Browse content similar to 09/08/2014. Check below for episodes and series from the same categories and more!
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Now on BBC News, it's this week's Your Money with Declan Curry. | :00:00. | :00:09. | |
Hello and welcome to Your Money, on TV, on your computer, | :00:10. | :00:12. | |
It's your weekly guide to making the most of your cash. | :00:13. | :00:17. | |
Nearly half`a`million people didn't renew their tax credits on time. | :00:18. | :00:22. | |
They're at risk of losing their payments. | :00:23. | :00:23. | |
If it's you, we'll tell you what to do next. | :00:24. | :00:27. | |
Enjoying your golden years in the golden sunshine. | :00:28. | :00:31. | |
How to make sure the sums add up if you want to retire abroad. | :00:32. | :00:39. | |
And Barclays dumps over a million savers into an account | :00:40. | :00:42. | |
We'll see if you can get a better deal for your money. | :00:43. | :00:46. | |
Many working parents and low`paid workers without | :00:47. | :00:47. | |
Those claims have to be renewed every year. | :00:48. | :00:53. | |
The deadline for many to renew those claims was the end of July, | :00:54. | :00:56. | |
We now know that over 450,000 people missed that deadline. | :00:57. | :01:06. | |
What happens if you are one of them? | :01:07. | :01:08. | |
He's managing director of the benefits advice website IncomeMAX. | :01:09. | :01:14. | |
Welcome to the programme. If you're one of those 450,000 people, what | :01:15. | :01:22. | |
happens next? At the moment, HMRC are saying that if you think you're | :01:23. | :01:28. | |
eligible for tax credits, you can still renew that and you need to | :01:29. | :01:32. | |
contact the tax credit helpline. If you do not renew, your payments. | :01:33. | :01:38. | |
Full. The payments. Quickly. It's art eWorld right to those that have | :01:39. | :01:44. | |
not renewed. After that, they will stop your payments. You could have | :01:45. | :01:49. | |
have received in this tax year. The have received in this tax year. The | :01:50. | :01:53. | |
key thing that I took away from that is that it is not too late? You can | :01:54. | :01:58. | |
still send the information that they need. Definitely. You need to | :01:59. | :02:04. | |
contact HMRC and the tax credit helpline. We will give the details | :02:05. | :02:09. | |
for the helpline and the website in a moment. What sort of information | :02:10. | :02:14. | |
are they looking for when you renewed acclaim? Tax credits are | :02:15. | :02:19. | |
based on your taxable income. You need to supply details of your | :02:20. | :02:23. | |
taxable income, which can include your wages if you are working. The | :02:24. | :02:28. | |
tax credit claim is also based on how many children you have got, if | :02:29. | :02:34. | |
you are disabled worker, for example, information on disability | :02:35. | :02:38. | |
benefits. If you get the information pack, do not put it to one side. You | :02:39. | :02:45. | |
need to do something about it. You have mentioned the registration | :02:46. | :02:49. | |
pack. Is it possible that some people did not renew because they | :02:50. | :02:53. | |
did not get the information pack? Yes, if you have not received | :02:54. | :02:57. | |
information and you think that you should be renewing your tax credits, | :02:58. | :03:02. | |
contact the helpline as soon as possible. For lots of low`paid | :03:03. | :03:07. | |
workers and working parents, these payments are essential in making | :03:08. | :03:14. | |
sure there is enough money. If the payments are starved, is there any | :03:15. | :03:18. | |
help you can get to make ends meet? Is there any form of emergency loan | :03:19. | :03:23. | |
or credit that you can get? Help is very limited. Emergency welfare help | :03:24. | :03:31. | |
is delivered by local authorities. Effectively it is not a long`term | :03:32. | :03:35. | |
solution for not claiming your tax credits. If you're eligible for tax | :03:36. | :03:40. | |
credits, you should claim them. It is essential money. | :03:41. | :03:43. | |
So if you missed the deadline and you need to renew your claim | :03:44. | :03:47. | |
for tax credits, you can ring the tax credits helpline | :03:48. | :03:50. | |
on 0345 300 3900 or go on the Internet to gov.uk/renewtaxcredits. | :03:51. | :04:01. | |
HSBC, the bank, says some customers will get money back after it made | :04:02. | :04:05. | |
We don't yet know which customers will get cash back | :04:06. | :04:10. | |
But the total payout is going to be over ?200 million. | :04:11. | :04:14. | |
The chumps at the bank didn't tell customers | :04:15. | :04:18. | |
how they could make extra payments to pay their loans back early. | :04:19. | :04:21. | |
The law says banks have to tell us that. | :04:22. | :04:23. | |
Many more parents have been fined for taking their kids out of school. | :04:24. | :04:26. | |
BBC research shows the number of parents in England who were | :04:27. | :04:30. | |
fined because their children were absent from class jumped | :04:31. | :04:32. | |
The main reason, the new ban on taking children out | :04:33. | :04:37. | |
You might soon have to get your letters and birthday cards | :04:38. | :04:45. | |
in the post box before 9am, if you want them to be collected that day. | :04:46. | :04:49. | |
The Royal Mail is changing collection times for less`used | :04:50. | :04:51. | |
It says that even with the change you'll never be more than | :04:52. | :04:55. | |
half a mile away from a box with a later collection. | :04:56. | :04:59. | |
We've been telling you that the cost of mortgage deals where | :05:00. | :05:07. | |
the interest is fixed has started to rise as the markets anticipate | :05:08. | :05:10. | |
a rise in the Bank of England's core interest rate. | :05:11. | :05:12. | |
Deals where the rate is fixed for two years or fixed for five | :05:13. | :05:17. | |
years are going up but according to the website Moneyfacts, deals where | :05:18. | :05:20. | |
the interest rate is fixed for three years are getting cheaper. | :05:21. | :05:24. | |
The average three`year fix now costs 3.79%, down from 3.83% in January, | :05:25. | :05:30. | |
while the average two`year fix has risen | :05:31. | :05:32. | |
And the average five`year fixed rates have risen to 4.21% from | :05:33. | :05:50. | |
Millions of us dream of retiring abroad, enjoying our golden years | :05:51. | :05:53. | |
Speaking of the mathematically challenged, here's Ramzan Karmali. | :05:54. | :05:58. | |
The lifestyle is different? It is laid back. This pensioner lives | :05:59. | :06:04. | |
alone in Peterborough. She has no other family in the UK. She longs to | :06:05. | :06:10. | |
spend Di Resta for retirement in Australia, so she can be close to | :06:11. | :06:14. | |
her son and grandchild. What for her, this dream may never be a | :06:15. | :06:20. | |
reality. The age I am, I am coming to the age where I might need help. | :06:21. | :06:25. | |
I have no one here who would be able to help me with the latter years of | :06:26. | :06:30. | |
my life. I have a son over there, but I cannot go over there because | :06:31. | :06:35. | |
my pension would be frozen. She currently receives the British state | :06:36. | :06:40. | |
person for a single person, ?113 each week. It is likely to go up if | :06:41. | :06:45. | |
she stays in the UK, but if she went to Australia, it would be frozen, | :06:46. | :06:51. | |
even if the cost of living went up. If you choose, for example, to | :06:52. | :06:56. | |
retire in the US or the country within the European Union, your | :06:57. | :06:59. | |
state pension is likely to rise each year, although there are other | :07:00. | :07:04. | |
important factors to consider. Currency and health insurance are | :07:05. | :07:09. | |
big issues to consider. You need to move money overseas and it is a cost | :07:10. | :07:15. | |
in doing that. The money you get can vary month to month. Also, we have a | :07:16. | :07:20. | |
free health care system in the UK, but not necessarily everywhere | :07:21. | :07:22. | |
overseas. You need to work out if you need to purchase insurance. | :07:23. | :07:28. | |
According to a recent survey, 6 million of us are looking to retire | :07:29. | :07:33. | |
abroad, with Spain the most popular destination. If things do not work | :07:34. | :07:36. | |
out the way you hope for and you want to come back, it is not always | :07:37. | :07:41. | |
straightforward. There are arrangements that you need to be | :07:42. | :07:46. | |
prepared about. If you're returning to the UK because your lifetime | :07:47. | :07:50. | |
partner has died or something like that, your health is bad, you will | :07:51. | :07:54. | |
want to have a greater amount of certainty that you will find the | :07:55. | :07:58. | |
services you want when you take up your new residence. Living abroad | :07:59. | :08:05. | |
may be a dream for many pensioners, but in reality, there are a number | :08:06. | :08:08. | |
of issues that need to be straightened out before you commit | :08:09. | :08:09. | |
to a new life in the sun. Barclays Bank is switching more than | :08:10. | :08:14. | |
a million of its customers into Barclays is closing 11 of | :08:15. | :08:17. | |
its existing ISA savings accounts. These accounts allow customers to | :08:18. | :08:22. | |
save cash and not pay tax All the customers are being moved to | :08:23. | :08:25. | |
a new account, but for most, over 1.5 million, they'll end up | :08:26. | :08:29. | |
with a smaller rate of interest Only 740,000 will be | :08:30. | :08:31. | |
on the same or better rate. The bank says it's just | :08:32. | :08:37. | |
simplifying its range of accounts. Welcome once again. There is nothing | :08:38. | :08:53. | |
new about buying switching us to lower rates of interest. The do it | :08:54. | :08:59. | |
all the time? They do, but they have to tell people in advance. At the | :09:00. | :09:03. | |
end of the day, with high Street accounts, postal accounts, loyalty | :09:04. | :09:09. | |
does not pay. You need to keep an eye on it. Use introductory bonuses | :09:10. | :09:14. | |
to your best advantage. Give notice on higher paid accounts that allow | :09:15. | :09:19. | |
you to say, in 90 days, I want to take my money out. If the rate | :09:20. | :09:25. | |
falls, look for something better. It is at the point of almost being | :09:26. | :09:29. | |
excessive, you need to watch this like a whole? You say they have to | :09:30. | :09:33. | |
tell you about it, but there are traitors to send your letter that is | :09:34. | :09:37. | |
so complicated that you missed the point of it. There are rules and | :09:38. | :09:41. | |
regulations and banks have to comply with them. Most of us want to seek a | :09:42. | :09:47. | |
good interest rate and not located too often. The waiters, marketing, | :09:48. | :09:55. | |
managing accounts, we have to look at it, but at least we have more | :09:56. | :09:58. | |
resources. We can keep up`to`date with those roads. It should be | :09:59. | :10:03. | |
relatively simple to move from one account to another. There are | :10:04. | :10:08. | |
specific points of detail. If you're trying to move your money from a | :10:09. | :10:14. | |
ISA, it is not the same as a regular bank account. You should not just | :10:15. | :10:17. | |
withdraw the money, you do not take the cash from the branch, you need | :10:18. | :10:23. | |
to transferred it. Yes, a ISA has a limit because it is a tax benefit. | :10:24. | :10:28. | |
You are limited how much you can save each year. If you take the | :10:29. | :10:32. | |
money out, you have used the allowance for another year. You tell | :10:33. | :10:35. | |
the institution you want to the institution you want to | :10:36. | :10:39. | |
transferrin go to your new bank and building society and fill in their | :10:40. | :10:42. | |
forms. They will organise the transfer. They will arrange that for | :10:43. | :10:51. | |
you? Yes, and there are rules as to how quickly that is supposed to | :10:52. | :10:54. | |
happen, but they will arrange the transfer for you. In terms of the | :10:55. | :11:01. | |
interest, even with the tax break, they have been struggling to keep up | :11:02. | :11:03. | |
with rising prices, going back several years. Are they even worth | :11:04. | :11:11. | |
putting your money into at all? The way I look at it, no matter what it | :11:12. | :11:16. | |
is, do the sums and work out the tax is, do the sums and work out the tax | :11:17. | :11:23. | |
rate, if you are paying tax at 20%, take off the tax and see if you are | :11:24. | :11:27. | |
better off, but if you are paying the higher rate, and the ice of rate | :11:28. | :11:30. | |
is not normally going to be a good idea. ISA Forced `` ISA. It is all | :11:31. | :11:45. | |
about how much money you are getting at the end of the day. Thanks for | :11:46. | :11:47. | |
joining us. That's all from Your Money | :11:48. | :11:49. | |
for this week. Keep up to date all week long on | :11:50. | :11:51. | |
Your Money pages on the BBC website. On social media, | :11:52. | :11:55. | |
we've got updates on Twitter. The United States has carried out | :11:56. | :11:56. | |
a second air drop of food and water for thousands of Yazidi | :11:57. | :12:20. | |
people in northern Iraq, | :12:21. | :12:24. |