Business owners are feeling the brunt of the Energy Price Guarantee (EPG) changes and the ending of the £400 discount on energy bills, with a potential rise in household energy bills by up to £3,000. This is unacceptable for businesses already struggling with high costs, as well as other financial pressures that come along with running a business.
That's why it is increasingly important for smaller businesses to find ways to cut costs and save money where possible, especially when it comes to accountancy services. Business owners should look for cheaper options that can help them manage their accounts, such as online accounting software or bookkeeping services - which are likely going to be more cost-effective than hiring a professional accountant.
Now more than ever, it is essential for businesses to take the necessary steps to save money. As Trade union congress general secretary Paul Nowak stated, “the government should cancel ending Ofgem's EPG initiative in order to ease the burden of rising energy bills and help small businesses remain successful and profitable.”
Ultimately, businesses need to become savvier when it comes to managing their finances and look for ways to cut costs in order to offset the Energy Price Guarantee changes that are taking place. Taking advantage of cost-saving solutions such as digital accounting software will ensure that your business remains financially resilient despite the Energy Price Cap changes.
Our recent content "Why Online and Low-Cost Accountants Will be the Trend in 2023" is focused on rising corporation tax in April, combined with the above developments, business owners will need to prioritise, sustainable, reusable, and boldly cheaper services in tax filing and accounting needs.
How would a rising Energy Price Cap Change affect my business?
It is likely that Energy Price Cap changes will affect businesses in a number of ways, particularly those with high energy bills. It is important to consider how you can save money and offset the costs of increasing Energy Prices.
This is especially bad news for those who work from home because of the Energy Price Cap, as it is likely that their energy bills will increase significantly. However, there are a few ways to help reduce and manage costs:
- Check our content Working From Home Tax Relief to find out more about the ways to reduce your utility bills whilst working from home as a business owner.
- Look for more cost-effective ways to manage your accounts. Consider investing in digital accounting software, you can have a solid overview of the best accounting software here which can be more affordable than hiring a high-street accountant.
- Make sure you are getting the best deal on your energy bills. Look around and compare prices to make sure you are getting the best deals available.
- Try to reduce your energy consumption as much as possible. Implementing more energy-efficient practices in your business can help reduce costs and save money.
Ultimately, Energy Price Cap changes can be a major burden on businesses, particularly those with high energy bills. However, by taking the necessary steps to save money and manage costs, it is possible for businesses to remain successful in spite of rising Energy Prices.
By following these tips and exploring cost-effective options for managing your accounts, you can help offset the Energy Price Cap changes and ensure that your business remains financially resilient.
How can Debitam help you?
- We will not make any changes in our corporation tax return and account filing service prices.
- We guarantee to save you from unexpected tax bills. Our experts will notify you of extra tax claims that you may have forgotten. For some of them, you can check our blog "Common Tax Claim You Forget" here
- We don't charge hidden fees, in other words, what you see is what you get.
- Because we are online we save you at least weeks prior to your tax filing deadline which comes with hefty penalties starting from £150.
- You have access to your dedicated accountant for any questions related to your tax filing. So, no fighting your way to answers.
In short, Debitam accountants are here to help you get through another rising cost of living crisis and are determined to help businesses with limited budgets. For more, give us a call, and let's decide together how can we help you.
