APRIL is a big month for your finances with major changes to National Insurance and benefit rates, plus bills rises already hitting your pocket.

But there are more coming up in 2022 that you need to know about, including Universal Credit and energy bills.

Here we explain what's happening when, how they affect the cash in your pocket, and what you need to do.

Universal Credit move

Millions of people on legacy benefits are expected to start being moved over to Universal Credit.

The government has a goal of the end 2024 to get everyone over to the new benefit from six older ones, and the "managed migration" of this was paused in the pandemic.

But that is reportedly restarting "within weeks". Those potentially affected are on the following benefits:

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• Working Tax Credit
• Child Tax Credit
• income-based Jobseeker’s Allowance
• Income Support
• income-related Employment and Support Allowance
• Housing Benefit.

You may be moved over to Universal Credit if you have a change in circumstances, like moving home, a change in working hours or a have a baby.

And if you're on any of these benefits now, you can chose to move over – but you might not be better off.

You should consider carefully what moving over means for your money, as you can't move back once you're on Universal Credit.

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Using an online benefits calculator can help you compare and are free and easy to use from charities such as Turn2Us and EntitledTo, and it's also worth asking them for advice.

Better protections from bad bailiffs

Millions of households could stand to benefit from reform to debt collection this year.

The Enforcement Conduct Board is a newly formed body that will launch in "early summer 2022".

The exact remit of the group is still to be confirmed, but will "drive out bad practices, protect the financially vulnerable, balance the critical financial needs of local councils and ensure fairness for all" according to its website.

But it's expected to investigate complaints and issue fines for poor practice, which could give those struggling with debt more ways to complain if things go wrong.

Examples of potential poor practice include bailiffs chasing a debt that’s not yours, forcing entry into the home, or acting aggressively.

Other bad behaviours could include rejecting payment offers and seizing exempt goods such as essential kitchen items, beds and vehicles used for work.

More interest rate hikes

The Bank of England increased interest rates on March 17 to 0.75% adding in some cases hundreds of pounds to household outgoings.

The base rate was lifted from the historic low on 0.1% to 0.25% just before Christmas and a further hike to 0.5% in February.

And further rate hikes are expected to follow this year with inflation rocketing.

The bank uses interest rate hikes as a mechanism to try and slow rising prices.

A rate hike can push up the cost of borrowing via mortgages and loans.

But savers could get better rates on their cash pile – if banks decide to pass on the rise.

Here's how interest rates rising can affect your finances – andhow to protect your money.

The Bank of England meets eight time a year and make a decision whether interest rates need changing.

The next dates in 2022 when a hike could be announced are May 5, June 16, August 4, September 15, November 3 and December 15.

National Insurance threshold rise – July

National Insurance contribution (NIC) rates went up in April, by 1.25 percentage points.

How much more you now pay depends on how much you earn.

For example those earning £10,000 a year will pay £5 a year more NICs, but anyone on a salary of £25.000 will pay £318 a year extra.

You can take a look a the extra you're paying here.

But there's a further change coming in July that could mean you're better off overall.

Chancellor Rishi Sunak announced in his Budget last month that the threshold at which you start paying the tax at all will increase to £12,570.

That means you'll be able to earn and extra £3,000 a year free of NICs.

Martin Lewis has revealed that it's those earning under around £35,000 who will be better off overall from both changes – but you'll have to wait until July for it to come into effect.

Old notes deadline – September

Times running out to spend your old £20 and £50 notes made of paper.

Plastic versions of the currency will replace them fully in September 30 and you'll no longer be able to spend them after this date.

A new polymer £20 first launched in 2020 and it features a picture of the artist JMW Turner.

A new £50 note made of plastic entered circulation in 2021 and features Alan Turing.

The old notes for each denomination will be withdrawn, and you need to wither spend them or deposit them in a bank account before the Autumn deadline.

If you do find one after this date, you won't lose out, you'll just have to switch it for a new note, which you can do at the Post Office, or directly at the Bank of England.

Energy price cap rises again – October

Millions of households will face another energy bill increase when the price cap rises again in October.

The price cap, which limits cost of standard variable tariffs, is reviewed twice a year, in October and April.

Bills already shot up as the price cap increased 54% on April 1, putting the average dual fuel bill up from £1,277 to £1,971.

But the exact amount more people are paying depends on how much you use.

The next review of the price cap, which is set by Ofgem and reflects the rising wholesale costs of energy which are under pressure globally, could add another £600 to bills experts suggest.

The amount is not yet confirmed though and an announcement is expected to be made in August detailing the rise.

It means you could see higher bills for winter – but there is help available if you're struggling.

Energy bill £200 rebate – October

One bit of support that millions of billpayers will get to help with rising bills is a £200 rebate.

Chancellor Rishi Sunak announced the bill help along with a £150 council tax discount for millions of Brits in an attempt to ease the cost of living crisis.

The money will be taken off every single bill as a discount in October, reducing the amount you'll pay.

If you're on a prepay meter, you'll get it through your smart meter or they'll give you a voucher or a cheque.

But, this money will have to be repaid, and we'll all have £40 added to out bills annually for five years from April 2023.

Martin Lewis has likened the help to a levy, as it has to be paid back while others have called it a loan.

However, it won't be like a typical loan as there's no interest and it won't be on your credit report.

Warm Home Discount extra cash – from October

Struggling Brits can apply for extra help with their energy bills using the warm home discount scheme.

The amount will rise from £140 to £150 from October 2022, giving hard-up households an extra £10.

The scheme opens from October and is offered by hte major energy suppliers.

Some people get the cash automatically but others have to apply, so check directly with your supplier when the time comes.

Post Office accounts close – November

Thousands of people who get Universal Credit and State Pensions paid into Post Office accounts will need to switch accounts.

The Department for Work and Pensions (DWP) will no longer make payments to these types of accounts from November 30 onwards.

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That means anyone who doesn't make other arrangements could see payments stop – though the cash will be held for them until they do.

You can check out what you need to do if you're affected in our guide.

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