Do you feel overwhelmed with the current cost of living crisis? The Chancellor recently announced a range of financial support measures to assist with energy costs. There is no direct support for businesses, however the following payments are available to individuals:
- All households: £400 automatically deducted from each electricity bill in October;
- Pensioners: £300 for each household that receives the winter fuel payment;
- Disabled: £150 in September for those claiming a range of disability benefits including the attendance allowance;
- Other claimants: £650 split over two instalments paid in July and the Autumn for those claiming various means-tested benefits including pension credit;
- Council tax payers: £150 for those with homes in council tax bands A to D.
Despite the lack of direct business support, individuals and families can take full advantage of the above payments to help keep their heads above water. Its important to note that those claiming means-tested benefits must have commenced their claim by 25th May 2022 in order to receive the payments. These grants will be paid directly by HMRC or the DWP into the individual’s bank account and don’t need to be repaid because they’re tax-free.
If you pay council tax, you may have already received the £150 rebate via direct debit but those who pay by other means may need to make a separate claim. Local councils have also been given additional funds to provide targeted support to those in greatest need. Ensure you are receiving any payments that you are entitled to.
If you would like to speak to someone about how we can help you manage your finances through the cost of living crisis, get in touch here.