Other money news | moneyfacts.co.uk

Moneyfacts.co.uk will never contact you by phone to sell you any financial product. Any calls like this are not from Moneyfacts. Emails sent by Moneyfacts.co.uk will always be from news@moneyfacts-news.co.uk. Be Scamsmart.

Other Money News

Advertisement

Top Other Money News

news icon
HMRC Enjoys Income Tax Growth as Economy Recovers

Michael Brown

Content Writer
Published: 22/02/2022

As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) is beginning to enjoy increased revenue streams again. What do you need to know about the National Insurance increases in April?

Today, HMRC recorded £597.6 billion in receipts for April 2021 to January 2022. This is £124.8 billion higher than the figure recorded a year earlier which is largely due to the economic recovery from the pandemic.

“The data shows the nation continuing to emerge from the pandemic with income tax and national insurance continuing to surge as more people return to work,” said Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown.

This was reflected in the increase in receipts for self-assessment income tax and National Insurance Contributions (NIC) for the period of April 2021 to January 2022. This value stood at £15.1 billion, which is £5.3 billion higher than in the same period a year earlier.

“The continuing rise in these receipts signals good news as we see more people in work but many of us are also bracing ourselves for the forthcoming 1.25 percentage point rise in national insurance - otherwise known as the Health and Social Care levy - due to come in April,” warned Morrissey.

Read More
news icon
Moneyfacts Consumer Awards 2022 Reader Winners

This month, Ellie in our Events team had the enjoyable job of calling three of our readers to tell them they had won £1,000 each!

The three readers had all taken part in our Consumer Awards Survey, sharing their opinions on the financial services brands they use, which decide the winners of the Moneyfacts Consumer Awards 2022. This year, over 110,000 consumers (who voted) had their say on 140 brands!

Our first winner, who wished to remain anonymous, said “I never expected to win anything from doing the surveys, but they were so simple and easy to fill in - and often related to financial decisions I was either contemplating or had recently made - that it was a welcome diversion whenever they appeared”. He intends to use his winnings to pay his Christmas credit card bill to treat his wife and young daughter to a short break away or a special treat.

Gemma B, our second winner was delighted “This is the first time in my life I've had a genuine call saying I've won money, and the first time I've won more than £5 at anything! It was an amazing surprise because I'd completely forgotten about the survey. I was just beginning to plan how to budget for my daughters' upcoming school residential trips and now no scrimping and saving will be necessary - we feel tremendously lucky!”

Our final winner, who also wished to remain anonymous, plans to book a summer holiday somewhere hot!

The survey results will be unveiled at the Moneyfacts Consumer Awards, held on 31st March at the Royal Lancaster Hotel in London.

Read More
news icon
Are investments and personal finance deals as green as they claim?

Some banks and building societies are offering a range of ‘green’ savings accounts and mortgages; while investments labelled Environmental, Social and Governance (ESG) have long been popular with investors.

For consumers looking to do their part to help combat global warming, choosing a green savings or mortgage deal or an ESG investment may seem like a good choice, but with no official guidance on what qualifies as a green product or an ESG investment, the product they choose may not be as green as the consumer initially thought.

Read More
news icon
Premium bond winners for November 2021 revealed

This month’s premium bond prize draw saw two people from Bristol scoop the £1 million jackpot.

The first winner had the bond number 332GB855665 and holds a total of £38,000 in premium bonds. The second winning premium bond number was 209DZ100774, and the winner holds £25,004 in premium bonds.

Commenting on this month’s prize draw, Jill Waters, retail director at National Savings & Investments (NS&I), said: “2021 has been a lucky year for premium bonds holders in Bristol, with the fourth jackpot win recorded in the area so far this year. With one draw left in 2021, I’m sure that the millions of other premium bonds holders will be crossing their fingers that they’ll be next in line for a windfall from ERNIE – and make it a Christmas to remember.

“It’s also a big month for premium bonds as today marks 65 years since they went on sale. With 114,006,329,133 bonds eligible for this month’s draw, they are bigger than ever and with more than 3.2 million prizes this month, there’s millions of opportunities for people up and down the country to be surprised and delighted by premium bonds wins. There’s no better way to celebrate the 65th anniversary of premium bonds than by changing two peoples’ lives by making them millionaires – and we hope to make many more through one of the nation’s favourite savings product in the coming years.”

Along with the £1 million winners, this month’s prize draw saw 3.2 million other prizes handed out to premium bond holders. In total six premium bond holders won £100,000 in the November draw, 10 scooped £50,000, 22 received £25,000 and 55 won £10,000. The remaining winners received prizes ranging from £5,000 to £25.

Read More
news icon
Credit scores rise during pandemic

During the pandemic there has been a rise in consumers’ credit scores, with the average score increasing from 776 in September 2019 to 797 in September this year, according to Experian.

The rise in credit scores could be down to some consumers having more disposable income during lockdowns, which they have used to pay down or clear existing debts. As well as this, although some consumers faced financial difficulties during the pandemic, the mortgage payment holidays offered by lenders did not impact credit scores, which has prevented some consumers from seeing their score fall.

Normally, a credit score will be impacted if a borrower fails to keep up with repayments on the debt, but when repayment holidays on mortgages and other types of debt were brought in at the beginning of the pandemic, it was stated that consumers needing to take a payment holiday would not see it impact their credit score. Those who had to continue taking a payment holiday after the initial incentive ended, however, would see it start to impact their credit score.

Read More

Recent News

news icon
Why you should start saving for Christmas 2022 now

1st November 2021

Shops and supermarkets are stocked full of Christmas decorations, gifts and food as the festive shopping season starts, but while many consumers may be focusing on Christmas 2021, now is the ideal time to start saving for next year’s Christmas

Shops and supermarkets are stocked full of Christmas decorations, gifts and food as the festive shopping season starts, but while many consumers may be focusing

Read More
news icon
What the autumn 2021 budget means for your finances

28th October 2021

The autumn 2021 budget was announced against a backdrop of a rising cost of living that threatens to leave some consumers struggling to pay for everyday essentials

The autumn 2021 budget was announced against a backdrop of a rising cost of living that threatens to leave some consumers struggling to pay

Read More
news icon
How would a base rate rise impact your finances?

21st October 2021

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

Many finance experts are predicting that the Bank of England will increase base rate in the coming months to help tackle rising inflation

Read More
news icon
Inflation falls month-on-month but possible base rate rise remains

20th October 2021

Inflation during September fell slightly to 3.1%, down from 3.2% in August, but with inflation still above the Bank of England’s target of 2.0%

Inflation during September fell slightly to 3.1%, down from 3.2% in August, but with inflation still above the Bank of England’s target of 2.0%

Read More

Search News

(showing 1 to 4 of 200) (showing 1 to 3 of 200) (showing 1 to 4 of 200)

Most Popular Other Money News

news icon
Fraudsters using Shawbrook Bank to scam consumers

7th November 2019

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

Consumers are being warned to be aware the Shawbrook Bank has been cloned by fraudsters and to be careful when depositing money with the bank

Read More
news icon
HMRC Enjoys Income Tax Growth as Economy Recovers

22nd February 2022

As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again. What do you need to know about the National Insurance increases in April? Today, HMRC recorded £597.6 billion in receipts for April 2021 to January 2022. This is £124.8 billion higher than the figure recorded a year earlier which is largely due to the economic recovery from the pandemic. “The data shows the nation continuing to emerge from the pandemic with income tax and national insurance continuing to surge as more people return to work,” said Helen Morrissey, Senior Pensions and Retirement Analyst at Hargreaves Lansdown. This was reflected in the increase in receipts for self-assessment income tax and National Insurance Contributions (NIC) for the period of April 2021 to January 2022. This value stood at £15.1 billion, which is £5.3 billion higher than in the same period a year earlier. “The continuing rise in these receipts signals good news as we see more people in work but many of us are also bracing ourselves for the forthcoming 1.25 percentage point rise in national insurance - otherwise known as the Health and Social Care levy - due to come in April,” warned Morrissey.

As the economy begins to recover from the pandemic, HM Revenue and Customs (HMRC) are is beginning to enjoy increased revenue streams again.

Read More
news icon
Thomas Cook ceases trading – how to get your money back

23rd September 2019

The news today that Thomas Cook has collapsed has left thousands of holidaymakers stranded abroad and thousands more wondering how they are going to get their money back on holidays for which they’ve already paid

The news today that Thomas Cook has collapsed has left thousands of holidaymakers stranded

Read More
news icon
Why you should start saving for Christmas 2022 now

1st November 2021

Shops and supermarkets are stocked full of Christmas decorations, gifts and food as the festive shopping season starts, but while many consumers may be focusing on Christmas 2021, now is the ideal time to start saving for next year’s Christmas

Shops and supermarkets are stocked full of Christmas decorations, gifts and food as the festive shopping season starts, but while many consumers may be focusing

Read More

More Money and Finance News

Get our weekly newsletter

Weekend Moneyfacts is available free by email to all Moneyfacts.co.uk users.

Send me Weekend Moneyfacts, Savers Friend and selected third-party offers.

Cookies

Moneyfacts.co.uk will, like most other websites, place cookies onto your device. This includes tracking cookies.

I accept. Read our Cookie Policy