Category: Business

The average pensioner household’s tax bill will top £5,308 this year, up seven percent on last year’s £4,961, according to new analysis from self-invested personal pension provider iSIPP. Of this, around 70 percent is paid as income tax with the remainder coming from council tax. Indirect taxes such as VAT will add to the bill but aren’t included in these figures. The average pre-tax income among retired households is now £33,997 a year, an increase of £1,732 from last year’s £32,265. That is a rise of 5.3 percent but the tax take has actually increased by seven percent because of Prime ... Read more

For anyone looking to buy or sell rare or valuable coins, it is highly recommended that they do thorough research before putting any money on the table. On eBay, sellers set the Buy It Now or starting bid price for items, meaning they may not necessarily be worth that amount. Additionally, collectors looking to add to their unique coin collections should be wary as online sellers can photoshop and edit images to make the fakes look far more realistic than they are in reality. Some other highly valuable coins minted in the last five years include: Winnie the Pooh 50p ... Read more

Money Saving Expert founder Martin Lewis has taken to X today to share an important tip to help people avoid a bank scam. Criminals are becoming increasingly sophisticated in their tactics to con victims out of their personal details. Money.co.uk‘s quarterly Fraud and Cyber Crime Report revealed a significant increase of 1,407 scam cases in April, May, and June, collectively costing victims £593million. Britons are urged to be more vigilant when picking up the phone and if it’s an unexpected call from a bank, there are additional steps people can take to be sure they’re not being scammed. Mr Lewis wrote ... Read more

One woman is sharing how she is able to make the equivalent of up to £81,000 from her “simple and easy” side hustle. Cassiy Johnson from Howell, Michigan only has to work 30 minutes a day designing T-shirts on Etsy. Entrepreneurs are able to create and sell their own clothing and products on the e-commerce platform. Wanting a second source of income after being furloughed during the pandemic, Ms Johnson launched a T-shirt design business on Etsy in May 2023. According to the entrepreneur, she only has to spend 30 minutes per day managing her side hustle which she does ... Read more

A proposal to crack down on hidden charges for online consumers has been put forward by the Government as it says new research shows the practice is widespread. And Business and trade minister Kevin Hollinrake has also pledged to target fake website reviews which he warned be confusing for online shoppers. The Department for Business and Trade (DBT) said it will consult on plans to improve transparency around how prices are displayed in an effort to root out so-called drip pricing, where only part of a product’s price is originally advertised but with hidden obligatory fees pushing up the final cost. ... Read more

Savers grew used to getting little or nothing on their money when interest rates were slashed almost to zero after the financial crisis. That dramatically changed, with the Bank of England hiking base rates from just 0.1 percent in December 2021 to today’s five percent. The BoE is expected to hike rates again at its next meeting on August 3, possibly to 5.5 percent as it continues its losing battle against inflation. Markets now expect bank rate to peak at 5.75 percent. Despite this, today’s six percent-plus deals are living on borrowed time. By the spring, the BoE could be ... Read more

It’s a rebel with a cause and a must-see for the dazzling beauty on show – art exhibition REJECTS has opened in central London showcasing works submitted, but then rejected by the Royal Academy Summer Exhibition. Not making the grade has never looked so good and the exhibition is running now until Thursday August 3 in a pop-up art gallery in the heart of Bermondsey just south of the Thames. The works, affordable, for sale and perfect to enhance any interior, are a selection from the 13,000 submissions that didn’t make it. The outlier show is the brainchild of female ... Read more

As a new month nears, there are key financial changes Brits need to be aware of. From interest rate announcements to Costa Coffee club changes and updates on inflation, here’s what you need to know about the upcoming events. August 1 – Alcohol Rates Alcohol duty rates will rise by 10.1 percent from August 1, resulting in higher prices for some alcoholic beverages. Additionally, a new system will be introduced that taxes drinks based on their strength. The Wine & Spirits Trade Association (WSTA) say the price of a bottle of wine with an alcohol by volume (ABV) will increase ... Read more

Britons are waiting an average of one month to complete a transfer of their pension funds between providers, a new report has found. However, delays from ceding companies – pension scheme members’ existing providers – transferring money to an alternative provider can be stressful and “financially detrimental”, Lily Megson, policy director at independent retirement advisor My Pension Expert has said. Ms Megson said: “Our data, spanning almost 4,000 pension transfers, clearly demonstrates that retirement planners in the UK are having to wait far too long for their hard-earned savings and investments to be transferred from ceding companies to a new provider. “It ... Read more

The Department for Work and Pensions (DWP) confirmed the £10 Christmas Bonus given to those who get the state pension or claim another qualifying DWP benefit will be paid from Monday, December 5. The Christmas one-off tax-free payment is made to help people with the added costs of the festive period. The DWP confirmed yesterday the payment would be made in the first full week of December. It won’t be made on just one specific day, but throughout the week so people should continue to check their accounts. In a statement, the Department said: “It will be paid in the ... Read more