle to afford basic necessities during this period as other pre-existing benefits are usually canceled.

For example, if you claim tax credits under the managed migration process, your entitlement will stop as soon as you apply for Universal Credit.

However, those receiving income support, housing benefit, means-tested Jobseeker’s Allowance (JSA), means-tested Employment and Support Allowance (ESA) will continue to receive their old payments for a further two weeks after making a Universal Credit application.

How to reduce energy costs and get help with FOUR major household bills

This means there are still three weeks without benefits.

However, households waiting for their first Universal Credit payment can apply for an advance loan.

The advance loan is designed to help you bridge the gap while you wait for your first Universal Credit payment.

However, keep in mind that it is not free cash, it is just a loan and the money does have to be paid back.

This means that the amount of Universal Credit you receive will be reduced until the cost of the loan is repaid.

However, it can still be a lifeline for some. Here’s exactly how it works.

How much can I get?

Claimants can borrow up to 100% of their estimated payment, but you can also ask for less.

The advantage of this loan is that it is interest-free, so if you do need to borrow, it is wise to do so rather than incurring debt elsewhere.

However, remember that you will have to pay it back, so think carefully before signing up.

The money will be transferred to you within three working days and must remain for the full five weeks before your first payment.

How do I request an advance?

You can apply for a Universal Credit advance before you receive your first payment from UC.

There are several ways in which you can apply for the loan.

You can sign up with the help of your Jobcente work coach, or by calling the Universal Credit helpline.

You can apply for the loan from the time you first apply for Universal Credit until the date you receive your first payment.

You will need to explain why you think you need the advance, provide information to verify your identity (during your first Jobcentre Plus interview) and provide banking details for the advance.

If you are unable to open a bank account, please contact your work coach.

You will usually be told the same day whether you will receive your advance loan.

If you need help, you can call the Universal Credit helpline on 0800 328 5644.

The lines are open Monday to Friday from 8am to 6pm.

When do I have to repay an advance?

You are expected to repay the loan within the first 24 months of obtaining it.

To pay it back, the DWP will deduct an amount from your Universal Credit payment every month.

You can calculate how much will be deducted from your payment each month by dividing the full cost of the loan by 24.

For example, if you borrowed £1,500, £62.50 will be deducted from your Universal Credit payment each month.

You can request to defer your repayments for up to three months if you are unable to pay them, but this is only allowed in exceptional circumstances.

If you call the helpline and are successful in your application, they will tell you over the phone:

How much you can take
The monthly repayment amounts
When the first payment is due

However, you still have to pay it back within 12 months if you applied for the advance before April 12 this year.

You only have six months if you have submitted the application due to changed circumstances. You can then request a postponement of repayment by one month.

Am I better off with Universal Credit?

According to the government, around 1.4 million people on old benefits will be better off after switching to Universal Credit.

Another 300,000 would see no change in payments, while around 900,000 will be worse off under Universal Credit.

About 600,000 are expected to receive additional payments if they move under managed migration, so they don’t immediately lose out on money.

The majority of these – around 400,000 – are claiming Employment Support Allowance (ESA).

About 100,000 people benefit from tax credits, while fewer than 50,000 of them are expected to experience other inheritance benefits.

Examples of those who the government believes may be entitled to less on Universal Credit include:

Households receive ESA-who and the premium for serious disability and an increased disability premium
Households with a child with a lower disability receive a supplement on top of the old benefits
Self-employed households that fall below the minimum income limit after the 12-month grace period expires
Working households who have worked a certain number of hours (for example a single parent who works 16 hours and is entitled to employment tax credits
Households receiving tax benefits with savings over £6,000 (and up to £16,000)

But if they don’t switch in the future, they risk missing out on a future benefit increase and having their payments frozen.

Those who voluntarily move and are worse off will not receive these additional payments and could lose money.

Those who miss the deadline and file a claim later may also not receive this transitional protection.

The clock starts ticking on the three-month countdown from the date of the first letter, and reminders are sent via mail and text message.

After this, there will be a one-month grace period during which any Universal Credit claim will retroactively expire and transitional protection can still be granted.

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Millions in Universal Credit and state pension will NOT get a pay rise in April

Jeffrey Bailey — Sun, 17 Mar 2024 05:06:51 +0000

MILLIONS of households on benefits are facing a payment delay over the way their benefits will be paid next month.

Benefits will increase by 6.7% from April, in line with the consumer price index (CPI) inflation level for September 2023.

Great Britain pound currencyCredit: Getty

However, it’s important to note that even though the new rates go into effect on April 8, most won’t see their payments increase until May.

This is because most benefits are paid monthly or twice a month in arrears.

For example, if you typically receive your state pension payment on or before the 8th of each month, you will not receive a payment increase until after your May payment is due.

Millions on Universal Credit will also have to wait a little longer to receive the top-up because of the way the benefit is assessed.

This means that the date on which you receive the wage increase depends on when your last tax period was.

Universal Credit is paid monthly and is based on your circumstances on a monthly basis.

This is called your ‘assessment period’ and starts on the day you make your claim.

The new Universal Credit rates will only come into effect during the first assessment period, which starts on or after April 8.

Those whose assessment period began before April 8 will see benefits increase in May, but those whose assessment period began after this date will not see this until June.

Here’s a full list of the new benefit rates for 2024-2025 so you can see how much extra you could get.

How to reduce energy costs and get help with FOUR major household bills

Universal credit

Standard fee (per month)

For singles and under 25s, the standard allowance will increase from £292.11 to £311.68
For single people and those aged 25 or over, the standard allowance will increase from £368.74 to £393.45
For joint claimants who are both under 25 years of age, the standard award will increase from £458.51 to £489.23
For joint claimants where one or both are aged 25 or over, the standard compensation increases from £578.82 to £617.6

Additional amounts for children

For those with a first child born before April 6, 2017, the additional amount will increase from £315 to £333.33
For those with a child born on or after April 6, 2017 or a second child and a subsequent child, the additional amount will increase from € 269.58 to £287.92
For people with a disabled child, the additional charge on the lower rate will increase from £146.31 to £156.11 and the higher rate of £456.89 to £487.58

Additional amounts for limited work capacity

For those deemed to have limited capacity to work, the additional amount will increase from £146.31 to £156.11
For those deemed to have limited employment opportunities or work-related activities, the additional amount will increase from £390.06 to £416.19

Additional amounts as an informal caregiver

Universal Credit claimants can get an extra amount if they care for a severely disabled person for at least 35 hours a week.

The amount you receive per month increases from € 185.86 to € 185.86 £198.31

The work allowance rates will also increase in April next year.

Increased work compensation

The higher work allowance (not housing amount) for someone claiming Universal Credit who has one or more dependent children or limited employment opportunities will increase from £631 to £673
The reduced work allowance for someone claiming Universal Credit who has one or more dependent children or limited employment options will rise from £379 to £404

AOW

The full rate of the new state pension will increase from £203.85 per week to £221.20.

For the basic part of the old state pension, the rate will increase from £156.20 to £169.50.

How much pension you receive depends on your entitlement.

Are you missing out on benefits?

You can use a benefit calculator to check whether you are not missing out on money you are entitled to

Charity The Turn2Us benefits calculator figuring out what you could get.

Upright free calculator determines whether you are eligible for various benefits, tax credits and Universal Credit.

MoneySavingExpert.com and charity StepChange both have benefits tools powered by Entitledto’s data.

You can use The Policy in Practice calculator to determine which benefits you can receive and how much money you have left every month after paying your housing costs.

Exactly what you are entitled to will not be clear until you make a claim, but calculators can indicate what you may be eligible for.

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Virgin Media is giving away a free 4K TV or £250 bill credit in its latest deal

Jeffrey Bailey — Wed, 13 Mar 2024 07:10:20 +0000

VIRGIN Media is giving away a free 4K TV in its latest broadband deal to entice households to make the switch.

Alternatively, people can opt for a £250 bill credit if they wish.

Offer valid until the end of the weekCredit: Alamy

The TV on offer is a 43-inch LG Smart UHD screen – the exact model number is LG LED UR78 43 – worth £379.99.

Virgin Media is running the promotion for a limited time for new customers who purchase some of the company’s latest packages for 18 months.

This includes the Larger Combo Bundle + Movies, Larger Combo Bundle + Sports, Largest Combo Bundle (including Volt variants) or the Mega Volt Bundle online, from £65 per month.

The company is also hesitant about the start-up costs, which are typically £35.

There’s going to be a big change to Universal Credit in just a few weeks. Check whether this also applies to you

Jeffrey Bailey — Mon, 11 Mar 2024 14:58:34 +0000

THOUSANDS of households on Universal Credit will see their payments hit their accounts earlier than normal in the coming weeks.

HMRC and the Department for Work and Pensions (DWP) do not pay benefits on public holidays.

Some on Universal Credit could see payments arrive earlier than usual this monthCredit: Alamy

If yours are due on March 29 (Good Friday) or April 1 (Easter Monday) this year, you will be paid on the first business day before these dates: March 28.

Anyone who expects a payment on March 30 or 31 will also see the payment appear in their account on March 28.

This is because benefits are not typically paid on weekends, regardless of the month.

Here is a full list of benefits that will be paid out in the coming weeks:

What are the payment dates for other holidays?

After the upcoming Bank Holiday, there are five more this year that could affect when you receive your benefit.

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This is when the DWP or HMRC will make your payments if you expect them on a public holiday:

6 May – payments will be made on May 3 instead
27th of May – payments will be made on May 24 instead
August 26 – payments will be made on August 23 instead
December 25 and 26 – payments will be made on December 24 instead

It comes as Universal Credit and a host of other benefits are set to rise in just weeks.

Those on Universal Credit will see their payments rise from April in line with last September’s Consumer Price Index (CPI) inflation rate of 6.7%.

The increase was confirmed in government documents last week, meaning millions will see payments rise by up to £465.

The amount your Universal Credit payments will increase will of course depend on your exact circumstances.

However, these are the amounts that could increase your payments:

The current standard allowance for single UC beneficiaries under the age of 25 will increase from £292.11 per month to £311.68 per month
The standard benefit for singles over 25 will increase from £368.74 per month to £393.45 per month
If you live with your partner and are both under 25 years old, your monthly amount will be increased from €458.51 to €489.23
If you live with your partner and one of you is 25 years or older, your payments will increase from €578.82 per month to €617.60 per month

How much Universal Credit can you get?

TRYING to figure out how much Universal Credit you can get can be overwhelming.

There are so many different elements that can affect your claim and that makes the whole process even more complicated.

There are several free calculators you can use to help you get an estimate, such as UK Government, Civil advice, Money Saving Expert, StepChange And Turn2Us.

You will need:

Details of all your income, such as existing benefits, tax credits, labor income and your pensions,
Information about your partner’s income if you are married, have a registered partnership or live together. You will be assessed as a couple
Information about your savings,
How much you pay in council tax per year and whether you receive discounts, rebates or exemptions,
Information about your rent or mortgage payments,
Employment and income information about someone else living with you, such as adult children,
Details about your informal care allowance if you receive it.

To get the truest estimate, make sure the information provided is as accurate as possible.

In other news, an HR manager has revealed she is £4.2k better off for a year after claiming Universal Credit.

Meanwhile, a single mother has told The Sun she has had to pay back more than £24,000 in Universal Credit payments after a DWP error.

Do you have a money problem that needs to be solved? Get in touch by emailing money@the-sun.co.uk.

Moreover, you can join us Sun Money chats and tips Facebook group to share your tips and stories.

The post There’s going to be a big change to Universal Credit in just a few weeks. Check whether this also applies to you appeared first on USMAIL24.COM.

I am £4.2k a year better off now that I realize I can claim Universal Credit

Jeffrey Bailey — Sat, 09 Mar 2024 08:50:56 +0000

THE pandemic has taken its toll on us all, with many Britons struggling with isolation or financial worries during this once-in-a-lifetime event.

But one woman has admitted she found herself in a particularly difficult situation after being unable to work due to Covid.

Lisa Salloway struggled to make ends meet after the pandemic left her sick from workCredit: Lisa Salloway

Lisa Salloway, who had always prided herself on being a hard worker and a smart saver, ended up falling into debt before discovering she qualified for benefits.

Despite having a secure job as an HR administrator, the 50-year-old from East Anglia struggled to keep up as the pandemic pushed up costs and she started racking up credit card debt.

After her rent more than doubled and her bills rose to £1,400 a month, she was forced to move back in with her parents in Hertfordshire.

She used this time to put aside £3,000 to pay off her debts and buy a house, and because she was lucky enough to still have her job, she was about to make ends meet again.

But even after getting back on her feet, Lisa found her struggles were far from over.

In 2022, she caught Covid and was laid off for three months.

“I was grateful to receive full pay during that time, but my Covid symptoms did not go away and I knew I would not be able to do my job in my current state of health,” she said.

So she made the difficult choice to leave her demanding job and find another job as a food bank manager, where she could work fewer hours and reduce her commute.

“This had a huge impact on my salary and I began desperately trying to cut costs where I could so I could keep up with my bills,” she said.

Lisa learned to shop smart and lived on beans on toast and discounted items from budget retailers such as Lidl.

Martin Lewis reveals how Brits can get £300 FREE cash into a specific bank account with Universal Credit.

“Pretty much everything went up in price, and suddenly I found myself with barely $100 left after paying my rent, bills and travel expenses,” she said.

“But that didn’t even cover my food and health care costs, like prescriptions or going to the dentist.

“It got to the point where I couldn’t even afford to go out for coffee with a friend.”

Lisa found herself relying on her credit card to make ends meet and when she couldn’t pay it off, she started taking out loans to cover her repayments.

“It became an endless cycle and I didn’t know how to get out.”

But one morning, Lisa had a stroke of luck when she saw a post on social media with a link to a benefits calculator.

Like many others, she had always assumed that she would not be entitled to anything.

“I looked past it and thought this wasn’t for me, but then I went back and thought I’d give it a try because it didn’t ask for any personal information,” she said.

“It came back that I was entitled to around £250 a month. I could not believe it. I even tried three times because I thought I had done something wrong!”

Lisa admitted the process of getting her Universal Credit application accepted was long and stressful, but she now receives an extra £4,200 a year, which she says has made a “big difference” to her life.

“I work in administration and even I found it complicated, you have to provide a lot of details. In addition, you should keep them informed of any major changes in your circumstances,” she said.

“But it has made a huge difference. I can now afford my prescriptions, and I’m good at budgeting, so I can afford to have a cup of coffee with a friend and buy birthday and Christmas presents.”

Charity data Christians Against Poverty (CAP) has found that around 15,000 people could be around £7,000 a year better off after checking their benefit entitlement.

A total of £109 million has been found by people using the calculator in 2023, and nationally an estimated £19 billion in annual income remains unclaimed.

Lisa still shops in the restricted section of supermarkets and buys in bulk and meal prep where she can.

She has also received other help, including £300 living expenses which she used towards her energy bills.

“I now only have a small loan to pay off and I hope my expenses will continue, but I can’t wait for the day when I can turn off the heating in the summer,” she said.

While Lisa is now coping, she sees many families who are still in desperate need of help coming to the food bank where she works every day.

“These people are in severe fuel poverty because they are on prepayment meters and paying a higher rate, which is so unfair,” she said.

“So much more can be done for people who are struggling.”

To check how to claim Universal Credit, visit gov.uk/universal-credit/how-to-claim.

How much Universal Credit can you get?

TRYING to figure out how much Universal Credit you can get can be overwhelming.

There are so many different elements that can affect your claim and that makes the whole process even more complicated.

There are several free calculators you can use to help you get an estimate, such as UK Government, Civil advice, Money Saving Expert, StepChange And Turn2Us.

You will need:

Details of all your income, such as existing benefits, tax credits, labor income and your pensions,
Information about your partner’s income if you are married, have a registered partnership or live together. You will be assessed as a couple
Information about your savings,
How much you pay in council tax per year and whether you receive discounts, rebates or exemptions,
Information about your rent or mortgage payments,
Employment and income information about someone else living with you, such as adult children,
Details about your informal care allowance if you receive it.

To get the truest estimate, make sure the information provided is as accurate as possible.

Anyone suffering from a long-term illness, disability or mental health condition can get extra help through Personal Independence Payments (PIP).

The most you can receive from the government benefit is £172.75 per week, so it’s definitely worth making a claim if you can.

Do you have a money problem that needs to be solved? Get in touch by emailing money-sm@news.co.uk.

You can also become a member of our new Sun Money Facebook group to share stories and tips and engage with the consumer team and other group members.

The post I am £4.2k a year better off now that I realize I can claim Universal Credit appeared first on USMAIL24.COM.

Trade groups are suing to block late credit card payment limits

Sabir Ansary — Fri, 08 Mar 2024 00:06:27 +0000

Six trade groups sued the Consumer Financial Protection Bureau on Thursday over a new rule that would cap most credit card payments at $8 a month.

The court case, filed in federal court in Fort Worth, asks the court to strike down the rule, which the consumer agency completed two days ago. The complaint alleges that the agency violated agency regulation laws and exceeded its statutory authority, and states that consumers will suffer financial harm if the rule goes into effect.

“Late fees encourage on-time payments, which in turn helps card issuers manage credit risk and reduce costs, allowing them to offer more competitive terms and features,” the trade groups wrote in their complaint.

A spokeswoman for the consumer agency said the rule “closes a long-standing loophole exploited by credit card giants to turn late fees into a major revenue stream.” The rule, which applies to issuers that have more than 1 million open credit card accounts, would cut most fees from their current average of $32, saving households $10 billion a year, according to consumer agency estimates.

The spokeswoman added that the agency would contest the lawsuit.

The lawsuit was filed by the American Bankers Association, the Consumer Bankers Association, the U.S. Chamber of Commerce and three Texas business associations.

“Once again, we are reluctantly forced to sue a federal regulator because the CFPB has ignored comments from industry and other stakeholders demonstrating that this rule exceeds the agency’s statutory authority and will hurt rather than help consumers.” , said Rob Nichols, president of the American Bankers Association. general manager. (His group is part of active lawsuits against the consumer bureau over its attempt to investigate financial companies for signs of customer discrimination during routine surveys.)

The trade groups have asked the court for a preliminary injunction to block the rule, which would otherwise take effect within a few months.

The case was filed in a court within the jurisdiction of the U.S. Court of Appeals for the Fifth Circuit in New Orleans, which previously ruled that the consumer agency’s funding structure violated the Constitution’s Appropriations Clause. That ruling is before the Supreme Court, which heard arguments on it in October.

Consumer advocates said they expected both the process and the location. The trade groups “intentionally chose a conservative-leaning, industry-friendly court in hopes of derailing any kind of regulation that would hurt their bottom line,” said Liz Zelnick, program director at Accountable.US, a progressive research group.

President Biden, who has made combating “junk fees” a signature effort of his administration, is likely to promote the consumer agency’s rule in his State of the Union address Thursday evening.

Critics accused the consumer agency of rushing the rule — which has been in development for more than a year — to promote Mr. Biden’s political agenda. Lindsey Johnson, CEO of the Consumer Bankers Association, said Thursday that the agency was trying to “provide some short-term headlines for a White House looking for political victories.”

The post Trade groups are suing to block late credit card payment limits appeared first on USMAIL24.COM.

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There’s going to be a big change to Universal Credit in just a few weeks. Check whether this also applies to you

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IRS is stepping up efforts to suppress fraud in the tax credit program

Famous plastic surgeon says Hollywood personal trainers send their best clients to him for procedures — and then take credit for the results

Share or comment on this article: Famous plastic surgeon says Hollywood personal trainers send their best clients to him for procedures — and then take credit for the results

What the Fed’s moves mean for mortgages, credit cards and more

Credit cards

Car loans

Mortgages

Student grants

Saving vehicles

Major bank makes rule to help Universal Credit households get onto the property ladder

How to get the best deal on your mortgage

What other mortgage assistance is available?

Millions NEED to switch to Universal Credit – you can beat the five-week wait for cash

How much can I get?

How do I request an advance?

When do I have to repay an advance?

Am I better off with Universal Credit?

Millions in Universal Credit and state pension will NOT get a pay rise in April

Universal credit

AOW

Are you missing out on benefits?

Virgin Media is giving away a free 4K TV or £250 bill credit in its latest deal

Read more about Virgin Media

Larger combo bundle + Sports HD – £65 per month

Larger combo bundle + movies – £68 per month

Largest combo bundle – £79 per month

Mega Volt Bundle – £85 per month

There’s going to be a big change to Universal Credit in just a few weeks. Check whether this also applies to you

Read more in Universal Credit

What are the payment dates for other holidays?

How much Universal Credit can you get?

I am £4.2k a year better off now that I realize I can claim Universal Credit

How much Universal Credit can you get?

Trade groups are suing to block late credit card payment limits