How To Boost Your Income Ahead of Higher Energy Bills
While the Energy Price Guarantee, effective from 1st October, puts a limit on the amount you’d pay per unit of energy, it’s still a higher price than current levels. It’s important to check if you’re entitled to any claims to top up your income.
An estimated £16 billion in state support from the Department for Work and Pensions goes unclaimed each year. Make sure you’re claiming all the money you’re entitled to. We’ve outlined the main benefits below, as well as other ways you can make financial claims.
Cost of Living Payment
You’ll automatically be applied to the Cost of Living Payment if you get a qualifying low income benefit or tax credits. It’s paid in two instalments; one of £326 and another of £324.
Disability Cost of Living Payment
You can receive a lump sum of £150 if you qualify for any disability allowance. This is paid mid-September to October.
Pensioner Cost of Living Payment
If you’re entitled to a Winter Fuel Payment, you’ll receive an extra £300 on top of any Cost of Living Payment. This is between £250 and £600, depending on your situation.
You can apply for Universal Credit if you’re on a low income, out of work or are unable to work. Depending on your finances, this can range from a monthly allowance of £265.31 to £525.72.
Personal Independence Payment (PIP)
You’re able to apply for this if you need help with everyday tasks and/or you need help getting around. You must also have a long-term physical or mental health condition or disability. The level of support affects your entitlement, which can vary from the weekly £24.45 for the mobility part and £92.40 for the daily living part. This is paid every four weeks.
Similar to the PIP, this is a benefit for whether you need help or supervision throughout the day. The lower rate is £61.85 and the higher rate is £92.40 a week.
If you care for someone at least 35 hours a week and they receive some benefits, you could receive £69.70 a week, even if you’re not related to them.
If you’re over State Pension age and on a low income, you’re entitled to extra money to help with living costs. This is separate from your State Pension. It can top up your weekly income to £182.60 if you’re single or £278.70 if you have a partner.
Other Ways to Claim
If you’re married, you might be able to receive a £1,242 tax break, which you can also backdate. Over two million couples miss out on this entitlement. Read more about Marriage Tax Allowance.
Work from Home Tax
If you’ve been required to work from home, you may be able to make a claim back on the increased cost of utilities. Read our comprehensive guide on working from home.
If you are required to maintain your uniform for work, you are able to claim tax relief. Different bands are available for different occupations. Read our guide on uniform tax relief.
If you weren’t informed about a massive amount of commission on top of your PPI loan, you may be able to receive compensation for this. Read the complete guide to Plevin PPI here.