December 16th, 2024 | Andrew Hagger | News

Car buyers in the Mid Ulster area of Northern Ireland will pay an average of £689 extra tax next year as a result of Vehicle Excise Duty (VED) rises, a new study finds.[1] The increased first-year rates, also known as showroom tax, were announced in the Autumn Budget and are due to arrive in April next year.

While location doesn’t directly impact the amount of tax charged, the study shows which areas will be most affected by the changes due to the cars bought there. VED rates are based on CO2 output, meaning drivers of heavily-polluting cars will pay the most when the changes come into effect. Based on this, Mid Ulster motorists will see the highest average increase per car due to the rise.

The research comes from Go.Compare car insurance, which reviewed Department for Transport figures on the number of new private vehicles registered in each region in the first half of the 2024 tax year. It applied the existing and upcoming first-year rates for VED to these vehicles to estimate how much more new car buyers will pay next year in each part of the UK, if buying habits stay the same.

Mid Ulster wasn’t the only part of Northern Ireland that ranked in the most impacted areas. Fermanagh and Omagh, as well as Newry, Mourne and Down also placed in the top 10. The study says that if 2024 trends continue, drivers in these locations face average VED increases of £502 and £494 respectively.

Mid Ulster was also one of only two places facing an average rise above £600. The other is inner London, where the average tax paid is set to rise by £625 – almost £100 per car more than the next most impacted area.

This suggests that drivers in Inner London are opting for vehicles which emit some of the highest CO2 levels, despite the city operating an ultra-low emissions zone. Based on this, drivers may be choosing to pay the ULEZ charge rather than opt for a greener car.

These figures were also reflected on a regional level, as London and Northern Ireland are the two regions where the average cost per car is set to rise the most. Across all of London, the average tax increase will be £475 per car, while those in Northern Ireland will pay an extra £454.

In contrast, drivers towards the north of the UK will be less affected due to the vehicles they buy. Motorists in the North East will see the lowest VED rise, working out as an extra £384 per car on average. Welsh and Scottish drivers will also notice some of the lowest fees, with increases per car of just £397 and £404 respectively.

Tom Banks, car insurance expert at Go.Compare, said: “The increased VED rates mean most new car buyers will be paying a lot more than they were expecting in 2025. If you live in a region where buyers tend to go for high CO2 cars, then drivers in your area will be the most impacted by the rise. But, if you’re worried about how the changes will affect you, there are ways to minimise the impact on your finances.

“For instance, consider purchasing a low-emissions car that will place your vehicle in the cheaper tax bands. If you can’t purchase a suitable hybrid or EV, you could opt for a nearly new motor instead. This gives you that new car feeling for a fraction of the price, and will allow you to dodge the increased tax.

“Otherwise, see if there are any other ways you can reduce your motoring spending to make up for the increased tax costs. For example, comparing car insurance policies might allow you to find a provider that offers the same level of cover for a lower price, and driving in a way that minimises your fuel usage could help to reduce costs further.”

To find out more about the rise in first-year rates for VED, go to Go.Compare’s website.

December 12th, 2024 | Andrew Hagger | News

Over half (57%) of UK adults don’t have a will in place, including a third (32%) of over-55s, reveals new independent research* conducted on behalf of Handelsbanken Wealth & Asset Management, highlighting a critical gap in estate planning across the nation.

Handelsbanken Wealth & Asset Management’s study shows that this figure rises to four out of five (79%) of 18-34 year-olds, putting families at risk of undue stress, potential legal disputes, and unintended inheritance and guardianship outcomes, should someone die intestate.

A lack of knowledge around how to put a will in place was cited as the main driver for people not having one – selected by 11% of respondents – followed by concerns around the expense involved (10%), and the thought of it causing too much emotional discomfort (6%).

The research also suggests a level of unease around discussing wills with their family – another potential hindrance. Just over half of Brits feel comfortable talking about their will with their partner (55%) and children (50%), with far fewer feeling able to broach the subject with their parents (17%) or siblings (20%).

Christine Ross, Head of Private Office (North) and Client Director at Handelsbanken Wealth & Asset Management, comments:

“While these conversations can sometimes be very difficult to have, avoiding the topic won’t make it go away. Putting a will in place can help you protect both your assets and your loved ones during a difficult time. Having an open and frank dialogue can give your family much-needed peace of mind that the right plans are being put in place.

“There are plenty of avenues people can explore for getting started. As with most areas of life, taking good, professional advice is usually a good place to begin, but there are also reputable public resources such as the government’s “Making a will” page^[1]. Whatever your approach, the outcome should be a will that best suits your needs and situation.”

The study reveals that for those who do have a will in place, the primary reason is to have control over who should receive specific assets. This was selected by over a third (36%) of respondents, followed by a desire to minimise familial disputes (25%) and life changes such as a marriage, divorce, or birth of child, prompting them to (22%).

“While it’s encouraging to see that major milestones and events are triggering people to put a will in place, it’s equally important to remember that wills should be regularly be reviewed as well, to ensure they remain both relevant and legally sound”, adds Christine Ross.

“Our research shows that over half of UK adults (53%) have no set plan to do so, and this could make them vulnerable to changing tax laws and inheritance regulations, as well as shifting family dynamics, to name just a few.”

December 12th, 2024 | Andrew Hagger | News

Ahead of the January 31st tax return deadline, Alastair Douglas, CEO of TotallyMoney urges people to act now, or risk long waiting times on hold to HMRC. Including those who’ve sold on Etsy, Ebay and Vinted:

“For many, January means tax return season. And usually, that involves getting everything in order, finding out you’re not quite sure about something, and then holding a phone to your ear while in a queue and waiting for HMRC to answer your query.

“And it’s estimated that each year, taxpayers spend around 7 million hours on hold to the tax office, with wait times peaking every January. And as the deadline approaches, time spent on hold gets longer, and in particular during the afternoon.

“So while you might not be planning on sorting out your tax return over Christmas, it might actually save you time in the long run — while making January a little less stressful. HMRC’s phonelines are only closed on Christmas Day, Boxing Day and New Years Day, and open the rest of the time. That means there’s plenty of opportunities to speak to somebody, and the chances are, not many other people will be busy sorting their finances either. So you should get through quickly.

“Although HMRC aren’t always quick to answer your calls, they can be when it comes to handing out fines for late filing. So don’t get caught out. And remember, if you’ve earned more than £1,000 by selling items on sites like Etsy, Ebay, Vintend and Depop, you’ll need to declare this and file a return too.”

#ENDS

HMRC contact centre availability (call 0303 1234 500):

December 4th, 2024 | Andrew Hagger | News

With only a few weeks until the Christmas holidays commences, parents are looking for ways to keep their kids entertained without breaking the bank.

Hodge reveals the potential costs of family outings and shares tips on having fun while staying in budget.

Christie Cook, managing director of retail at Hodge said:

“The Christmas break is a great opportunity for families to enjoy both indoor and outdoor activities.

“However, with the current economic climate, it can be challenging to afford regular days out. Mixing more affordable home-based activities with occasional outings can help balance the costs.”

Cost breakdown of popular family activities over six-week holiday

Based on a family of four (2 adults, 2 children aged 2-15 years, except Go Karting for ages 8-12 children and 13+ adults)

Three budgeting tips from Christie Cook, Head of Retail at Hodge Bank:

Board game nights

“Spend time playing classic board games like Scrabble, Guess Who, or Kerplunk. These games not only entertain but also encourage family bonding at home without hefty costs.”

Budget-friendly movie nights

“Skip the expensive cinema tickets and create your own movie night at home. Subscribe to streaming services like Disney+ or Netflix (monthly fees range from £7.99 to £10.99) or rent films on platforms like Rakuten. Enhance the experience by buying cinema-style snacks from the supermarket, such as popcorn, sweets and nachos. This not only saves money but also means you can enjoy a film in your pyjamas, in the comfort of your own home.”

Local events

“Use platforms like Facebook Events to discover free or low-cost local events. From community fairs to cultural festivals, these events often provide entertainment options that are budget-friendly and enjoyable for the whole family.”

November 28th, 2024 | Andrew Hagger | News

As Brits prime themselves to take advantage of Black Friday broadband offers, new research from Go.Compare broadband has revealed how we choose our Wi-Fi providers – and for more than two thirds of people, it’s the money that matters most.*

The comparison site asked over 2,000 people for their insight into how they choose an internet provider – weighing up the value of speed, customer reviews, area coverage and more – and found that cost is by far and away the most important factor. 68% of people said price would be a determining factor affecting their decision, while half of people (50%) said their choice would depend on the average speed offered.

Just under a third of people (31%) said that coverage in the area was an important consideration, while less than one in ten (9%) would consider customer reviews as a top factor.

Matthew Sanders, Go.Compare broadband spokesperson, said: “With the cost-of-living still at an all-time high, it’s no surprise that price is a top consideration when it comes to Brits choosing their broadband package.

“If you are nearing the end of your broadband contract, we always suggest taking a look at the offers out there – particularly as we approach Black Friday, when you may be able to get an even better deal.

“In the run-up to Black Friday, we see a 33% increase in people purchasing broadband deals so it’s worth noting how important it is to compare the broadband packages out there.** Shopping around on a comparison site can help you compare broadband packages side by side and make it easier to spot which one offers the best service for you – at the right price.

“While our research shows that less than a third of people consider the area coverage as a top factor in choosing broadband, this can have a big impact on the quality of your internet connection – so make sure to do your research before you buy.

“Customer reviews were another aspect that didn’t rank highly in people’s priorities. However, detailed, recent reviews can give you an excellent insight into the level of service you’re likely to receive, so we do recommend taking a look before you make your decision.

Matthew added, “Something else to be aware of is that the price of your broadband could be subject to change – as many deals allow mid-contract price rises from your provider. So, if cost is an important factor to you, it may be wise to opt for a broadband deal that guarantees a fixed price.

“It’s also worth noting that haggling on your broadband deal could be well worth your time – you could negotiate a lower price on your contract, or even get your provider to throw in additional perks for free.

“To learn all about haggling and how you can save money on your broadband, visit: https://www.gocompare.com/broadband/how-to-haggle-and-get-the-best-deals/.”

For exclusive broadband offers, visit: https://www.gocompare.com/broadband/.

November 27th, 2024 | Andrew Hagger | News

With almost a third of UK adults feeling negatively about their financial situation, the conversation around financial wellbeing is more relevant than ever. Credit card brand Aqua has conducted a new piece of research, surveying over 5,000 UK residents to explore the prevalence of bad credit scores and financial mistakes across the nation, and to reveal what people’s biggest financial mistakes and learnings are. Aqua’s Commercial Director, Sharvan Selvam, has also shared insights into how people can start to take steps to improve their credit scores and overall financial wellbeing.

You can find the full research here: https://www.aquacard.co.uk/building-better-credit/financial-learnings-and-mistakes

Over one in 10 Brits feel ‘uncertain’ about their current financial situation

Despite the tricky financial landscape the UK is currently facing, Aqua’s research found that people predominantly still have positive emotions towards their financial situations with 15% of survey respondents expressing they feel ‘content’.

However, despite these positive sentiments, some of the UK population still feel unsure about their finances. The survey revealed that just over one in 10 (11%) Brits feel ‘uncertain’ about their current financial situation, and a further 9% feel ‘anxious’.

For Brits already feeling uncertain about their finances, having a low credit score can add to the strain. Among those with a bad credit score, 26% said it causes them stress, making it the most common response. However, feelings of frustration, anxiety, and concerns about the future are shared by 21% of respondents, highlighting the challenges many face. While these emotions are common, they also reflect a desire for greater financial stability and control.

However, a bad credit score doesn’t have to be a lasting challenge, and there are simple ways to improve it. After boosting their credit score, many Brits say they feel a lot more positive. The most common reaction is relief (35%), followed by feeling more in control (32%). Sharvan Selvam, Commercial Director at Aqua, says, “Improving your credit score might not always be top of mind, but it plays an important role in helping you reduce financial stress.”

Sharvan continues, “It’s incredibly encouraging to see so many people feeling more empowered and confident as a result of taking steps to boost their credit score, and that nearly a quarter of those we surveyed expressed a sense of pride in doing so. Building a stronger credit score is possible with small steps such as making credit repayments on time, which can be made easier by setting up a direct debit or repayment reminders.”

Only 21% of adults say they’ve never made a financial mistake, and impulsive purchases are found to be the most common mistake

With only 21% of UK adults claiming they’ve never made a financial mistake, it is evident that most people encounter some form of challenge at some point when managing their money.

Among those who admit to making a financial error, impulse buys appear to be the most common pitfall, with one in five falling into this financial trap. This can often lead people to spend outside of their means, and with 17% admitting to this mistake.

It’s not just overspending that is leaving people vulnerable – under-saving is almost as common. In fact, 16% of people admit their biggest mistake is not saving regularly enough.

November 25th, 2024 | Andrew Hagger | News

MyVoucherCodes money-saving expert, Sarah-Jane Outten, explains how she saves money by wrapping up her Christmas shopping early.

Overspending is easy at Christmas, but there are ways to avoid it and shopping early is one of those ways. Take a look at my helpful tips that will save you a few pounds this Christmas.

• Black Friday falls on the 29th of November this year, closely followed by Cyber Monday on the 2nd of December. It’s the perfect time to chip away at the kid’s Christmas It feels like Black Friday all month but retailers will be slashing prices on the 29th. Grab some bargains! However, Black Friday isn’t always the best price, check with price comparison sites like CamelCamelCamel, Price Runner, Rakuten and Google Shopping.

• Toys sales are on the Even though lots of kids have gone digital, toys are always popular. If your little one is asking Santa to bring a toy that’s a big hit this year, get in early! The most popular toys of the year often sell fast, don’t bust a gut trying to find it on Christmas Eve! Retailers want to boost profits as early as possible, so the best deals are available now.

• Buyer’s regret is Nothing is worse than leaving Christmas shopping to the last minute only to realise the gift you need is sold out or won’t be delivered in time. And the chances are the closer you get to Christmas the higher the price.

• Avoid expensive delivery charges. Leaving purchases last minute means spending extra on delivery. If you aren’t in a hurry you can afford to choose the cheaper and free delivery options. Make sure those pressies arrive before Santa!

• Festive foodies need to shop early this year. The supermarkets are laden with Christmas treats and booze right now, at special prices. From Baileys on Clubcard prices to discounted selection boxes and stocking As Christmas approaches, some of these offers get removed, and deals aren’t usually as good. Stock up in advance, but make sure you hide the goodies, even if that’s just from yourself!

• Ask for a gift receipt. Just because you are getting ahead of time, it doesn’t mean you won’t be able to return Ask the retailer for a gift receipt and you should be good to return your goods after Christmas.

• Use a discount code. There are excellent discount codes available right now. Don’t assume the best discount codes will available closer to MyVoucherCodes is seeing excellent discount codes from top retailers such as GHD, Boots, Goldsmiths, and Adidas that are available right now.

And finally, it’s not just money that’s worth saving – it’s your sanity too! As we roll into December the shops will become incredibly busy. Avoid the long queues and the hot and sweaty fights over the last tin of festive biscuits. There’s no need to scramble for the last parking spot, stand on the bus or risk a rail replacement service. You can have everything wrapped up by the start of December and all you need to do is enjoy a mulled wine with your favourite Christmas movie.

November 25th, 2024 | Andrew Hagger | News

A new study has revealed that most Brits overestimate their broadband needs, leaving them overpaying for packages. One-third (34%) of internet users pay for speeds in excess of 150Mbps, but just a fifth (21%) actually needs broadband as fast as this.

The research states that 50 megabits per second (Mbps) is the broadband speed most users require, suitable for almost half (46%) of Brits. Users are now being encouraged to check the speeds that work for them to avoid overpaying for their internet or struggling with lagging loading times.

The figures come from Go.Compare, which surveyed the public on how they use their broadband and the speeds they pay for. It used this to work out what speeds they actually need.

The comparison site says that most Brits (one-fifth) pay between £25 and £29 per month for their broadband, while slightly fewer (16%) spend just under this, at £20 to £24 per month.[1] However, a similar percentage (15%) said their package falls in the highest price bracket of £40 or higher, whereas just 1% said their price is in the lowest range of less than £10.

Older users are the most likely to pay these higher prices. According to the study, 18% of those aged 40 to 54 spend over £39 per month on their broadband, as well as 17% of those aged over 54. In contrast, just 7% of under-25s pay these prices. Younger Brits are more likely to pay the least for their broadband, with 5% of this age group spending under £10 per month, compared to only 1.5% of over 54s.

This follows the news that 9.5 million UK households are overpaying for broadband, equivalent to just over a third (34%) of all broadband users.[2] This translates to a jaw-dropping £637 million overspent on unneeded speeds each year.

Matt Sanders, a broadband expert at Go.Compare, says: “Our latest research suggests that a large chunk of the country is spending more than it needs to on broadband, which is a real kick in the teeth when times are so tight.

“Everyone’s broadband needs are different, so it can be difficult to know what speeds you actually need. The key factors to keep in mind are the number of people in your household and what you tend to use your broadband for. Certain activities like online gaming and streaming 4K videos need faster speeds to run smoothly, and these speeds will be diluted if multiple devices are using the internet at once.

“So, if you live alone and only use the internet for general browsing like emails and shopping, you should be able to manage on relatively slow speeds. But, if your household is a family of four with multiple devices on the go, you might need to get faster speeds so that everyone can use the internet at once without being slowed down.”

More information on the different speeds needed for broadband users can be found on Go.Compare’s website.

November 22nd, 2024 | Andrew Hagger | News

Leeds Building Society has revealed the top 20 Christmas traditions with some surprising findings. Despite our social media feeds being swamped with images of the Elf of the Shelf and his increasingly inventive escapades, shockingly only 9% of Brits welcome him into their homes.

However festive outings like Christmas markets (44%) and seasonal parties (33%) are topping the charts as survey respondents selected these as their non-negotiables for getting into the Christmas spirit.

Advent calendars continue to be popular, with 28% of respondents saying they are planning to gift their loved ones with multiple varieties, ranging from edible treats to beauty products, coffee beans to Lego, and everything in between.

The full festive top 20 is available here.

With most households planning to take on four activities in the countdown to Christmas, the average spend on making magical memories over the festive period is £125. And that is on top of the cost of gifts and food.

To help families adopt a new tradition of getting into a good savings habit for Christmas, Leeds Building Society has created a downloadable checklist to help families uncover how much money they need to set aside for the festive season.

Catherine Wray, Leeds Building Society’s Senior Manager for Savings said:

“How we handle our holiday season spending can set the tone for how much we can relax and enjoy the festive magic with our loved ones. So, starting a new Christmas tradition of saving will help take the pressure off families and get ahead for Christmas 2025.

“It can be tempting to show our family and friends how much they mean to us by spending money on making memories, and it pays to take time out to plan your budget. Our Christmas spending checklist will allow families to work out how much they will need to ringfence to cover the cost of their seasonal spending.

“Starting a new habit of saving little and often will mean that by the time we get to next Christmas, families will reap the benefits of their savings.”

The activity hitting festive budgets hardest is buying tickets for a pantomime, for which respondents are budgeting £46 each, while on the other hand, the cost of building a gingerbread house with the family is expected to add just £13 to the total seasonal spend, proving that there are options to suit every budget at whatever stage they are at in their savings journey.

Catherine’s top tips for Christmas savings can be found here.

November 13th, 2024 | Andrew Hagger | News

Black Friday continues to be the biggest shopping event of the year, with retailers
slashing prices in-store and online. A recent survey by MyVoucherCodes revealed
that 37% of Brits will shop online this Black Friday.

40% of shoppers said they would wait until Black Friday to nab the ultimate bargain,
and 80% of Brits splashed the cash between 9 and 10 a.m. on Black Friday, which
falls on November 29th this year.

56% of Black Friday shoppers will be searching for Christmas presents on Black
Friday and 46% will be finding the perfect gift for their partners. Whilst men will be
treating themselves this year. 71% of men said they would buy for themselves
compared to 42% of women.

Sarah-Jane Outten, the shopping expert for MyVoucherCodes said, “I’ve noticed that
shoppers are becoming more savvy every year. Not only do they shop online to
access bargains, but they also use discount codes. 56% of those asked use discount
codes all year, ensuring they always get the cheapest prices.”

Sarah-Jane went on to say:
● Plan ahead for Black Friday, and make a list of items you need. This will help
to avoid getting swayed by impulse buys. It’s not a bargain if you don’t need it!

● Remember that just because it’s Black Friday, it doesn’t always mean it’s the
cheapest price. Check price comparison sites such as CamelCamelCamel, or
Price Runner to find out the lowest price the product has been and when.

● Take the RRP price with a pinch of salt. Retailers have historically inflated
prices around Black Friday to make shoppers think they are getting a better
bargain than they are.