Glossary
Money words, explained in plain English.
E
- Exit fee
- A charge for leaving a fixed deal early, usually set per fuel.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff
F
- Fixed tariff
- A deal where your unit price and standing charge stay the same for a set time, often 12 months.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff
O
- Opt out
- Telling DWP you do not want the payment, so there is nothing to pay back.
- From: Winter Fuel Payment 2026 to 2027: who gets it, how much, and when HMRC takes it back
P
- PAYE (Pay As You Earn)
- Tax taken from wages or a pension before you are paid.
- From: Paper tax returns are due by 31 October. The three Self Assessment dates that follow
- Payment on account
- Advance payments towards next year's tax bill, due in January and July.
- From: Paper tax returns are due by 31 October. The three Self Assessment dates that follow
- Pension Credit
- A benefit that tops up a low income for people over State Pension age.
- From: Winter Fuel Payment 2026 to 2027: who gets it, how much, and when HMRC takes it back
- Price cap
- The highest price per unit and per day a supplier can charge on its standard variable tariff in England, Scotland and Wales.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff
Q
- Qualifying week
- The week your age and where you live are checked: 21 to 27 September 2026.
- From: Winter Fuel Payment 2026 to 2027: who gets it, how much, and when HMRC takes it back
S
- SA100
- The main paper tax return form.
- From: Paper tax returns are due by 31 October. The three Self Assessment dates that follow
- Self Assessment
- HMRC's system for people to report income that is not fully taxed through wages or pensions.
- From: Paper tax returns are due by 31 October. The three Self Assessment dates that follow
- Standard variable tariff
- Your supplier's default deal. Its prices move with the cap every three months.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff
- Standing charge
- A daily charge you pay however much energy you use.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff
T
- Tax code
- A code that tells your employer or pension provider how much tax to take from your pay.
- From: Paper tax returns are due by 31 October. The three Self Assessment dates that follow
- Total income
- All your taxable income added together, such as pensions, wages, savings interest and rent, before your tax-free allowance.
- From: Winter Fuel Payment 2026 to 2027: who gets it, how much, and when HMRC takes it back
U
- Unit rate
- The price you pay for each kilowatt hour (kWh) of energy.
- From: Energy bills are forecast to rise in January. Here is how to weigh up a fixed tariff