Did you know that if your rent is charged weekly the new financial year, starting on 1 April 2024, will have 53 Mondays meaning there will be 53 weeks of rent to pay?
This happens because most years you will be charged for 52 weeks, which is 364 days rather than the full 365. Therefore every five or six years there is a 53 week financial year to account for this additional day plus any leap days.
If your rent is charged monthly then you won't see any difference in the payments you need to make.
What does this mean for my rent payments?
If you pay your rent monthly
You will need to take your new weekly rent, multiply this by 53 weeks and then divide this by 12. This will give you your monthly rent amount.
For example if your rent is £105.00 per week:
£105.00 x 53 weeks =£5,565 due for the year
£5,565 ÷ 12 months = £463.75 per month.
If you pay your rent weekly
You won't notice any change, you will just need to pay your new weekly rental amount from 1 April 2024.
What happens if I claim Universal Credit?
If you receive Universal Credit, your entitlement will be calculated based on 52 weeks which means every time there is a 53 week year you will be underpaid by Universal Credit and need to pay for the 53rd week yourself.
What happens if I pay by Direct Debit?
If you pay monthly by Direct Debit, we will calculate your monthly payments for you to ensure that the 53rd week is spread across the whole of the financial year.
What if I claim Housing Benefit?
If you claim Housing Benefit your entitlement will be calculated for you by taking into account the 53rd week, so you won't need to pay anything extra for this week.
What if I need help with my finances?
Visit the financial support section of our website. This area is regularly updated to highlight the support that we can offer, as well as the support that is available from other organisations in your local community.
You can also get in touch with our Income Management Team who will be happy to have a chat about your finances, rent payments and provide guidance and support. Email income@coastlinehousing.co.uk