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Georgie Frost

This Is Money: Are you about to have to pay for your bank account?

Georgie Frost
Original Broadcast:

This is Money

This Is Money: Are you about to have to pay for your bank account?
Is it time to admit that 'free banking' doesn't really exist, and to start paying for our accounts? Georgie Frost, Simon Lambert and Helen Crane discuss this, plus: the plans which wise parents are making to deal with the prospect of VAT on private school fees, if Labour wins the next election, and how to find a trustworthy adviser. Also — Helen Crane investigates a car sold with a significant fault.
Guest:

Helen Crane


Published:
Georgie Frost

This Is Money: Will the Budget cut taxes and get rid of these traps?

Georgie Frost
Original Broadcast:

This is Money

This Is Money: Will the Budget cut taxes and get rid of these traps?
With next week's Budget (Wednesday 6th March) tipped to be the Chancellor’s last roll of the dice before a General Election, expectations over tax cuts are growing. But what taxes could Jeremy Hunt choose to cut and why – and is there hope that he will sort out the tax mess that Britain has got stuck in. The higher income child benefit charge creates marginal tax rates above 50%, meanwhile the removal of the personal allowance bakes in a 60% income tax rate between £100,000 and £125,140. Should these tax traps and painfully high stamp duty be removed? Simon Lambert argues that Mr Hunt needs to have a clear out, chuck a load of stuff in the stupid tax box and bin it. Simon, Georgie Frost and Lee Boyce look ahead to what could be in the Budget and what it would mean for you. Also, energy bills are due to fall as the price cap is cut: but how much will this save you? It’s not just tax catching people out, student loans are also proving difficult to shift as interest mounts up due to high inflation. Does the student finance system need a sort out too? And what is Simon’s triple lock for student loans plan? And finally, don’t get spear-phished or tap-jacked, Lee talks us through the new scams you need to know about.

Published:
Georgie Frost

This Is Money: Is the taxman really going after Ebay sellers?

Georgie Frost
Original Broadcast:

This is Money

This Is Money: Is the taxman really going after Ebay sellers?
Have you ever sold anything on Ebay, Vinted or Facebook Marketplace to make a bit of extra cash? Those who do may have been worried this week, as news that the websites will now be required to report sellers' activities to the taxman caused panic online. So what are the rules - and is HMRC really going after people who sell the odd frock or mobile phone? Lee Boyce, Helen Crane and Georgie Frost explain what's really happening, how to tell if you are a 'trader' - and why most people having a clear-out of their old clothes won't need to worry. Mortgage lenders have started 2024 with a bang, with the likes of HSBC, NatWest and TSB announcing rate cuts left, right and centre. There is now a five-year fix with a rate of 3.94% - so what does that tell us about how low the base right might go this year, and will these cheaper home loans start to drive up house prices again? As we get back to reality after the festive break, we are also approaching Divorce Day. The first working Monday of the year is supposedly when unhappy couples are most likely to call it quits. If that is you, we are on hand to explain what you need to know about splitting your property, pension and more with an ex. Finally, Lee, Helen and Georgie discuss what they learned about their finances in 2023 - and the mistakes they won't be making again this year.
Guest:

Helen Crane


Published:
Adam Cox

Modern Mindset: Anish Mehta on the Digital Tax Transition

Adam Cox
Original Broadcast:

Modern Mindset

Modern Mindset: Anish Mehta on the Digital Tax Transition
Adam Cox is in conversation with Anish Mehta of APARI to explore the prolonged journey of the tax world into the digital era. Together, they delve into the ways software can ease the burden on individuals during the tax return season. The discussion addresses the reasons behind the procrastination of many in completing their tax returns and identifies the specific individuals who must closely heed the forthcoming changes in tax rules. https://www.apari-digital.com/
Guest:

Anish Mehta


Published:
Adam Cox

Modern Mindset: Guy Smith on Upcoming Changes to Tax Legislation Around Digital Income

Adam Cox
Original Broadcast:

Modern Mindset

Modern Mindset: Guy Smith on Upcoming Changes to Tax Legislation Around Digital Income
Adam Cox is in conversation with Guy Smith from Independent Tax, exploring the legal obligation for digital platforms like Airbnb, Etsy, and Vinted to report their sellers' earnings to HMRC starting January 1, 2024. The discussion delves into the specified thresholds for reporting income and the retrospective assessment period that HMRC can undertake. Additionally, Guy provides insights into the steps the public can take if they have concerns about potential tax liabilities or unreported earnings. https://independent-tax.co.uk/
Guest:

Guy Smith


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Georgie Frost

This Is Money: Taxman customer service troubles unmasked and probate problems in the spotlight

Georgie Frost
Original Broadcast:

This is Money

This Is Money: Taxman customer service troubles unmasked and probate problems in the spotlight
Join the latest episode from Georgie Frost, Lee Boyce, Tanya Jefferies and guest Angharad Carrick: business owners experience difficulties with HMRC service — the challenge of being an executor — interest rates rise again, but is it the right call? Plus, the team discuss fake lawns.
Guest:

Angharad Carrick


Published:
Georgie Frost

This Is Money: Should we stop dragging people into tax designed for the rich?

Georgie Frost
Original Broadcast:

This is Money

This Is Money: Should we stop dragging people into tax designed for the rich?
Almost five times as many people will soon be paying 40% tax than in the early 1990s, when it was seen as a tax bracket reserved for the rich, the Institute for Fiscal Studies warned this week. It said that fiscal drag triggered by freezing the higher rate tax threshold would pull 7.8 million people into its net by 2027. The study suggested that the threshold would have to be almost doubled from its current level, at £50,271, to almost £100,000 to return the tax band to the level intended for it. Alongside the report, came the IFS’s warning that 40% tax had stopped being the preserve of high-earning professionals and was now hitting electricians, plumbers, teachers, nurses and more. The taxman nabbing 40p of every pound earned from a pay rise rather than 20p comes at a time when workers are running to stand still, with inflation at just above 10%. So, is it time the government stopped taxing by stealth and using tools like fiscal drag – instead raising thresholds with inflation or wages? And is it time to hike the higher rate threshold and pull people back down to basic rate tax? Georgie Frost, Lee Boyce and Simon Lambert discuss the thorny issue of tax and who counts as wealthy. The debate moves on to inheritance tax – another levy designed for the very rich but now hitting the wealthy middle classes. Why is IHT so unpopular when most don’t pay it and does it need reform? Plus, how much have you lost to inflation, will you get Nationwide’s new £100 Fairer Share bung, and finally, would you buy food two years past its best before date for big savings?

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Georgie Frost

This is Money: Will the new Chancellor give pension tax relief the chop?

Georgie Frost
Original Broadcast:

This is Money

This is Money: Will the new Chancellor give pension tax relief the chop?
This week started with rumours of a pension tax relief cut and mansion tax, saw the Chancellor fall on his sword, and ended with people none the wiser about whether a Budget tax raid is more or less likely after all that. Sajid Javid exited the stage to be replaced by one of his own men, Rishi Sunak, after an attempt by Boris Johnson and Dominic Cummings to take back control at the Treasury was rebuffed by the short-lived Chancellor. The question now is just whose idea the pension tax relief and mansion tax plans were and whether they are now on the cards or not (or was the whole shebang just a bit of Machiavellian manoeuvring)? What we do know is that a Budget is due in less than a month, so other than the national purse strings being loosened for the ‘levelling-up’ agenda what are we likely to see? On this week’s podcast, Simon Lambert, Tanya Jefferies and Georgie Frost delve into the Chancellor saga, what we know about the new man, and what could happen in the Budget that will affect your finances, from a stamp duty cut, to IR35 easing and a tax raid on the wealthier.
Guests:

Simon Lambert, Tanya Jeffries


Published:
Georgie Frost

This is Money: Are tax returns too taxing - and could you not know you need to do one?

Georgie Frost
Original Broadcast:

This is Money

This is Money: Are tax returns too taxing - and could you not know you need to do one?
Are tax returns too taxing, why did new overdraft rules backfire, are challenger banks biting and what are the cars that hold their value best? We answer these questions on this week’s This is Money podcast. It’s tax return time. The organised will have safely filed their tax returns long ago, but there are still plenty of people who don’t yet feel the last minute has arrived. But what if you are meant to fill in a tax return and don’t realise? On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost discuss the ten reasons that people may have to fill a tax return in, even though they are employees paid through PAYE. The team also discuss whether much of the tax return is really needed, or whether people are needlessly spending time filling in an over complicated form for an overly complex system. Also on this week’s podcast is the overdraft row that’s blown up on the back of the FCA’s attempt to improve borrowing and bank’s deciding that 39.9 per cent rates sounded about right. The team discuss whether the challenger banks are starting to bite and why people are attracted to them. And finally, Simon tells us about the new episode of the Making the Money Work podcast with London 2012 Olympic-medal winning boxer Anthony Ogogo.
Guests:

Simon Lambert, Lee Boyce


Published:
Georgie Frost

This is Money: Should we rip up capital gains tax rules? And how to save 40% off a new car

Georgie Frost
Original Broadcast:

This is Money

This is Money: Should we rip up capital gains tax rules? And how to save 40% off a new car
Entrepreneurs and investors pay less tax on their profits to reflect the risk they take. That’s the principle that lies behind capital gains tax being lower than the rates charged on employment income. But the influential think-tank, the Institute for Public Policy Research, wants to rip up that system and charge the same rate on gains from selling shares or property as income tax – and hack back the annual capital gains tax allowance to just £1,000. Is this the kind of For the many not the few move that Britain needs to level the playing field between those with plenty of capital and the ability to make investments and those who don’t? Or is it just another planned tax raid on those putting their money to productive use and growing our collective wealth? On this week’s podcast, Simon Lambert and Georgie Frost dig into the IPPR’s proposals and look at whether this is the kind of thing that could become Labour party policy? They also look at long-term investments that have paid off, risky investments to be wary of and the one thing plenty of people are happy to sink thousands of pounds into knowing that they will lose a big chunk of their money – a brand new car.
Guest:

Simon Lambert


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