The latest growth estimate for the UK, released by the National Institute of Economic and Social Research (NIESR), indicates that the economy is likely to grow at a rate of 0.4 per cent.Continue reading
Competition in the savings market is increasing as two big high street names – Skipton and the Post Office – are now offering a 1.4 per cent interest rate (before tax) for online easy-access accounts.Continue reading
The Trade Union Congress (TUC) has concluded that recovery in the UK economy is happening at a slower rate than after any of the nation’s previous eight worst recessions, which date back to 1830, following analysis of statistics produced by the Government.Continue reading
Over a fifth of Santander’s profits for the first half of 2015 were generated through its UK operations.Continue reading
An award winning social entrepreneur has pressed the importance of giving non-profit organisations wider tax exemptions to help their finances.Continue reading
The Office for National Statistics (ONS) has reported that the UK’s economy has risen to 0.7% growth, bringing the country back to its pre-recession peak.Continue reading
According to the latest Lloyds Bank Spending Power report, consumer confidence is at the highest level recorded for almost five years, even though those aged between 18 and 24 are less optimistic about their financial situation.Continue reading
In its latest move to crackdown on tax evaders, HM Revenue and Customs (HMRC) wants to collect information from internet companies like Ebay and Paypal, to create a database of British users that have generated income from selling online.
By receiving data relating to millions of internet transactions, the UK Government would be able to assess sales conducted on online platforms, including the Apple and Google app stores.
Information regarding the money people make by renting out rooms, through sites like Airbnb, would also be collected as part of the new proposals.
HMRC will be able to process the names, addresses and revenues of anyone who chooses to use the online arena to make a profit, in order to locate those that do not pay the appropriate tax.
Reportedly, the tax authority will have to update its current databases to increase capacity, so that it is able to manage the information.
Estimates suggest that billions of pounds in tax is lost every year due to unreported online income.
Though individuals who make infrequent sales through sites like Ebay are unlikely to be classed as a trader, they still need to declare any profits they make.
In 2013, HMRC was given the power to obtain credit and debit card data, but it has not yet been given permission to access the information held by online trading sites.
According to the authority, when it is able to use the new powers, it will collect an additional £860m over the course of the next five years.
Banks and building societies will be named and shamed if they pay the lowest savings rates as the City watchdog looks to highlight firms that pay poor interest to longstanding customers.Continue reading
HM Revenue & Customs (HMRC) is consulting on the possibility of changing the way that savers with pension pots worth more than £1m can protect their money.Continue reading
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