SURVEY: How is cost of living crisis affecting you?

Online energy bills due to rise in cost of living crisis

Households and businesses are set to feel the pinch as costs including energy bills begin to rise. Let us know how these and other tax rises are affecting you in our survey. - Credit: PA

As the cost of living crisis deepens, so too will the effects this will have on residents alike.

And we want to know how this is affecting you.

From today (Friday), the cap on energy bills will begin to rise by 54 per cent.

Other tax rises and reductions in pandemic support from the government will also increase costs for businesses, leading to a rise in prices for customers.

So, it will not just be rising energy bills that households and businesses may start to feel the pinch.

How do you feel about the cost of living crisis and what measures may you take to adapt?

Let us know in our survey below.

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Other tax changes also look to impact your wallets.

A National Insurance tax rise will come into force from April 6, seeing employees, employers and the self-employed pay 1.25p more in the pound for NI.

For employees, they will pay up to 13.25pc on earnings up to £50,270 and 3.25pc on anything above that, compared to 12pc on earnings and 2pc extra.

Rates will also rise from 9pc to 2pc to 10.25pc and 3.25pc.

These payments only apply to those above £9,880, before this rises to £12,570 in July as announced by Chancellor RIshi Sunak.

The aim of the tax hike, the government say, is to help create extra revenue to fund the NHS, health and social care.

VAT increases up to 20pc from today will mean the cost of going out, such as buying a pub meal or a hotel stay, could be more expensive.

The hospitality sector saw a VAT drop of 5pc to aid its recovery from the Covid-19 pandemic, but rebounded back to 12.5pc last October as restrictions eased.

During the pandemic, retail, hospitality and leisure businesses were supported with financial help including a break to business rates property tax.

The tax break in England has gradually declined, with a 66pc reduction of rates up to £2m per firm over the last nine months.

There is now a 50pc reduction with a cap of £110,000 per business.