How will the new financial year affect you? Find out how you could end up richer or poorer from April 1

THE start of the new financial year is just days away, when several changes which could affect your finances will come into force.

While some will make you better off, others could affect the amount of cash in your pocket.

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Here's a handy breakdown so you don't get caught out.

Changes which could put more money in your pocket

April 1: National Living Wage for over 25s increases from £7.20 to £7.50 an hour
April 1: Pre-payment meter cap comes in - Ofgem estimates this will save four million people £80 off energy bills (but some customers could end up paying more)
April 6: Personal Tax Allowance increases to £11,500, and the 40 per cent income tax rate will only start on earnings from £45,000 upwards

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April 6: ISA allowance increases from £15,240 to £20,000
April 6: State Pension rises 2.5 per cent. People on the new flat rate pension will get £159.55 a week, up from £155.65. Those on the older system will see incomes rise from £119.30 to £122.30.
April 10: Universal Credit taper is cut from 65 per cent to 63 per cent - meaning people will get to keep an extra 2p in every pound they earn.

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Changes which could see you lose out

April 1: Council tax hike - almost all councils intend to increase bills by up to 5 per cent, adding around £70 to the average bill.
April 1: Water bill prices to increase by an average 2 per cent to £395
April 1: Prescription charges rise 20p to £8.60
April 1: TV Licence goes up to £147
April 1: Housing Benefit for 18-21 year olds is scrapped - homeless charity Centrepoint estimates it could make another 9,000 young people homeless.
April 3: Employment Support Allowance (Work Related Activity Group) is being chopped from £102 to £73 a week for new claimants.

April 3: Universal Credit changes will mean parents are now expected to look for work when their youngest child turns three, rather than five. For the first time this affects those with pre-school children - the age when childcare is the most expensive.
April 6: Tax credits and Universal Credit benefits are being restricted to just two children - this is expected to affect almost a million families.
April 6: The tax credit family element is no longer available for people starting a family - expected to hit four million families.
April 6: Bereavement support is being slashed with financial help only available for just 18 months, down from up to 20 years.
April 6: Money Purchase Annual Allowance for pension contributions chopped from £10,000 to £4,000. This could hit over 55s using the pension freedoms while continuing to work.

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