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Personal Finance

200,000 families hit by tax credit calamity

Friday 4th May 2012

The extent of the changes to working tax credit has been revealed. Figures today published by HMRC show that more than 200,000 families have lost their entire working tax credit support, worth £3870, from 6 April 2012...

Cancellation rights save consumers millions

Friday 4th May 2012

Recommendations by the Office of Fair Trading to improve cancellation rights have saved consumers about £8...

Largest group ever warned over financial con risk

Friday 27th April 2012

The Financial Services Authority is contacting 76,732 people to let them know they are targets for fraudsters trying to con them out of their money...

Downturn still damaging personal finances

Friday 20th April 2012

UK consumers saw another small improvement in their financial wellbeing in Q1, according to the latest UK Financial Reality Index from Alliance Trust...

Year end tax checklist

Wednesday 4th April 2012

As the tax year end on April 5 2012 approaches, the private client team at KPMG in the UK has put together a checklist of tax issues to consider covering income tax, capital gains tax, inheritance tax, pensions and issues for non-doms...

Most Britons ignorant of tax years

Wednesday 4th April 2012

Millions of Britons are at risk of missing the opportunity to capitalise on their ISA tax allowance and their pension contribution limits because they don't know when the tax year ends...

Millions of Britons headed for financial crisis

Friday 30th March 2012

British families are failing to plan ahead for life's big decisions, such as getting married, changing jobs or having more children, according to a report by global insurer Zurich...

1.6 million face interest-only nightmare

Friday 30th March 2012

Of the 11.2million households in the UK with a mortgage, an astonishing 1 in 7, (1.6 million) are simply paying off the interest each month and not repaying capital or saving anything towards paying off their mortgage debt in the future...

Economic woes force 33 million to put life on hold

Wednesday 28th March 2012

Two-thirds of Britons (65%) have been forced to put important life decisions on hold due to the current economic climate, research by MoneySupermarket has revealed...

UK pensioners sit on £97bn personal debts

Wednesday 28th March 2012

The average retired person has £8180 of personal debt, collectively equating to a staggering £96...

OFT issues new debt management guidance

Monday 26th March 2012

The Office of Fair Trading has published revised guidance on the standards it expects from businesses offering debt management advice or credit repair services to consumers...

£13bn lost by savers in dead-end accounts

Friday 16th March 2012

A Which? investigation has revealed that UK savers could be losing out on almost £13billion in interest each year by failing to switch savings accounts, an increase of £500million since October 2010...

Over 50s seek fundamental change to cash ISA rules

Wednesday 14th March 2012

There is significant support for a change to ISA rules among over 50s, according to research by Saga...

Britain's biggest tax losers revealed

Friday 9th March 2012

Changes to taxes and benefits due to come in during 2012-13 will cost households an average of £160 in 2012-13, rising to £370 a year thereafter...

7 in 10 UK adults suffering debt problems

Wednesday 29th February 2012

More than two-thirds of UK adults have admitted to having debt problems with almost a third of people (29%) not prepared to confront their debt issues according to research from The Co-operative Bank...

'Gloves off' at HMRC as new tax evasion task forces announced

Monday 27th February 2012

HMRC is to create 30 new tax evasion task forces in a major crackdown on tax evasion. Derek Scott, director of Tax Investigations at KPMG in the UK, said: "This latest announcement shows that it really is 'gloves off' on dealing with tax dodgers where HMRC is concerned...

Parents fear for children's financial future

Monday 20th February 2012

A staggering number of parents (94%) are worried about their children's financial future according to a study by J...

ISA rates rise 7pc year-on-year

Wednesday 8th February 2012

The average of the top five cash ISA rates is currently 3.03%, a 7% increase compared to this time last year when the average rate was 2...

Major changes to extended warranty market

Wednesday 8th February 2012

Major UK electrical retailers have offered legal undertakings to improve the way the extended warranties market works, the Office of Fair Trading has announced...

UK tax returns set new record

Monday 6th February 2012

A record 9.45 million Self Assessment tax returns were filed on time this year, and a record 7.65 million (80...

Surprise reduction in household debt over Christmas

Friday 3rd February 2012

Money education charity, Credit Action has released its February statistics detailing the level of debt in the UK...

Most PPI claims made through management companies

Monday 30th January 2012

The vast majority of consumers making claims for mis-sold Payment Protection Insurance from failed firms have done so through claims management companies, the Financial Services Compensation Scheme has revealed...

1 in 10 rely on credit cards to make ends meet

Wednesday 25th January 2012

Nearly one in ten Britons admit they are relying on credit cards to make ends meet. New research has revealed that more than a quarter (26%) of Britons expect to owe money on their credit cards throughout 2012, with nearly one in ten (9%) admitting they are entirely reliant on their plastic...

More Britons cut back on spending

Monday 23rd January 2012

With growing pessimism about the state of their household finances, a third of Britons plan to cut back on spending this year - a significant rise from in October...

'Missing tax deadline could be costly'

Monday 16th January 2012

With HMRC bringing in new penalties for late submission of self-assessment tax returns, missing the deadline could prove very expensive, according to KPMG...

Warning on serious tax fraud crackdown

Wednesday 11th January 2012

HM Revenue & Customs is to introduce tougher procedures for civil fraud investigations later this month...

Warning on late tax payment penalties

Monday 9th January 2012

With the self-assessment tax return deadline only weeks away, research from unbiased.co.uk,  warns that consumers could be facing large penalties by not following the procedure correctly...

Miserable outlook for UK family finances

Wednesday 4th January 2012

Grim predictions for UK family finances up to 2015 have been revealed in evidence produced by the Institute for Fiscal Studies for the Family and Parenting Institute...

Gulf between private and public sector pensions grows

Wednesday 4th January 2012

More than five million public sector employees enjoy "open" defined benefit pension schemes, with fewer than two million private sector employees now in largely "closed" schemes...

Managing finances key aim for most Britons

Wednesday 4th January 2012

Better financial management and getting into the savings habit rank among the top five New Year's resolutions Britons are making this year, according to a survey for Skipton Building Society...