Cost of Living Relief for Businesses
The current cost of living crisis is making financial management difficult. Simply put, businesses, business owners and corporations alike are struggling to keep up with the rising costs of energy bills, petrol, business supplies, and more.
UK inflation is currently being driven by several factors, including increased costs within the supply chain and logistics industry and rising fuel and food costs because of the invasion of Ukraine.
If your business is struggling and you need financial support but don’t know where to start, our accountants in Walsall have outlined support available below!
Understand how the government Energy Bill Relief scheme works
First things first, your business is most likely eligible for the new Energy Bill Relief scheme. This government initiative is automatic, meaning that you will not need to do anything specific to receive your energy bill relief.
So, how does it work? The Energy Bill Relief scheme for businesses will automatically apply to all non-domestic energy customers in Great Britain, with discounts to energy usage provided between 1 October 2022 and 31 March 2023.
The government-supported price is £211 per megawatt hour (MWh) on electricity bills, and £75 per MWh on gas bills over the winter period. This is because expected wholesale costs in Great Britain this winter are expected to be around £600 per MWh for electricity and £180 per MWh for gas.
However, it’s important to note that the government supported price for your bills will depend on the contract you have with your energy supplier, as the discount will be applied on a pence per kilowatt hour (per KWh) basis.
Check GOV.UK to find out exactly how you might be affected by the discount.
Get involved with your local West Midlands Growth Hub
A Growth Hub is a government-supported public and private sector partnership designed to help a business access the support they need in their area.
There are 38 local Growth Hubs across England, six of them located in the West Midlands.
When you join, you gain access to local and national support programmes, finance and funding, business support meetings, local networking events, and more.
By working with a Growth Hub in partnership with a tax advisor or chartered accountants such as us, you can unlock several potential avenues for financial support and business opportunities. Not only will you have access to funding with our support, but you will also be able to consult with us about potential business and partnership opportunities.
Work alongside a specialist, chartered accountants
While we are Chartered Accountants in Walsall, our services are offered throughout the West Midlands and beyond.
Our goal is to help our clients maximise business potential. That means that we are specialists in helping your business to maximise revenue and minimise expenditure, giving us the tools necessary to offer support to reduce the impact of the rising cost of living on your business.
As a team of expert business advisors, we will analyse the holistic financial situation of your business and provide detailed, precise feedback on where you could be more financially efficient.
We can also help you save more on unnecessary expenditure through precise corporate tax planning. We will analyse the taxes you pay and how you pay them and find ways to help minimise your tax outgoings while remaining compliant to your obligations.
Plus, our accountants in Walsall offer outsourced accountancy services to help you save both time and money, letting you focus on running your business rather than financial admin.
Want to find out how we can help in more detail?
If you’re interested in learning about the support we can provide, we’re always open to a conversation. Our Chartered Accountants in Birmingham will do everything we can to ensure that you are operating at peak financial efficiency.
Contact our accountants in Walsall to find out exactly how we can help you!
For our West Midlands office:
Tel: 01922 743 100