The 53 Week Financial Year
There are 365 days in a year. This is equivalent to 52 whole weeks and one day, (two days in a leap year). Over time, these extra days build up and add an extra week to the rent year, (for weekly and fortnightly customers). This happens every five or six years.
In the 2024/25 financial year, which runs from 1 April 2024 to 31 March 2025, there will be 53 Mondays. The first Monday is 1 April 2024. The last Monday is 31 March 2025.
Weekly Customers
Customers with weekly charges will have an additional week’s rent and service charges applied to their account. In total, 53 charges will be raised.
The first charge date being 1 April 2024 and the final charge date being 31 March 2025.
Customers who are in receipt of Universal Credit and pay us by Direct Debit should note that we will update your direct debit payment taking the week 53 charges into account.
Please see more information below about how this may impact your charges and payments.
This information does not include any arrears or prepayments on your account.
We will update your direct debit payments taking the full 53 weeks into account.
You will need to update your standing order or allpay payment to include week 53 of charges.
For example, if your rent and service charges are £100 per week you would use the following calculation.
£100 x 53 weeks divided by 12 month = £441.67
Although, there are 53 weeks, you will need to update your four-weekly standing order or allpay payment as normal.
For example, if your rent and service charges are £100 per week, you would use the following calculation.
£100 x 4 weeks = £400.
The DWP (Department for Work and Pensions) will only pay up to 52 weeks of rent and service charges per year.
The DWP have said they will not pay for week 53. This means you will need to pay for the additional week yourself.
If you are impacted by this, we can help you set up a payment plan whereby you pay a little extra each week during the year to cover the additional week’s charges and avoid going into arrears.
Please contact us to arrange this.
If you are in receipt of Housing Benefit you do not need to do anything as all 53 weeks charges will be covered.
Fortnightly Customers
Customers with fortnightly charges will have an additional week rent and service charges at the 2024/25 rate applied to their account.
Customers who are in receipt of Universal Credit and pay us by Direct Debit should note that we will update your direct debit payment taking the week 53 charges into account.
We will update your direct debit payments taking the full 53 weeks into account.
We will do this by taking the weekly equivalent charge into account. For example, if your fortnightly rent and service charges are £200, we will use the following calculation.
£200 divided by 2 = £100 per week x 53 weeks divided by 12 months = £441.67.
You will need to update your standing order or allpay payment to include week 53 of charges.
For example, if your rent and service charges are £200 per fortnight, you would use the following calculation.
£200 divided by 2 = £100 per week x 53 weeks divided by 12 months = £441.67.
Although there are 53 weeks, you will need to update your four-weekly standing order or allpay payment as normal.
For example, if your rent and service charges are £200 per fortnight, you would use the following calculation.
£200 x 2 = £400.
The DWP (Department for Work and Pensions) will only pay up to 52 weeks of rent and service charges per year.
The DWP have said they will not pay for week 53. This means you will need to pay for the additional week yourself.
If you are affected by this, it may help to set up a payment plan whereby you pay a little extra each fortnight during the year to cover the additional week’s charges and avoid going into arrears. We can help you with this, please contact us to arrange a plan.
If you are in receipt of Housing Benefit you do not need to do anything as all 53 weeks charges will be covered
The 53rd week does not affect customers with monthly charges.
Week 53 week does not impact customers with quarterly charges.
Week 53 does not impact customers with bi-annual charges.
Week 53 does not impact customers with annual charges.
