How does VAT Relief on Electricity work?
As part of the wider challenge against fuel poverty, local authorities have been working hard to make sure that those living in fuel poverty assisted by low income households are not made worse off. One of these efforts has been the introduction of VAT Relief on Electricity. For many people, electricity is a luxury and many people would struggle to pay even the basic cost of their homes. However, this has been made possible through the implementation of a ‘VAT break’ scheme. This has meant that people can benefit from saving at least 10% on their electricity bills every month if they are eligible to take advantage of it.
The VAT Break scheme was introduced to help combat the rising costs of fuel in the UK. By encouraging competition between energy suppliers, it is hoped that the cost of gas and electricity will be brought down. By reducing the cost associated with the purchase of gas and electricity, this should lead to an improvement in household finances and therefore help families who are struggling to pay their energy bills. Those families who are in genuine hardship will also be able to claim additional benefits.
take advantage of VAT Relief on Electricity
So how do you find out about whether or not you are eligible to take advantage of VAT Relief on Electricity? You can look online at the government’s website. This will give you information relating to the eligibility conditions and the amount of money that you can ask to be given back from your supplier. You can also request a free assessment form to see if you are eligible. You will need to provide information relating to your annual income, expenditure, and how much you are paying out for gas and electricity.
So what does VAT Relief on Electricity do for those who are in financial trouble? The amount that is received back from suppliers is then used to help those in fuel poverty pay their heating and cooling bills. In addition to this the money that comes from the government helps those who are in genuine hardship pay their essential bills. Those who are in genuine hardship can claim as much as one hundred and twenty-five percent of the amount they are entitled to. Those people who are not eligible to receive this money can ask for advice on how to reclaim their VAT Relief on Electricity payments.
advice and information
If you are interested in reclaiming your VAT Relief on Electricity money you should begin by making a detailed list of every energy supply and the amount that you are paying. You should also consider how much you are earning and how much you are spending. The next step is to work out the number of months it will take you to pay off your energy bills. For those of you who have not been informed of how to work out your monthly earnings and expenditure you should contact the Citizens Advice Bureau for advice. They will be able to give you all the information you need to get your VAT Relief on Electricity debts reassessed.
If you are being affected by the global credit crunch, you may find that your tax liabilities have increased. In order to keep yourself out of trouble, talk to the Citizens Advice Bureau about how you can make a claim for your VAT Relief on Electricity. They are able to give you all the advice and information that you require in order to successfully reclaim your VAT Relief on Energy bills. This will mean that you do not have to worry about how you are going to pay your energy bills this month.