Money
The Morning Briefing: How ‘anti-tax’ advice is failing clients
Good morning and welcome to your Morning Briefing for Friday 27 September 2024. To get this in your inbox every morning click here.
How ‘anti-tax’ advice is failing clients – and society
Many talk about tax as something scary and complex that only professional advisers can navigate, which can disempower clients and potentially make them overly reliant on their advisers, writes Olivia Bowen, partner client advice, at Castlefield.
Most firms in this sector talk about tax as something to be avoided, even if it means tangling up clients’ affairs in complicated trusts or other arrangements.
There’s a tendency for advisers to assume clients always want to maximise tax savings, regardless of the resulting complexity. But not all clients want this.
Consumer protection drives biggest rise in regulatory pressure
The greatest increase in regulatory pressure stems from requirements to comply with and embed consumer protection regulations, KPMG has revealed.
It was revealed in KPMG UK’s latest Regulatory Barometer, a biannual measure of the regulatory pressure faced by financial services firms in the UK and EU.
The regulatory impact score in this area has risen from 6.8 to 7.4 (out of 10) since March 2024.
Quote Of The Day
Hundreds of thousands of people take their pensions each year with no advice, and much more needs to be done to help them make well-informed decisions
– Steve Webb, former pensions minister and consultant at LCP, comments on the FCA’s latest Retirement Income Market Data figures
Stat Attack
Shepherds Friendly’s latest research on income protection take up in the UK shows only:
14%
of Brits have income protection.
15%
of 35–44-year-olds have income protection despite this demographic being the most likely to have a mortgage.
47%
of Brits with income protection regret not taking it out sooner.
29%
of Brits without income protection regret not taking out a policy.
Source: Shepherds Friendly
In Other News
7IM has appointed Asim Qadri and Brian Leitao as investment managers. The duo will report into Uwe Ketelsen, head of portfolio management.
In their new roles, they will focus on enhancing and deepening 7IM’s fund selection and portfolio management capabilities.
Qadri joins from Abrdn, where he was part of the multi-asset team responsible for investment manager research and portfolio construction across various asset classes.
Before then, he worked in similar roles at Architas, Mercer and Société Générale.
Leitao has eight years of investment experience gathered at Fundhouse, EQ Investors, Morningstar and most recently Mercer.
Throughout his career, he has conducted fund research across a broad range of sectors and geographies, both actively and passively managed.
He also performed asset class research more broadly across wealth and institutional teams.
Their appointments follow a series of hires across the business by 7IM this year, with further recruitment underway.
Reeves mulls tweaks to UK’s tax plans for ‘non-dom’ foreigners (Bloomberg)
Many Wall Street executives are worried about Trump but wary of Harris (Reuters)
China’s bumper stimulus leaves consumers wanting more (Financial Times)
Did You See?
Technology has done wonders for advice over the past decade, helping millions of people over the years, but it is nowhere near where it needs to be for the industry to achieve its fullest potential, writes Russell Lancaster, 7IM’s managing director, platform and intermediary partnerships.
According to a recent report from the Lang Cat, if the advice industry were to reduce technological inefficiencies and processes, client volumes per firm could increase by 40-50%, which equates to an uptick of two million customers.
Some of the causes of these inefficiencies lie in poor technological infrastructures, coupled with incompatibilities between platforms and providers.
One area where much progress needs to be made is the transfers process.
Transfers can only work as fast as the slowest player involved, and a provider servicing an outgoing customer might not be highly motivated to see its money moving off its books.
Read the full article here.
Money
I was left without heating and hot water for MONTHS but a little-known grant worth £4,500 saved me
A SINGLE mum of six was left without heating and hot water for MONTHS but was saved by a little-known grant scheme.
Mandeep, 41, from Birmingham, was left living in the dark ages after her boiler broke down forcing her family to use a kettle every time they wanted showers.
She spent seven gruelling months using water from the kettle to fill buckets of water so her six girls, aged between two years-old and 17, were clean for school.
The family were also unable to heat their home, spending cold nights in bed with just a duvet to keep warm.
As Mandeep owns her own home, the responsibility fell on her to fix it, but with no cash to afford a new one, she believed she’d have to make do without for good.
National Energy Action charity estimates that 5.6million people just like her across the UK are living in fuel poverty.
Factors such as the cost of living crisis have meant a greater number of households are struggling to heat their homes or find money for repairs.
Mandeep, who is unemployed, said that she did not ask neighbours or friends for support because she felt too proud.
Speaking to The Sun she said: “I would not want any other family to go through what I did.”
“It was really hard for me and my kids to go through all this, [we had] no [hot] water, no heat and were not able to keep warm [or] able to wash.”
It was only when a healthcare worker visited that Mandeep discovered a little-known scheme that could help her out – and she’s urging others to reach out too.
Help was on hand
The mum-of-six was advised to contact the Direct Access to Wellbeing Services Team (DAWS).
It is a new service set up by gas supplier Cadent and the Birmingham Community Healthcare NHS Foundation Trust Charity.
The pair are offering £2.4million worth of grants to help 100,000 vulnerable healthcare users with financial support over the next two years.
It is currently only available to NHS patients in Birmingham but if the project is successful then it may be rolled out across the wider UK.
And it’s just one example of thousands of little-known schemes across the country that are helping people out.
Households can not apply directly for this support – they need to be referred by their health worker GP, health visitor or nurse.
When the DAWS team receives a referral, an advisor will work through their details in a consultation.
From there, they will know which services they will need support with. This can include:
- Energy efficiency improvements around the home
- White goods like fridges or cookers
- Boiler checks
- Helping people get the benefits they are entitled to
- Support to maximise their income
In some instances, referrals have been actioned within 48 hours but this may not be the case everytime.
Patients and their families can ask about the support by speaking to their health professional.
Mandeep met the criteria to be provided with range of support and was given a new boiler alongside other financial aid totalling around £4,500. That included:
- A slow cooker to make food for £70
- Energy vouchers to heat her home for £70
- A new boiler worth £4k and £120 for the service to be installed
- An electric blanket worth to keep warm
- Food vouchers for shopping worth £100
Mandeep said that after being approved for the scheme she received her boiler within three days and it was also installed in her home free of charge.
What to do if you can’t pay your bills
FALLING behind on your energy bills can be extremely stressful.
If you’re struggling to pay what you owe, contact your supplier as soon as possible.
Your provider has to help you come up with a solution, and you should be able to negotiate a deal that works for you both.
One option is to agree a payment plan where you pay off your debts in affordable instalments.
You may be able to pay off your debts directly from your benefits through the Fuel Direct Scheme.
A fixed amount will automatically be taken to cover what you owe plus your usage.
To be eligible, you must be getting one of the following benefits:
- Income-based jobseeker’s allowance
- Income support
- income-related employment and support allowance
- Pension credit
- Universal Credit (but only if you’re not working)
If you cannot come to an agreement with your supplier, they may try to force you to get a prepayment meter installed.
In very rare cases, where you refuse to negotiate, your supplier might threaten you with disconnection.
It was a weight lifted off her shoulders and has helped transform her family’s life.
She said: “My life is better now..any other family going through this should speak out and not suffer in silence.”
“The DAWS team was amazing and they helped me through the situation”.
How to unlock cash grants
If you are struggling it is worth being aware of online tools which can help you access grants.
For example, Turn2Us has an online tool which checks your elibiglty for over 1,400 grants.
All of the grants do not need to be paid back and the tool will search through the grants and let you know if you qualify.
Each grant is different but they can provide support for a range of different necessities like groceries and even kitchen appliances.
For example, Macmillan Cancer Support offers, one-off grants to people living with cancer who have low incomes and savings.
The Teaching Staff Trust also offers cash grants to those who work in the education sector and face financial difficulty.
The Sun spoke to one mum who used to scheme and was given £1,000 in vouchers to spend at Amazon and the big supermarkets.
Other grants have specific requirements for spending for example a business grant may need to be spent on business expenses.
How to use the grant search tool
First, go to the Turn2Us website and type in Grant Search.
Then look for what’s available specifically in your area by entering your postcode.
You will be asked to give details about yourself, such as your name and gender.
You can also go into more depth by telling Turn2Us about your current health and employment situation.
Once you’ve found a grant you think you’re eligible for, you can put in an inquiry through Turn2Us.
Other grants and schemes
Energy grants
Many gas and energy suppliers offer grants and schemes for customers who are struggling.
For example, British Gas has a fund open to pre-payment meter and credit customers who have found themselves in debt worth up to £1,700.
The Individual and Families Fund was first set up in 2021 to help households struggling with energy debt.
This scheme’s support is available to British Gas and non-British Gas customers.
However, if your provider is Ovo Energy, E.ON Next, EDF Energy, Scottish Power, Octopus Energy or Utilita it asks your go to them for assistance first.
You can check out your eligibility for the scheme here.
Elsewhere, EDF has a customer support fund which on average wipes £1,250 off customers’ bills.
It is available to vulnerable customers experiencing hardship.
To apply, visit EDF’s website and make sure you have details of your account number (find it on your energy bills or EDF emails) and the current debt balance on all EDF accounts you have.
Meanwhile, Octopus Energy offers a range of support, including cash from its Octopus Energy Assist Fund.
It could also include loaning a thermal imagery camera to find heat leaks in your home, which you can fix to reduce energy usage and your bill.
It also conducts home energy visits to discuss how households can reduce their usage and gives out free electric blankets.
Local welfare assistance schemes
Most councils also have local welfare assistance schemes designed to help families in severe financial hardship.
Again, the eligibility criteria varies by council, and how much you can get will depend on your specific circumstances.
Most councils say they will prioritise families who need urgent access to food.
The support you get could be money, vouchers, or referrals to other organisations such as food banks.
Household support fund
You might be able to get help with essential costs from your local council through a programme called the Household Support Fund (HSF).
The funding is designed to help people who are vulnerable or can’t afford to pay for necessities like energy bills, water bills, and food.
Some councils offer food vouchers to families during the school holidays, as well through the scheme.
Eligibility criteria varies by council, so you need to check your local authority’s website to see what’s available and how to apply.
Fuel vouchers
If you’re having difficulty paying your energy bills and use a prepayment meter, or if you use alternative heating sources such as oil, LPG, coal, or wood, you may be eligible for a fuel voucher from your local council.
A fuel voucher gives you credit for your gas and electricity supply without having to pay in advance.
You’ll receive a code in a letter, text message or email which you can use to add the credit.
You can use a fuel voucher at a Post Office, a shop signed up to Payzone or a shop signed up to PayPoint. You’ll need to take the code and a form of ID.
Money
Podcast: CFDs in football – the ugly side to the beautiful game
In this week’s Weekend Essay, Dan Cooper takes a look at the growing trend of football clubs partnering with high-risk CFD trading firms. Are clubs prioritising profit over fans? Should there be better regulation to protect supporters from risky financial products? Dan explores the dark side of the beautiful game and its sponsorship deals.
Money
How to get your Pension Credit claim accepted as over a third REJECTED – and why you should always try again
MORE than a third of Pension Credit applications were rejected last year, according to official figures seen by The Sun.
Pension Credit is a vital benefit which is designed to top up the income of the UK’s poorest pensioners.
It is currently worth up to £218.15 a week if you are single or £332.95 if you are in a couple.
There were 214,309 applications for Pension Credit in the last financial year, according to figures from the Department for Work and Pensions.
Of these applications 83,168, or 39%, were rejected and 130,366 claims were approved.
The fresh figures come from a Freedom of Information (FOI) request by The Sun and cover around 85% of all pension credit claims made in the 2023/24 financial year.
Read More on Pension Credit
This year Pension Credit is especially vital as the Government recently changed the rules on who will receive the Winter Fuel Payment, which is worth up to £300 a year.
From this winter the payment will be limited to people who receive Pension Credit and other means-tested benefits.
As a result, the number of households making a claim for Pension Credit has increased by 152%.
The DWP has received around 74,400 applications in the eight weeks since the announcement on July 29.
In comparison, there were just 29,500 claims in the eight weeks before the announcement.
Despite the surge in the numbers applying for Pension Credit, it is estimated that hundreds of thousands of eligible households are still missing out.
Around 880,000 families who were entitled to receive the benefit did not claim it in the 2022 financial year, the DWP said.
Why are claims rejected?
There are several reasons why a claim would be rejected and all relate to whether the person claiming it meets the rules, says Sam Alwyine-Mosely, a senior press officer at Citizens Advice.
The main reason that an application may be rejected is simply because the person claiming is not eligible for Pension Credit.
This could be because their income is too high, they have not yet reached the state pension age or they do not live in the UK.
However, just because your claim has been rejected before does not mean that you will never be able to successfully apply for Pension Credit.
Sir Steve Webb, a former pensions minister and a consultant at law firm Lane Clark and Peacock, said: “Apply again in due course even if you are turned down initially.”
“You can always apply again later in retirement if something changes such as starting to claim a disability benefit, losing a spouse or partner or running down your savings.”
Pension Credit explained
Pension Credit is a benefit which gives you extra money to help with your living costs if you’re on a low income in retirement.
It can also help with housing costs such as ground rent or service charges.
You may be able to get extra help of you’re a carer, have a disability, or are responsible for a child.
It also opens up access to lots of other benefits such as the warm home discount scheme, support for mortgage interest, council tax discounts, free TV licences once you’re over 75, and help with NHS costs.
To qualify, you need to be over state pension age and live in England, Scotland or Wales.
If you have a partner, you need to include them on your claim.
Pension Credit tops up:
- your weekly income to £218.15 if you’re single
- your joint weekly income to £332.95 if you have a partner
However, even if your income is higher, you might still qualify if you have a disability or caring responsibilities.
There is also another element to Pension Credit called savings credit. To get this, you need to have saved some money towards your retirement.
You can get an extra £17.01 a week for a single person or £19.04 a week for a married couple.
If you have more than £10,000 in savings, the government uses a calculation to work out how much it adds to your income.
Every £500 over £10,000 counts as £1 income a week. For example, if you have £11,000 in savings, this counts as £2 income a week.
He adds: “It is vital that as many people who may be entitled to put in a claim. Make a claim in any case. The worst that can happen is that they decide you are not entitled.”
Another common reason that an application may not be granted is because it did not contain enough evidence.
It is important to provide as much detail as possible when you submit a benefit claim.
This can also help to reduce the time it takes for Pension Credit to be granted and avoid back and forth with the DWP.
Meanwhile, the third reason that many Pension Credit applications are not rubber-stamped is due to errors in the form.
Without the correct information the DWP cannot verify whether you are eligible for Pension Credit and your application will be rejected.
If you make a mistake when filling out the form you can just cross it out and put your initials next to it.
You do not need to complete another application form.
Sam adds: “Applicants need to ensure they fill in the form correctly and supply all the information requested about their income and identity to ensure their application is granted.”
But the application form itself can be a barrier that stops families from accessing the vital support they need.
Dennis Reed, of campaign group Silver Voices, said: “The application process for Pension Credit is ridiculously complex with over 230 questions, preferably completed online.
“It is also highly intrusive asking for minute detail on the income and circumstances of the applicant and their partner.
“These two disadvantages together prevent hundreds of thousands of older people applying for the help they obviously need.”
But there are steps you can take to make sure your claim is approved and you get the cash you’re entitled to – including getting free help to complete your application.
How to make sure that your claim is approved
Always check that you meet the eligibility criteria before you apply for Pension Credit.
To claim online visit gov.uk.
You can also apply by phone by calling 0800 991234 on weekdays between 8am and 6pm.
A family member can make the call for you but you must be present when the application is made.
It can be helpful to have your National Insurance number, information about your income, savings, investments and pension to hand.
If you need help or advice during the application process then contact your local Citizens Advice or get in touch with the charity Age UK.
If you need help completing your application then you can call the free Age UK advice line on 0800 678 1602.
The lines are open from 8am to 7pm, 365 days a year.
How to appeal the decision
If you claim is rejected and you disagree with the decision then you can ask the DWP for a “written statement of reasons”.
This statement explains why the decision was made.
If you still believe the decision is wrong then you can ask for the DWP to look at your application again.
This is called a “mandatory reconsideration” and is free to ask for.
What will I get when I claim Pension Credit?
SOME people will receive thousands of pounds once they claim Pension Credit, while others will be given just pennies.
But it is still worth making a claim either way as it opens the door to more financial help.
Once you claim Pension Credit you may receive:
- Housing Benefit if you rent – worth thousands a year.
- Mortgage Interest support – on up to £100,000 of your mortgage or loan.
- Council tax discount – worth thousands each year.
- Free TV licence if you are aged over 75 – worth £169.50 a year.
- NHS dental treatment, glasses and transport costs for hospital appointments help.
- Royal Mail redirection service discount – worth up to £48.
- Warm Home Discount if you get Guaranteed Pension Credit – worth £150.
- Cold Weather Payment – worth £25 for every seven day period of cold weather between November 1 and March 31.
- Winter Fuel Allowance – worth up to £300 a year.
You can ask the DWP to look at your application again if:
- You think the office that dealt with your claim made an error or missed important evidence
- You disagree with the reason for the decision
- You want the decision to be looked at again
Another option is to go through the appeal process.
During this process you will need to provide evidence to a tribunal and appear at a hearing.
You only have a month to dispute a decision, so you need to seek advice quickly.
But you can ask for it after one month if you have a good reason, for example if you have been in hospital or had a bereavement.
Visit gov.uk/mandatory-reconsideration for more information and to start the process.
A DWP spokesperson said: “We are committed to supporting pensioners and our drive to boost uptake of Pension Credit has already seen a 152% increase in claims.
“To help make Pension Credit applications as accurate as possible, we continue to urge people to check their eligibility via gov.uk for a benefit that could be worth on average £3,900 per year.”
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories
Money
Can you actually make money doing online surveys?
There are many ways you make extra money online, one of the most popular is using survey platforms. By using one of these platforms’ users earn cash or gift vouchers that they can use freely.
Below we have compared the top 3 survey platform to earn extra cash so you can decide which one you should use. You could use multiple platforms to make the most of the rewards, but remember, consistency is key as earning points can take some time.
The three platforms include Survey Junkie, Inbox Dollars and Swagbucks.
Our choice: Swagbucks
After research, we would choose Swagbucks to sign up to due to the variety of ways to earn and the sign-up bonuses!
Recognised by Linkedin as a legitimate and reliable way to earn money online since 2008. There are 20 different ways to earn money, giving users a variety of tasks and keeping it interesting. The main ones include, Surveys, paying games, watching videos and online shopping. This means you can include your normal browsing behavior’s and earn.
Sign Up bonuses – A $10 sign up bonus as well as bonus points when you refer a friend. Additionally, if you earn 300 points in your first 30 days the platform will award you with 300 free points the following month. A great way to stay motivated and maximize your earnings
Earning potential – On average users earn $2-5 a day equaling $730-1,825 a year.
Drawbacks – Users report waiting a long time for their rewards to be processed, which is not compatible with those who are looking for instant cash.
Interested? Find out more about Swagbucks here.
Established in 2000 and recognized as a Better Business Bureau accreditation. A platform you can trust to pay you for your completed tasks which include surveys, watching videos and using the platform’s web engine for genuine searches.
Sign up bonuses – A low signup bonus of $1.
Earning potential – Average of $50-300 a month for users. When you use the Inbox Dollars search engine you win scratch cards to earn more.
How to redeem – You can redeem your points in cash via PayPal or in gift cards to popular retailers.
Drawback- You must earn a minimum of $15 before being able to redeem and the processing time can take a long time.
Interested? Find out more about Inbox Dollars
One of the most popular survey platforms with over 20 million users due to its accessible and simple interface. You can complete surveys, watch videos, play games as well as sign up to surf-to-earn and be rewarded when you browse the web. Surf-to-earn allows Survey Junkie access into your browsing habits so they can track your patterns and trends.
Earning potential – Average of $40 a month when completing 3 surveys daily
How to redeem – Through PayPal to redeem cash or request gift cards for retailers such as Target, Walmart and Amazon.
Drawback – Users report experience limited number of tasks once their account matures, they have fewer chances to earn points.
Interested? Find out more about Survey Junkie here.
So, Which one is best?
Swagbucks – Best for those looking for a variety of ways to make money online with great bonus rewards.
Inbox Dollars – Best for those who are looking for a reliable way to make money and those who are often using their search engine to browse and shop.
Survey Junkie – Best for those looking for simple ways to make extra money through surveys.
Money
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.
The supplier has now said that it will begin issuing the payment from October.
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:
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.
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.
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.
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.
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:
- 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.
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.
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?
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.
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.
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.
Get in touch with your energy firm to see if you can apply.
Money
Maximizing Your Tax Benefits in 2024
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.
Key Strategies for Maximizing Tax Benefits
- 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.
- 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.
- 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.
- 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.
- 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.
- 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
- 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.
- 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.
- 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.
-
Womens Workouts4 days ago
3 Day Full Body Women’s Dumbbell Only Workout
-
News5 days ago
Our millionaire neighbour blocks us from using public footpath & screams at us in street.. it’s like living in a WARZONE – WordupNews
-
News1 week ago
You’re a Hypocrite, And So Am I
-
Technology1 week ago
Would-be reality TV contestants ‘not looking real’
-
Sport1 week ago
Joshua vs Dubois: Chris Eubank Jr says ‘AJ’ could beat Tyson Fury and any other heavyweight in the world
-
Science & Environment1 week ago
ITER: Is the world’s biggest fusion experiment dead after new delay to 2035?
-
Science & Environment1 week ago
Maxwell’s demon charges quantum batteries inside of a quantum computer
-
Science & Environment1 week ago
How to wrap your mind around the real multiverse
-
Science & Environment1 week ago
Liquid crystals could improve quantum communication devices
-
Science & Environment1 week ago
Physicists are grappling with their own reproducibility crisis
-
Science & Environment1 week ago
Sunlight-trapping device can generate temperatures over 1000°C
-
Science & Environment1 week ago
Hyperelastic gel is one of the stretchiest materials known to science
-
Science & Environment1 week ago
‘Running of the bulls’ festival crowds move like charged particles
-
Science & Environment1 week ago
How to unsnarl a tangle of threads, according to physics
-
Science & Environment1 week ago
Quantum ‘supersolid’ matter stirred using magnets
-
CryptoCurrency1 week ago
Cardano founder to meet Argentina president Javier Milei
-
Science & Environment1 week ago
Why this is a golden age for life to thrive across the universe
-
News1 week ago
Israel strikes Lebanese targets as Hizbollah chief warns of ‘red lines’ crossed
-
Womens Workouts6 days ago
Best Exercises if You Want to Build a Great Physique
-
CryptoCurrency1 week ago
DZ Bank partners with Boerse Stuttgart for crypto trading
-
CryptoCurrency1 week ago
Ethereum is a 'contrarian bet' into 2025, says Bitwise exec
-
Womens Workouts6 days ago
Everything a Beginner Needs to Know About Squatting
-
Science & Environment5 days ago
Meet the world's first female male model | 7.30
-
Science & Environment1 week ago
Caroline Ellison aims to duck prison sentence for role in FTX collapse
-
Science & Environment1 week ago
Quantum forces used to automatically assemble tiny device
-
Science & Environment1 week ago
Nuclear fusion experiment overcomes two key operating hurdles
-
CryptoCurrency1 week ago
Bitcoin miners steamrolled after electricity thefts, exchange ‘closure’ scam: Asia Express
-
CryptoCurrency1 week ago
Dorsey’s ‘marketplace of algorithms’ could fix social media… so why hasn’t it?
-
CryptoCurrency1 week ago
RedStone integrates first oracle price feeds on TON blockchain
-
CryptoCurrency1 week ago
Bitcoin bulls target $64K BTC price hurdle as US stocks eye new record
-
News1 week ago
Brian Tyree Henry on voicing young Megatron, his love for villain roles
-
CryptoCurrency1 week ago
Coinbase’s cbBTC surges to third-largest wrapped BTC token in just one week
-
News5 days ago
Four dead & 18 injured in horror mass shooting with victims ‘caught in crossfire’ as cops hunt multiple gunmen
-
Science & Environment1 week ago
Nerve fibres in the brain could generate quantum entanglement
-
Science & Environment1 week ago
Time travel sci-fi novel is a rip-roaringly good thought experiment
-
Science & Environment1 week ago
Laser helps turn an electron into a coil of mass and charge
-
CryptoCurrency1 week ago
Crypto scammers orchestrate massive hack on X but barely made $8K
-
CryptoCurrency1 week ago
Low users, sex predators kill Korean metaverses, 3AC sues Terra: Asia Express
-
CryptoCurrency1 week ago
‘No matter how bad it gets, there’s a lot going on with NFTs’: 24 Hours of Art, NFT Creator
-
CryptoCurrency1 week ago
SEC asks court for four months to produce documents for Coinbase
-
Sport1 week ago
UFC Edmonton fight card revealed, including Brandon Moreno vs. Amir Albazi headliner
-
CryptoCurrency1 week ago
Blockdaemon mulls 2026 IPO: Report
-
Business1 week ago
How Labour donor’s largesse tarnished government’s squeaky clean image
-
Technology1 week ago
iPhone 15 Pro Max Camera Review: Depth and Reach
-
Womens Workouts7 days ago
Keep Your Goals on Track This Season
-
Womens Workouts4 days ago
3 Day Full Body Toning Workout for Women
-
Travel3 days ago
Delta signs codeshare agreement with SAS
-
Science & Environment1 week ago
Why we need to invoke philosophy to judge bizarre concepts in science
-
Science & Environment1 week ago
How do you recycle a nuclear fusion reactor? We’re about to find out
-
News1 week ago
Church same-sex split affecting bishop appointments
-
Technology1 week ago
Fivetran targets data security by adding Hybrid Deployment
-
CryptoCurrency1 week ago
$12.1M fraud suspect with ‘new face’ arrested, crypto scam boiler rooms busted: Asia Express
-
CryptoCurrency1 week ago
CertiK Ventures discloses $45M investment plan to boost Web3
-
CryptoCurrency1 week ago
Beat crypto airdrop bots, Illuvium’s new features coming, PGA Tour Rise: Web3 Gamer
-
CryptoCurrency1 week ago
Telegram bot Banana Gun’s users drained of over $1.9M
-
CryptoCurrency1 week ago
‘Silly’ to shade Ethereum, the ‘Microsoft of blockchains’ — Bitwise exec
-
Business1 week ago
Thames Water seeks extension on debt terms to avoid renationalisation
-
Politics1 week ago
‘Appalling’ rows over Sue Gray must stop, senior ministers say | Sue Gray
-
News1 week ago
Brian Tyree Henry on voicing young Megatron, his love for villain roles
-
Womens Workouts7 days ago
How Heat Affects Your Body During Exercise
-
News5 days ago
Why Is Everyone Excited About These Smart Insoles?
-
Health & fitness1 week ago
The secret to a six pack – and how to keep your washboard abs in 2022
-
News1 week ago
▶️ Media Bias: How They Spin Attack on Hezbollah and Ignore the Reality
-
Science & Environment1 week ago
Quantum time travel: The experiment to ‘send a particle into the past’
-
Science & Environment1 week ago
Being in two places at once could make a quantum battery charge faster
-
Science & Environment1 week ago
How one theory ties together everything we know about the universe
-
Science & Environment1 week ago
UK spurns European invitation to join ITER nuclear fusion project
-
Science & Environment1 week ago
Tiny magnet could help measure gravity on the quantum scale
-
CryptoCurrency1 week ago
2 auditors miss $27M Penpie flaw, Pythia’s ‘claim rewards’ bug: Crypto-Sec
-
CryptoCurrency1 week ago
Louisiana takes first crypto payment over Bitcoin Lightning
-
CryptoCurrency1 week ago
Journeys: Robby Yung on Animoca’s Web3 investments, TON and the Mocaverse
-
CryptoCurrency1 week ago
‘Everything feels like it’s going to shit’: Peter McCormack reveals new podcast
-
CryptoCurrency1 week ago
SEC sues ‘fake’ crypto exchanges in first action on pig butchering scams
-
CryptoCurrency1 week ago
Decentraland X account hacked, phishing scam targets MANA airdrop
-
CryptoCurrency1 week ago
Bitcoin price hits $62.6K as Fed 'crisis' move sparks US stocks warning
-
CryptoCurrency1 week ago
VonMises bought 60 CryptoPunks in a month before the price spiked: NFT Collector
-
CryptoCurrency1 week ago
Vitalik tells Ethereum L2s ‘Stage 1 or GTFO’ — Who makes the cut?
-
CryptoCurrency1 week ago
Ethereum falls to new 42-month low vs. Bitcoin — Bottom or more pain ahead?
-
News1 week ago
Brian Tyree Henry on his love for playing villains ahead of “Transformers One” release
-
Womens Workouts7 days ago
Which Squat Load Position is Right For You?
-
News6 days ago
Bangladesh Holds the World Accountable to Secure Climate Justice
-
Politics1 week ago
Trump says he will meet with Indian Prime Minister Narendra Modi next week
-
Technology1 week ago
Can technology fix the ‘broken’ concert ticketing system?
-
Health & fitness1 week ago
The maps that could hold the secret to curing cancer
-
Science & Environment1 week ago
A new kind of experiment at the Large Hadron Collider could unravel quantum reality
-
Science & Environment1 week ago
Single atoms captured morphing into quantum waves in startling image
-
Science & Environment1 week ago
Future of fusion: How the UK’s JET reactor paved the way for ITER
-
CryptoCurrency1 week ago
Help! My parents are addicted to Pi Network crypto tapper
-
CryptoCurrency1 week ago
CZ and Binance face new lawsuit, RFK Jr suspends campaign, and more: Hodler’s Digest Aug. 18 – 24
-
Fashion Models1 week ago
Mixte
-
Politics1 week ago
Labour MP urges UK government to nationalise Grangemouth refinery
-
Money1 week ago
Britain’s ultra-wealthy exit ahead of proposed non-dom tax changes
-
Womens Workouts7 days ago
Where is the Science Today?
-
Womens Workouts7 days ago
Swimming into Your Fitness Routine
-
News2 weeks ago
Brain changes during pregnancy revealed in detailed map
-
Science & Environment1 week ago
A slight curve helps rocks make the biggest splash
-
News1 week ago
Road rage suspects in custody after gunshots, drivers ramming vehicles near Boise
-
Science & Environment1 week ago
How Peter Higgs revealed the forces that hold the universe together
-
Science & Environment1 week ago
A tale of two mysteries: ghostly neutrinos and the proton decay puzzle
-
Politics1 week ago
Lib Dems aim to turn election success into influence
You must be logged in to post a comment Login