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Michael Sohor & Co is now known as Tamen Accountants. This is a name change only - we are the same dedicated team, and look forward to serving our valued clients for many years to come.

A raft of money changes comes into play this month which could affect your finances, and as we are approaching the winter season – dark nights and lower temperatures – these support payments to help with energy costs will be gratefully received.

These include adjustments to the Ofgem energy price caps, while the latest Cost of Living payment will land for those claiming certain DWP benefits.

On the subject of benefits, the Office for National Statistics will release the inflation rate for the 12 months to September, on October 18. This inflation rate usually dictates how much benefits will rise in April.

Winter Fuel Payments

Depending on living arrangements and circumstances, this payment can be worth up to £600. It includes a top-up pensioner Cost of Living payment from the Government.

Most people on state pension will automatically receive the payment; however, some will need to physically apply. From October 4, claims can be made over the phone.

£300 Cost of Living payment

The next Cost of Living payment – worth £300 – lands between October 31 and November 19 for those claiming certain benefits in the qualifying period.

HMRC Tax Credit claimants will be paid between November 10 and November 19.

Warm Home Discount scheme

The £150 discount scheme is due to reopen on October 16. It is a one-off discount on an electricity bill, although some may be able to claim the discount on their gas bill if the supplier provides both gas and electricity. You can check the gov.uk website to see if you are eligible.

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