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

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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

• Family element £545

• Child element £2,750

• Child disability £3,100

• Severe disability £1,225

• 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:

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 £31,86540% rate £31,866-£150,00050% 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/WorkingAndPayingTax/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

MoneyDoctors@swansea.ac.uk

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.

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