Department of Work and Pension announced that over 8 million households will be eligible to receive a second cost of living payment between 8 November and 23 November 2022.

The cost of living payment is a £650 boost to low-income households and those on benefits. The grant is split into two payments of £326 and £324. The first payment was delivered to eligible homes between 2 and 7 September. You do not have to apply for the payment boost. The eligible families will receive the payments automatically in their bank accounts the same way they receive their tax credits and benefits. Please be aware that if you receive a message asking to apply for the payments, this is likely a scam.

Who is eligible?

You might be eligible for the second cost of living payment of £324 if you are in receipt of the following:

·      Universal Credit

·      income-based Jobseeker’s Allowance (JSA)

·      income-related Employment and Support Allowance (ESA)

·      Income Support

·      Pension Credit

·      Child Tax Credit

·      Working Tax Credit

According to the gov. uk website, the payment is separate from your tax credits.

The second cost of living payment will depend on the assessment period between 26 August 2022 and 25 September 2022. Therefore, if you were entitled to receive a payment from the benefits listed above during that period or later found to be entitled to a payment, you will be eligible for the second cost of living lump sum.

When you’ll be paid?

If you receive:

·      Universal Credit the payment is due between 8 and 23 November 2022 for most people

·      Income–Based JSA, the payment is due between 8 and 23 November 2022 for most people is due

·      Income-Related JSA, the payment is due between 8 and 23 November 2022 for most people

·      Income Support, the payment is due between 8 and 23 November 2022 for most people

·      Pension Credit, the payment is due between 8 and 23 November 2022 for most people

·      Tax Credits, the payment is due shortly after people on the low-income DWP benefits have been paid

You might expect delays in your cost of living payment if you were awarded a qualifying benefit at a later date or if you have changed the bank account you receive your tax credits.

Also, if you have received the cost of living payment but were not eligible, you might be asked to pay it back. Similarly, if you believe you qualify for the grant but have not received one, you are advised to contact the office that pays your benefits to discuss the matter.

If you would like more advice regarding the cost of living payments, please contact us at info@gkaccountingservices.com or call us on 01269 508 081, where we will be more than happy to answer any of your questions.