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The unmissable tax allowances and reliefs you can use in the 2022/23 tax year

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Published: 06/08/2022

Article written by Kellands Hale, our preferred independent advice firm.

This article is not intended to be financial advice to any individual. The views expressed are those of the author and Moneyfacts.co.uk does not endorse the content.

Recently the former Chancellor Rishi Sunak announced a set of tax allowance freezes that came into effect in April and will remain until 2026. These freezes may have an impact on how much tax you pay, so it’s important to understand how they will affect your wealth directly.

On a more positive note, there remain key allowances that you can use to minimise your tax liability and save for your future.

Considering the UK’s current cost of living crisis, exemplified by inflation reaching a 40-year high, it could be that you are searching for ways to mitigate your tax bill. If so, it is essential that you understand the tax breaks available to you.

Especially if you are self-employed or a high earner, it is crucial to understand the tax reliefs and allowances you can access through self-assessment that may help you save money.

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Equity release lending continues to rise this year amid inflationary pressures

Consumers borrowed approximately £700 million more in the year’s second quarter when compared to the year’s first three months.

Consumers borrowed £1.6 billion through equity release between April and June this year, according to the latest figures from the Equity Release Council (ERC). This equates to £700 million more than what was borrowed in the first three months of the year.

The current cost of living pressure is driving many people to take stock of where their wealth lies and for many people their property is a largely untapped resource,” said Alice Watson, Head of Marketing, Insurance at Canada Life.

Much of this rise in borrowing has been driven by new customers in the market, with the number of new plans in this year’s second quarter increasing by 26% when compared to the “subdued” market of last year’s same period, according to the ERC’s research.

As well as more customers, the equity release market has seen a growing number of products and rates on offer. Compared to 2019, there are over three times as many equity release products on the market.

In addition, in July this year Moneyfacts research found equity release rates at a six year high. 

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NatWest enjoys current account switching gains in year’s first quarter

From January to March the high street bank added almost 20,000 more current account holders to its books.

High street bank NatWest added almost 20,000 more current account holders in the year’s first quarter, more than any other bank, according to the Current Account Switch Service (CASS).

It came at a time when the provider had a £150 switching incentive offer, which was removed in April.

Rising living costs provide another reason for people to assess whether their existing current account is providing the right service for their needs, or whether moving to another current account might be a prudent move,” said David Piper, Head of Service Lines at Pay.UK, which owns and operates CASS.

Meanwhile, Nationwide BS and Starling Bank also gained a notable amount of new current account holders. Nationwide BS added 12,500 new current account holders, while Starling Bank added nearly 12,000 to its books.

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Student account freebies show mixed results

Student account packages are showing mixed results this year. As some deals improve, others have worsened. As time moves on towards the new academic year, our latest analysis reveals a selection of noteworthy cost-saving perks.

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Am I eligible for a work from home tax rebate?

If you were told to work from home during the pandemic you may be eligible for a work from home tax rebate.

During the pandemic, many UK workers were required to switch an office lifestyle for a work from home set-up.

Now, even after the COVID-19 restrictions have been lifted, workers can still claim a tax rebate for working from home.

The good news is that the Government has yet to indicate when this scheme will close, so you have time to get your application ready for HMRC.

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Recent News

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How to protect your children from the cost of living crisis

19th July 2022

Rising prices have caused some families to stress about their finances – with some already discussing strategies with their financial planner to cope. What you may not have considered, though, is how the cost of living crisis could affect your children.

Rising prices have caused some families to stress about their finances – with some already discussing strategies with their financial planner to cope.

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Consumer spending grew last month as fuel prices increased

12th July 2022

Consumer card spending grew once again in June, driven by the increased price of fuel, according to the latest Barclaycard spending report. The study, which records almost half of total consumer card spending in the UK for June, found that there was a 4.4% increase in spending on essential items from the year to June. These include items like food, drink, and fuel.

Consumer card spending grew once again in June, driven by the increased price of fuel, according to the latest Barclaycard spending report.

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Year-on-year fraud losses increase as Brits lose £1.3 billion in 2021

4th July 2022

Over £1.3 billion was stolen by criminals through authorised and unauthorised fraud last year, according to UK Finance. Compared to 2020, this was an increase of over £400 million.

Over £1.3 billion was stolen by criminals through authorised and unauthorised fraud last year, according to UK Finance.

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Financial scams are on the rise: Here’s how to keep your money safe

29th June 2022

In today’s world, there are plenty of threats to the security and viability of your wealth. You might be concerned about how the cost of living crisis will affect your savings and investments, for example, and already be having conversations with your financial planner about how to mitigate these effects. One potential challenge you could face in the coming months and years that you may not have considered is falling victim to an online scam.

One potential challenge you could face in the coming months and years that you may not have considered is falling victim to an online scam.

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Equity release lending continues to rise this year amid inflationary pressures

2nd August 2022

Consumers borrowed £1.6 billion through equity release between April and June this year, according to the latest figures from the Equity Release Council (ERC). This equates to £700 million more than what was borrowed in the first three months of the year.

Consumers borrowed £1.6 billion through equity release between April and June this year, according to the latest figures from the Equity Release Council (ERC).

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The unmissable tax allowances and reliefs you can use in the 2022/23 tax year

6th August 2022

Recently the former Chancellor Rishi Sunak announced a set of tax allowance freezes that came into effect in April and will remain until 2026. These freezes may have an impact on how much tax you pay, so it’s important to understand how they will affect your wealth directly.

These freezes may have an impact on how much tax you pay, so it’s important to understand how they will affect your wealth directly.

Read More
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Price of Oil Hits Eight-Year High Amid Russia’s Invasion of Ukraine

24th February 2022

Potential sanctions on Russia could affect Europe’s energy supply. The price of oil rose to $103 a barrel this morning after Russian President Vladimir Putin ordered a military invasion of Ukraine. This is the highest price since 2014, when Russia annexed Crimea. Since the beginning of the year, oil prices have increased by more than $20 a barrel. “As military action escalates, we can now expect a steady trickle of further sanctions throughout the day, which will have ramifications across the markets,” said Giles Coghlan, Chief Analyst at HYCM. However, there is an immediate concern that the current events will impact Europe’s supply of oil and gas. “Just yesterday, the Bank of England’s Governor, Andrew Bailey, stated that there is an upside risk to energy prices from the invasion,” confirmed Coghlan.   According to Reuters, Russia is the world’s second-largest oil producer and makes up 35% of Europe’s energy supply. If tough sanctions were imposed on Russia, there are fears it would cut off Europe’s access to its oil and gas. For the UK, this potential impact is not expected to be as severe on its gas supply when compared to European neighbours. This is because over 80% of Britain’s gas is sourced from the North Sea or imported from Norway, according to the Guardian. Instead, the price of gas will likely become the UK’s biggest problem if markets rise in Europe, the article stated. The conflict has also impacted other commodities, with gold’s value increasing over the past month as tensions deepened.

Potential sanctions on Russia could affect Europe’s energy supply.

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War in Ukraine pushes price of nickel into uncharted territory

8th March 2022

Nickel briefly crossed a record high of $100,000 a ton after fresh supply concerns from impending Russian sanctions. As commodity prices continue to rise across the globe in response to Russia’s invasion to Ukraine, nickel prices rose above $100,000 a ton today on the London Metal Exchange (LME). “Nickel prices seriously hit nerves today, with trading suspended on the London Metal Exchange, after a record-breaking spike in prices,” said Susannah Streeter, Senior Investment and Markets Analyst at Hargreaves Lansdown. This has been caused by supply fears for the metal due to the war in Ukraine.

Nickel briefly crossed a record high of $100,000 a ton after fresh supply concerns from impending Russian sanctions.

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