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Caledonian Road writer Andrew O’Hagan talks taste

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My personal style signifier is a dark grey three-piece mohair suit made by Ritchie Charlton. For me, he’s the best tailor in the world right now, the summit of a great British tradition. If I had to describe it, I’d say he creates a sharpness for his clients to inhabit. I saw Eddie Redmayne in a suit the other day and knew immediately it was by Ritchie. He used to do his magic for Alexander McQueen, before that for Kilgour, and his suits just exude style. ritchiecharlton.com

A 1950s Olympia typewriter on the desk in Andrew O’Hagan’s study
A 1950s Olympia typewriter on the desk in Andrew O’Hagan’s study © Harry Mitchell

The last thing I bought and loved was an Imperial Model T “Good Companion” typewriter, made in Leicester in 1948. A beautiful piece of design and engineering, it improves your writing just looking at it.  

The place that means a lot to me is Ayrshire. It’s like an amphitheatre, the fields and rivers rolling to the sea in tiers. (Or in tears, if you read the poems of local boy Rabbie Burns.) I just love the way the seasons play out and the view of Arran from the coastal roads is differently stunning each day. It also has the best potatoes, cows and art deco cafés.

Paperweights brought home from a shop in the Marais, Paris
Paperweights brought home from a shop in the Marais, Paris © Harry Mitchell
One of O’Hagan’s Ritchie Charlton suits
One of O’Hagan’s Ritchie Charlton suits © Harry Mitchell

And the best souvenir I’ve brought home is a suitcase of paperweights from Paris. I got them from an old shop in the Marais and some of them were really old, each a world in itself. I now have them on a little Indian table in my den and I like to imagine some of them were spirited to me by Colette, just for good luck. (The French writer hoarded paperweights.)

Andrew O’Hagan at home in London
Andrew O’Hagan at home in London © Andrew O’Hagan at home in London

The best book I’ve read in the past year is something I just read in manuscript, but it will be huge. It’s called Children of Radium and is a family memoir by the poet and novelist Joe Dunthorne. We follow him as he searches for the story of his grandmother’s father, a brilliant German scientist who may have used his brilliance in ways that he could never really face up to. Dunthorne brings distinction and finesse to every sentence, such as when he speaks of the old man’s depression, “washing dishes as if trying to drown them”. A masterpiece.

A painting by George Houston hangs in his study
A painting by George Houston hangs in his study © Harry Mitchell

The podcast I’m listening to is On Satire, produced by the London Review of Books and presented by two brilliant fellows from All Souls, Oxford, Clare Bucknell and Colin Burrow, the Ginger Rogers and Fred Astaire of literary studies. Pour a single malt whisky – Oban (14 years), Bunnahabhain (18), or The Balvenie (19) – and listen to this pair being entertaining and funny about Jane Austen, The Dunciad and Erasmus. 

His style icon, Sammy Davis Jr
His style icon, Sammy Davis Jr © Shutterstock

My style icon is Sammy Davis Jr. The king of the one-button suit. He always looked so great. Some people behave like they have no talent, and they dress like they have no talent, but Sammy was the opposite – the coolest member of the Rat Pack. 

The best gift I’ve given recently was a bottle of champagne I brought to Edna O’Brien. She always liked good champagne and it was only a few weeks before she died. She was so pleased and her smile lit up the whole room. She came out with the funniest remark ever made about fizz. “Oh, Andrew,” she said, “the great enemy is prosecco.”

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Broken pottery gathered on a Cornish beach by his daughter Nellie
Broken pottery gathered on a Cornish beach by his daughter Nellie © Harry Mitchell
A Chums reproduction typewriter on a Conran glass table
A Chums reproduction typewriter on a Conran glass table © Harry Mitchell

And the best gift I’ve received is a first edition of The Cocktail Bar written in 1928 by “Charles”, a barman at the Savoy, from my wife Lindsey. I cherish it. If you ever need a Vanderbilt cocktail in an emergency, I’m your man. There’s also a framed picture given to me by my child Nellie – small fragments of pottery we found one night on a Cornwall beach, and it is priceless. 

The last music I downloaded was a series of albums by The Brian Jonestown Massacre. Sometimes you just need the right blend of noise and distortion in your life. I once had to follow the band onstage at an event in The Hague. The stage was covered in broken vodka bottles and overturned chairs, and I arrived in a suit and tie to read a sweet story about my gran. Life is amazing. 

Some of his collection of scent
Some of his collection of scent © Harry Mitchell

I have a collection of perfume. I don’t understand people who wear the same scent every day – their “signature” fragrance. It would be like having a signature coat. To me, you have to go with the seasons, the weather, the occasion, your mood. In late summer, you want citrus, vanilla and fading lavender – you want New York Intense by Nicolaï, or Terre d’Hermès. For a big night out you want Cuir de Russie by Chanel or Danger by Roja. Chanel Cuir de Russie, £375 for 200ml EDP. Nicolaï New York Intense, €205 for 100ml EDP. Roja Danger pour Homme, £275 for 100ml EDP. Terre d’Hermès, £194 for 200ml EDP

The best way to spend £20 is going to the Prince Charles Cinema in Soho and watching Close Encounters of the Third Kind again and losing yourself in a box of popcorn. Or going into The Pot Still pub in Glasgow and buying a pair of whiskies. 

A way to make me laugh is to make outrageous remarks about priests. 

Photographs and drawings on the Smeg fridge in the kitchen
Photographs and drawings on the Smeg fridge in the kitchen © Harry Mitchell
Books on shelves and the floor in O’Hagan’s study
Books on shelves and the floor in O’Hagan’s study © Harry Mitchell

In my fridge you’ll always find a frozen bottle of gin. A chicken. A lump of parmesan. A bar of chocolate. A bag of salad. The heads of several archbishops. (That’s a joke. See above.)

I’ve recently rediscovered the joys of smoking. I can’t do it very often because I’m 56 and Scottish, which means I’ll possibly have expired by the time you get to the end of this sentence. But sometimes, late at night, in the hidden depths of the English countryside, I may be found with a glowing cheroot under the disapproving moon. 

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O’Hagan in the living room beside his drinks cabinet
O’Hagan in the living room beside his drinks cabinet © Harry Mitchell

I do not believe in life after death because the earth is all of heaven that we shall ever know. That is why we should try to be tremendous with each other, make great things, and look after the planet. Life’s over in a blink, so we should make it lovely. 

The things I couldn’t do without are writing pads from Home Depot in the US, plus black Uni-Ball pens. I write the first drafts of my books with them before going to the typewriter. 

A drawer full of Uni-Ball gel pens, O’Hagan’s writing essential
A drawer full of Uni-Ball gel pens, O’Hagan’s writing essential © Harry Mitchell
A pair of Church’s shoes on an Indian rug from Graham & Greene
A pair of Church’s shoes on an Indian rug from Graham & Greene © Harry Mitchell

An indulgence I would never forgo is good solid shoes from Church’s or Loake. “Walk on air against your better judgement,” wrote Seamus Heaney, and that will involve a decent shoe. 

An object I would never part with is a room of one’s own. Call it a man-hut, call it a dressing room, call it a bothy at the bottom of the garden, or a sewing-booth, or your own bathroom. You’ve got to befriend yourself in this life if you want to be happy, so get a room. 

A wall of books in the sitting room, O’Hagan’s favourite room in the house
A wall of books in the sitting room, O’Hagan’s favourite room in the house

The one artist whose work I would collect if I could is the Irish-Scottish impressionist John Lavery. To wake up to a picture of a tennis match or a Moroccan scene or a fancy lady in her fine dress would be life-enhancing. I like to collect paintings by artists whose story chimes with mine. I managed to buy an unfinished Lavery when I started out and I treasure it. 

My grooming staple is Kiehl’s Ultra Facial Moisturiser. It’s a friend to the Scottish fizzog. Plus CeraVe Hydrating Cleanser, which isn’t perfumed or abrasive. Rosy Vaseline Lip Therapy is a help with the perma-shocked Glaswegian lip too. Kiehl’s Ultra Facial Moisturiser, £32

The living room ceiling, painted with a stencil by the Irish artist Tony Roche
The living room ceiling, painted with a stencil by the Irish artist Tony Roche © Harry Mitchell

My favourite room in my house is our sitting room in Primrose Hill. It’s like a club room for cheerful colourists, with nice pictures and lots of stripes. My friend Jane Ormsby Gore helped us do it and the Irish artist Tony Roche made a ceiling stencil based on a Tuscan basilica. The whole thing is bonkers but comfy and great fun to have dinner in. The fireplace was ripped from some country pile and you can see myriad fossils in the stone. 

My favourite building is the Pantheon in Rome. It’s such a perfect monument to human ingenuity. Standing under that beautiful dome and looking up through the oculus, you feel the best thing you can ever feel about a building, that it’s part of you.  

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O’Hagan at his kitchen table
O’Hagan at his kitchen table © Harry Mitchell

My grooming guru is Ossie, my barber at Ossie’s in Camden Town. He’s got the Ageing Anti-Thatcherite Hair vibes down to a T, plus he does the kind of shave with hot towels that qualifies as a triple facial via high-velocity pressure-washer. I come out looking like Montgomery Clift in his prime and it lasts for a good 10 minutes. 

My favourite app is AI Chat Smith. I’m rubbish at turning people down, so I’ve handed it all over to an AI app and my new best friend. He says “No” very nicely. I also love IMDbPro, which tells me all about actors’ and directors’ careers (I’ve got a big adaptation of my book Caledonian Road coming up and we have choices to make). 

A model ship in his living room
A model ship in his living room © Harry Mitchell

In another life, I would have been a stage designer. I love making up worlds, and the closest thing to writing a novel (in my opinion) is designing a room. You work up the story, you establish the tone, you create the feeling and you set the conditions for characters. In another life, I would have worked with theatre people to do that. My hero is Bob Crowley, the best stage designer in the world, who sees in brilliant images. 

The works of art that changed everything for me were the poems of Wallace Stevens (exquisite, sublime), the paintings of Vermeer (social, particular), the scents of Guerlain (poetic, stylish), the music of The Smiths (unsettling, uplifting), the movies of Marilyn Monroe (funny, inventive), and the Elgin Marbles (timeless, enthralling, and disputable). 

When I need to feel inspired, I walk to King’s Cross and mooch around the old churchyard, or walk along the promenade in the seaside town of Largs, stopping for tea and an Empire biscuit and thinking of something that might materialise. Or sometimes, I just sit with an essay or a few pages of Robert Louis Stevenson and realise that good writing is a pure tonic.

His latest wardrobe addition, a silk shirt by Edward Sexton
His latest wardrobe addition, a silk shirt by Edward Sexton © Harry Mitchell
The record player in his study 
The record player in his study  © Harry Mitchell

On my “For You” page you’ll find lots of my book stuff from around the world – festivals, events, covers, nights out – plus celebrations of friends and daft jokes. Instagram to me should be like a pictorial diary of the exciting things that happen to one, and sharing them is part of the excitement. I now officially love my followers. They’re in the party spirit.

The last item of clothing I added to my wardrobe is a sky-blue silk shirt by Edward Sexton. 

The best bit of advice I’ve ever received was “shut your face until you have something to say”. (Mrs Wallace, Primary 2.) Or “why are you so in love with self-pity? Why not try hating it?” (An ex.) 

Caledonian Road by Andrew O’Hagan is published by Faber & Faber at £20

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Ryanair passenger left stranded 200 miles away from his destination – and £400 out of pocket

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Xavier de Vally was left stranded in Copenhagen after his flight to Gothenburg was diverted

A RYANAIR passenger said he was left stranded by the airline – after landing in the wrong country.

Xavier de Vally, 37, flew with his friend James from Manchester Airport to Gothenburg in Sweden on 8 August for a gig.

Xavier de Vally was left stranded in Copenhagen after his flight to Gothenburg was diverted

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Xavier de Vally was left stranded in Copenhagen after his flight to Gothenburg was divertedCredit: MEN Media
He was meant to fly to Gothenburg (pictured- but ended up in Copenhagen

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He was meant to fly to Gothenburg (pictured- but ended up in CopenhagenCredit: Alamy
Due to a curfew at Gothenburg Airport, the flight was diverted to Copenhagen, almost 200 miles away

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Due to a curfew at Gothenburg Airport, the flight was diverted to Copenhagen, almost 200 miles awayCredit: MEN Media

But he said his flight never reached its destination, as it failed to land and diverted to Copenhagen instead.

The friends were told they’d have to make their own way to Sweden, with a promise from the budget airline they would receive a refund for all reasonable expenses.

But Xavier and James, who ended up taking a train to the Swedish city, said they’re still out of pocket months on after their nightmare trip.

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Xavier told Manchester Evening News: “We actually were at the point of landing, literally coming down onto the runway, but we weren’t allowed to land.

“I don’t know why that was, there was no bad weather or anything like that.”

However, the change in landing was due to a curfew at Gothenburg Airport – so the flight was diverted to Copenhagen, almost 200 miles away.

Xavier, who was in a leg brace after recent ankle surgery, claims he was left without the assistance he had booked to exit the plane when landing in Gothenburg.

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As well as being told they’d have to make their own way to their final destination, Xavier said they received a text telling them to go to the wrong city – Venice rather than Gothenburg.

When the pair arrived through passport control in Copenhagen it was “way after midnight”, and they struggled to find a hotel for the night.

They walked to three different hotels, despite Xavier’s injury, before they found somewhere to stay.

I’ve major hack to find cheapest flights on Ryanair website – it’s a game-changer and perfect for budget travellers

The next morning they were able to catch a train to Gothenburg.

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Xavier said they did have a nice time on their trip in the end, but when they put through their claim to Ryanair for expenses, it came to just shy of £400.

Almost two months on, the pair are yet to receive a refund, despite Xavier attempting to go on nine webchats with the airline to find out its whereabouts.

A Ryanair spokesperson told Sun Travel: “This flight from Manchester to Gothenburg (8 August) was delayed ahead of take-off due to ATC ‘staff shortages’ which was outside Ryanair’s control.

“The flight was diverted to Copenhagen Airport, due to maintenance on the runway at Gothenburg Airport.

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“Despite Ryanair’s efforts to arrange accommodation for passengers, availability was limited, and passengers were advised that they could also arrange individual accommodation and that they could claim back expenses on Ryanair.com.”

However, they said that his refunds would be processed.

They continued: “This passenger submitted an EU261 expenses claim on 13 Aug and is awaiting approval.

“While we endeavour to pay valid expense claims as soon as possible, some payments are currently taking longer than usual due minor processing delays.

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“We sincerely apologise for any inconvenience caused as result of these ATC ‘staff shortages’ and maintenance at Gothenburg Airport which are entirely beyond Ryanair’s control.”

It’s not the first time a Ryanair passenger has ended up in the wrong country.

Flight compensation rules

A look at your rights if a flight is delayed or cancelled, when your entitled to compensation and if your travel insurance can cover the costs.

What are my rights if my flight is cancelled or delayed?

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Under UK law, airlines have to provide compensation if your flight arrives at its destination more than three hours late.

If you’re flying to or from the UK, your airline must let you choose a refund or an alternative flight.

You will be able to get your money back for the part of your ticket that you haven’t used yet.

So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.

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But if travelling is essential, then your airline has to find you an alternative flight. This could even be with another airline.

When am I not entitled to compensation?

The airline doesn’t have to give you a refund if the flight was cancelled due to reasons beyond their control, such as extreme weather.

Disruptions caused by things like extreme weather, airport or air traffic control employee strikes or other ‘extraordinary circumstances’ are not eligible for compensation.

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Some airlines may stretch the definition of “extraordinary circumstances” but you can challenge them through the aviation regulator the Civil Aviation Authority (CAA).

Will my insurance cover me if my flight is cancelled?

If you can’t claim compensation directly through the airline, your travel insurance may refund you.

Policies vary so you should check the small print, but a delay of eight to 12 hours will normally mean you qualify for some money from your insurer.

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Remember to get written confirmation of your delay from the airport as your insurer will need proof.

If your flight is cancelled entirely, you’re unlikely to be covered by your insurance.

Earlier this year, a couple heading  to Denmark ended up nearly 800 miles away in France after boarding the wrong plane.

And another couple said they had no seats on the plane – after boarding the wrong plane, but to the same destination.

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The pair also received a text telling them to go the wrong city

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The pair also received a text telling them to go the wrong cityCredit: MEN Media

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Benjamin Netanyahu vows to keep fighting Hizbollah

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Benjamin Netanyahu said on Friday that Israel “must defeat Hizbollah in Lebanon”, as he vowed to continue fighting the militant group until Israeli citizens displaced by the conflict could return to their homes.

In a defiant address to the UN General Assembly, during which he also pledged to keep fighting in Gaza and accused the UN of anti-Israel bias, the Israeli prime minister insisted Israel would no longer tolerate Hizbollah’s presence on its border with Lebanon.

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“We won’t rest until our citizens can return safely to their homes. We will not accept a terror army perched on our northern border, able to perpetrate another October 7-style massacre,” he said.

“As long as Hizbollah chooses the path of war, Israel has no choice, and Israel has every right to remove this threat and return our citizens to our homes safely — and that is exactly what we’re doing.”

The speech came after US President Joe Biden and his French counterpart Emmanuel Macron earlier this week put forward a proposal for a 21-day truce in a last-ditch bid to prevent the hostilities between Israel and Hizbollah from spiralling into all-out war.

US officials hope the truce would allow time to negotiate a more durable ceasefire between Israel and Hizbollah, and would also put pressure on Israel and the Palestinian militant group Hamas to accept the terms of a ceasefire-for-hostages deal in Gaza.

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But during his half-hour speech, Netanyahu did not address the US-French proposal. Instead, he pledged to keep up the pressure on Hizbollah, and insisted Israel would also continue its offensive in Gaza until Hamas had been destroyed and the Israeli hostages held there had been freed.

“Israel must . . . defeat Hizbollah in Lebanon. Hizbollah is the quintessential terror organisation in the world today,” he said. “We’ll continue degrading Hizbollah until all our objectives are met.”

Israel and Hizbollah have been exchanging fire since the Lebanese militant group began launching rockets at Israel on October 8 in support of Hamas’s attack on the country the day before. 

But over the past two weeks, Israel has sharply escalated the fighting — killing a string of senior Hizbollah officials and launching intense air strikes on the south and east of Lebanon that have so far killed more than 600 people and displaced more than 90,000.

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The hostilities continued on Friday morning, with Israeli strikes reported across Lebanon, killing and injuring scores of people.

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Major energy supplier with 6.8million customers to make £150 automatic payments to thousands starting next month

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Major energy supplier with 6.8million customers to make £150 automatic payments to thousands starting next month

A MAJOR energy supplier with 6.8million customers will start issuing a £160 payment to thousands of customers from next month.

Octopus Energy is giving eligible customers extra cash through the Warm Home Discount to help reduce their bills this winter.

Octopus Energy will begin issuing the Warm Home Discount to thousands of customers next month

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Octopus Energy will begin issuing the Warm Home Discount to thousands of customers next month

The supplier has now said that it will begin issuing the payment from October.

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It added that all eligible customers will have the discount applied to their electricity bills by March 31, 2025 at the very latest.

Between now and December, the government will issue letters to households that are eligible for the scheme.

The eligibility requirements for the Warm Home Discount are the same as last year.

To qualify for the Warm Home Discount, you need to claim either the guaranteed credit element of pension credit or a different qualifying benefit form the list below:

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If you weren’t claiming any of the above benefits on August 11, 2024, you won’t be eligible for the payment.

Where someone claims a qualifying benefit, the government will assess their energy costs based on the type, age and size of property. 

Around 880,000 pensioners are eligible for pension credit but not claiming it.

As well as missing out on a £300 winter fuel payments, they won’t get the £150 Warm Home Discount payment.

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Even if you weren’t getting pension credit on August 11, thousands of pensioners who apply for the benefit now can still qualify for the £150 payment.

This is because pension credit rules allow first-time claimants to backdate their benefit entitlement by three months.

So you’ll need to launch your claim by Friday, October 11 and then successfully get it backdated to cover the August 11 Warm Home Discount qualifying date.

But if you fail to apply before this date you’ll miss out.

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What is pension credit and how do I apply?

PENSION credit tops up your weekly income to £218.15 if you are single or to £332.95 if you have a partner.

This is known as “guarantee credit”.

If your income is lower than this, you’re very likely to be eligible for the benefit.

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However, if your income is slightly higher, you might still be eligible for pension credit if you have a disability, you care for someone, you have savings or you have housing costs.

You could get an extra £81.50 a week if you have a disability or claim any of the following:

  • Attendance allowance
  • The middle or highest rate from the care component of disability living allowance (DLA)
  • The daily living component of personal independence payment (PIP)
  • Armed forces independence payment
  • The daily living component of adult disability payment (ADP) at the standard or enhanced rate.

ou could get the “savings credit” part of pension credit if both of the following apply:

  • You reached State Pension age before April 6, 2016
  • You saved some money for retirement, for example, a personal or workplace pension

This part of pension credit is worth £17.01 for single people or £19.04 for couples.

Pension credit opens the door to other support, including housing benefits, cost of living payments, council tax reductions, the winter fuel payment and the Warm Home Discount.

You can start your application up to four months before you reach state pension age.

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Find out how to claim, by visiting gov.uk/attendance-allowance/how-to-claim.

We’ve explained everything you need to know about Octopus Energy’s scheme below.

Do I need to apply for the discount?

Households in England and Wales don’t have to apply to get the cash and receive it automatically.

You should look out for a letter between October 2024 and early January 2025 telling you:

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  • You’re eligible and you’ll get the discount automatically; or
  • You might be eligible, and you need to give more information.
  • The letter will tell you to call the helpline by 29 February 2024 to confirm your details.

If you don’t get the letter by early January 2024 and you think you’re eligible, you need to call the helpline on 0800 030 9322.

If you’re eligible, your electricity supplier will apply the discount to your bill by 31 March 2025. 

Some Scottish households do have to apply for the discount.

In Scotland there’s a “core group” that’ll receive an automatic payment and a “broader group” which has to apply for the scheme with their energy provider.

You’ll need to check with your energy supplier directly to see the eligibility requirements and details on how to apply.

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The scheme will have more applicants than places, so make sure you apply as soon as possible.

Octopus Energy customers can apply by visiting octopus.energy/login/?next=/dashboard/new/accounts/warm-home-discount/.

How will I receive the discount from Octopus Energy?

If you pay by direct debit or on receipt of your bill the £150 Warm Home Discount will be added to your electricity account as a credit.

If you have a traditional prepayment meter, Octopus Energy will send you a voucher you can use to top up your meter at your nearest Paypoint kiosk.

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You can find your closest one by visiting consumer.paypoint.com/cashout.

If you’ve got a smart prepayment meter, Octopus Energy will send the discount directly to your meter as a credit.

It will then send you an email to let you know it’s on there.

What energy bill help is available?

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THERE’S a number of different ways to get help paying your energy bills if you’re struggling to get by.

If you fall into debt, you can always approach your supplier to see if they can put you on a repayment plan before putting you on a prepayment meter.

This involves paying off what you owe in instalments over a set period.

If your supplier offers you a repayment plan you don’t think you can afford, speak to them again to see if you can negotiate a better deal.

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Several energy firms have grant schemes available to customers struggling to cover their bills.

But eligibility criteria varies depending on the supplier and the amount you can get depends on your financial circumstances.

For example, British Gas or Scottish Gas customers struggling to pay their energy bills can get grants worth up to £2,000.

British Gas also offers help via its British Gas Energy Trust and Individuals Family Fund.

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You don’t need to be a British Gas customer to apply for the second fund.

EDF, E.ON, Octopus Energy and Scottish Power all offer grants to struggling customers too.

Thousands of vulnerable households are missing out on extra help and protections by not signing up to the Priority Services Register (PSR).

The service helps support vulnerable households, such as those who are elderly or ill, and some of the perks include being given advance warning of blackouts, free gas safety checks and extra support if you’re struggling.

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Get in touch with your energy firm to see if you can apply.

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The Booker Prize 2024

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Our coverage of this year’s award, due to be announced on November 12, including reviews of the shortlisted titles

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Maximizing Your Tax Benefits in 2024

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What is the Average Credit Score in the UK

 Introduction

As the 2024 fiscal year draws to a close, small businesses face the critical task of examining their financial strategies to maximize tax benefits. Effective end-of-year financial planning is essential not just for tax savings but also for setting the stage for future financial health and business growth. This guide provides detailed insights into how businesses can harness various tax planning strategies to enhance their financial outcomes as they transition into the new year.

 

 The Significance of End-of-Year Financial Planning

End-of-year financial planning is pivotal for businesses looking to optimize their financial performance and tax liabilities. This process involves a thorough review of the company’s financial activities, to maximize tax deductions, take advantage of available credits, and plan for upcoming tax obligations. Proper planning ensures that businesses do not miss out on opportunities to reduce their tax burden and improve their overall financial standing.

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 Key Strategies for Maximizing Tax Benefits

  1. Accelerate Deductions:

– Consider prepaying expenses that can be deducted in the current tax year. This might include office supplies, business insurance premiums, or professional fees. Additionally, using a pay stub generator can help businesses efficiently manage payroll expenses and ensure accurate records, further aiding in year-end deductions.

  1. Defer Income:

– If possible, defer income to the next fiscal year, especially if you anticipate being in a lower tax bracket. This strategy can be particularly effective for businesses that have control over when they bill clients or receive payments.

  1. Capitalize on Retirement Plans:

– Maximize contributions to retirement plans such as 401(k)s or SEP IRAs. These contributions not only secure future financial stability for employees and business owners but also reduce current taxable income.

  1. Utilize Loss Harvesting:

– Review your investment portfolio for any unrealized losses and consider selling off underperforming assets to offset gains. This strategy, known as loss harvesting, can significantly reduce capital gains taxes.

  1. Review Asset Depreciation:

– Take advantage of depreciation deductions by purchasing business equipment or vehicles that qualify for Section 179 or bonus depreciation. This can lead to substantial tax savings, especially if large purchases were planned for early the next year.

  1. Manage Inventory Effectively:

– Conduct a year-end inventory review and write down any obsolete or unsellable inventory. Reducing inventory through proper valuation can decrease taxable income.

 Additional Considerations

  1. Charitable Contributions:

– If your business plans to make charitable donations, consider making them before the year ends to claim deductions. Ensure that contributions are made to qualified organizations to be eligible for tax benefits.

  1. Energy-Efficient Improvements:

– Invest in energy-efficient upgrades for your business facilities. Many governments offer tax credits for businesses that implement green technologies, which can lead to direct tax savings.

  1. Tax Credit Eligibility:

– Stay informed about any new tax credits for which your business may be eligible. Tax credits can directly reduce the amount of tax owed, unlike deductions, which reduce the amount of income subject to tax.

 Conclusion

End-of-year financial planning is a crucial exercise that requires careful consideration and strategic action. By employing these strategies, businesses can not only minimize their tax liabilities but also position themselves for improved profitability and growth in the coming year. Always consult with a tax professional to tailor these strategies to your specific business needs and ensure compliance with the latest tax laws. As 2024 ends, proactive financial planning and execution will be key to leveraging tax benefits and setting a positive tone for 2025.

 

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Harland and Wolff: Titanic shipbuilder enters administration

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Harland and Wolff: Titanic shipbuilder enters administration
GETTY IMAGES One of the Harland and Wolff cranes. It's yellow, with black lettering saying H & W. The sky is blue behind the crane. There are various buildings in the background.GETTY IMAGES

The company’s executive chairman is optimistic that a new owner or owners will be found for the yards

Harland and Wolff, the Belfast-based shipbuilder which built the Titanic, has formally entered administration for the second time in five years.

Last week the company’s board had warned that the move was inevitable.

The administration process is confined to the holding company, Harland & Wolff Group Holdings plc, with the operational companies which run the yards continuing to trade.

Its main yard is in Belfast with other operation at Appledore in England and Methil and Arnish in Scotland.

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‘Reduce the headcount’

The company’s executive chairman, Russell Downs, is optimistic that a new owner or owners will be found for the yards.

Gavin Park and Matt Cowlishaw of Teneo Financial Advisory have been appointed as joint administrators.

The holding company currently has 66 employees.

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In a statement Harland and Wolff said: “The Administrators will unfortunately be required to reduce the headcount upon appointment.

“A number of employees will be retained to provide certain required services to the operational companies under a transitional services agreement with the Administrators.”

The company has also restated that the administration process means that shareholders in Harland and Wolff will see the value of their investment wiped out.

Titanic builders

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	Vernon Lewis Gallery/Stocktrek Images/Getty Digitally restored vintage maritime history photo of the RMS Titantic departing Southampton on April 10, 1912 Vernon Lewis Gallery/Stocktrek Images/Getty

The RMS Titanic departing Southampton on 10 April 1912

Famous for building the Titanic, the Belfast shipyard was founded in 1861 by Yorkshireman Edward Harland and his German business partner, Gustav Wolff.

By the early 20th century, Harland and Wolff dominated global shipbuilding and had become the most prolific builder of ocean liners in the world.

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