1. www.swansea.ac.uk

2. Graduation & Beyond Money Advice and Support Office

3. 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….

4. 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 ?????

5. 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!)

6. www.swansea.ac.uk Income Maximisation Child Benefit & Child Tax Credit Benefits for Unemployed Benefits for Employed Housing Costs Assistance Income Tax & Coding

7. www.swansea.ac.uk Child Benefit Currently £20.70 per week 1 child and £13.70 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 7 th January 2013. More Information: hmrc.gov.uk/childbenefitchargehmrc.gov.uk/childbenefitcharge

8. www.swansea.ac.uk Child Tax Credit Family element £545 Child element £2,780 Child disability£3,140 Severe disability £1,275 You or partner must have min. of 1 dependant child Income must be below prescribed level You must meet residency tests Paid to all families with children regardless of employment status, subject to meeting eligibility criteria:

9. 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 - £57.90 p/w 25 and over - £73.10 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.

10. 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 – Check online 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 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 or visit www.gov.uk/working-tax-credit/eligibility.www.gov.uk/working-tax-credit/eligibility

11. www.swansea.ac.uk Assistance with Housing Costs Housing Benefit Available to anyone in rented property Assistance assessed on income & Local Housing Allowance Apply to the relevant office of your local council Council Tax Benefit Assistance assessed on household income Available whether renting or owner occupier

12. www.swansea.ac.uk Income Tax Allowance Personal rate - £11,000 No ‘couple rate’ unless born before 6 April 1948! Tax bands 20% rate £11,000 - £43,000 40% rate £43,001 - £150,000 50% rate £150,000 and over

13. www.swansea.ac.uk Income Tax Codes The Coding shows rate of tax you pay e.g. 1100L – means that your personal allowance has been applied (i.e. £11,000) and you are taxed on earnings over that BR – no allowance has been applied and all income is taxed at 20% rate https://www.gov.uk/income-tax

14. www.swansea.ac.uk Post Graduate Study 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. PG Loans also available to English domiciled students www.swansea.ac.uk/postgraduate/fees-and-funding/

15. 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 leaflets available on MyUni. https://myuni.swan.ac.uk/money- advice/maso,information,leaflets/

16. 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!

17. 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

18. 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 Universal Credit is now live in some (but not all) parts of the UK.

19. 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

20. 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-creditwww.dwp.gov.uk/universal-credit

21. www.swansea.ac.uk Drop In:Check out our website for details! Where?Park Campus: Keir Hardie Building: Student Services Bay Campus: MyUniHub TIC 01792 606699 moneydoctors@swansea.ac.uk www.swansea.ac.uk/money-advice Contact Us!

22. 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

23. 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.