The cost of living in the UK has continued to rise, leaving many households struggling. It has led to the UK government announcing support measures to cushion the household in crises. The measures comprise the energy profit levy, low-income household support, and energy bill rebate. Energy profit levy will see a windfall increase in taxes for oil and gas companies on their profits by 25%. It’s expected to rise by over £5 billion in the next year to cushion struggling households due to rising energy costs. Moreover, investors interested in the energy market will receive an 80% allowance to encourage them to invest. Therefore, companies in the energy sector should contact an accountant in Leatherhead, who’ll help them get proper insights on these tax changes and dynamics.
On the other hand, a low-income support scheme will see more than eight million low-income households receive a one-off payment of £650. They must, however, be on universal credits, tax credits, legacy benefits, and pension credits. Moreover, pensioners will receive another separate one-off payment of £300. People with disabilities will receive a one-off payment of £150. These measures will remain open up to march 2023. The DWP will pay 50% of the amount they need to pay directly to eligible households and pay the remaining balance in autumn. An accountant in Leatherhead will let you know your eligibility for such support schemes.
Companies in the energy sector should seek advice from David Beckman & Co Ltd, which has the right knowledge regarding this updated information. The team will ensure you keep tabs on the right amount of taxes you need to pay. Therefore, if you’re seeking an accountant in Leatherhead to help you understand all the changes made on taxes – whether it’s regarding energy bill rebate or energy profit levy, these experts are in a position to help you. Contact them today at 01737 844 322 to understand the cost of living support measures.
