Living costs on the rise

Tax hikes and rising housing expenses are forcing up living costs at more than twice the inflation rate.

The figures from show the average household now spends £845 a month on bills, up 5.7 per cent on a year ago.

Insurance premium tax has increased three times since November 2015, doubling from 6 to 12 per cent. Rising house prices are forcing people to take up higher mortgages, and home and motor insurance costs are also accelerating. The average electricity and gas bill has also risen sharply, further adding to pressures placed on households.

Commercial director Simon McCulloch said the rising cost of staples such as housing, energy and driving are outstripping wage growth: “However, households could save hundreds by taking the time to search for better deals on energy, insurance, mortgages and groceries.”

Are you fully content that your personal or business tax affairs are up to date and are you sure that you aren’t paying too much tax? If you would like to discuss any aspect of your tax affairs, please get in touch with us. Our experts at Beavis Morgan will guide you through the tax maze and help you with bespoke solutions. For tax planning advice, please contact Alan Ford or your usual Beavis Morgan Partner.

In turn, if you or someone you know has financial concerns, whether business or personal, our partners at BM Advisory are available to assist.

As specialists in providing restructuring, recovery and insolvency solutions for businesses and individuals, we understand the issues that can impact on business performance and success, and find innovative solutions for businesses and individuals in distress.

If you would like to have a confidential discussion about any aspect of your personal financial situation or that of your business, contact Andy Pear or Mike Solomons at BM Advisory. Your initial consultation will be free of charge and without obligation, and we will discuss your individual situation and advise the best course of action. Alternatively, please contact your usual Beavis Morgan Partner.

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