Browse content similar to 18/01/2014. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
harassed by him. Now, on BBC News, it is time for | :00:00. | :00:00. | |
this week's Your Money with Declan Curry. | :00:00. | :00:12. | |
Hello and welcome to Your Money. Your weekly guide to making the most | :00:13. | :00:21. | |
of your cash here on every week on BBC Television. Just days left to | :00:22. | :00:26. | |
fill up your tax form online. If you get child benefit and you are doing | :00:27. | :00:29. | |
a tax form for the first time you might have to act today. We have | :00:30. | :00:34. | |
some advice. Clever savings using your smartphone to control your | :00:35. | :00:38. | |
central heating. Brian Milligan finds out if it saves us money. Top | :00:39. | :00:44. | |
tips on getting more from our savings. Well, let's start with a | :00:45. | :00:52. | |
look at savings and how we get more from them and how we make them work | :00:53. | :00:56. | |
harder for us in this New Year. One of your resolutions maybe to have | :00:57. | :01:03. | |
been make the most of your money. Anna will make sure that's one of | :01:04. | :01:08. | |
the New Year's resolutions you maybe able to keep. Welcome to Your Money. | :01:09. | :01:12. | |
Some basic things to consider. Interest rates for savings accounts, | :01:13. | :01:17. | |
really, really desperately low. Particularly in accounts where you | :01:18. | :01:20. | |
have had money in for a while and you have neglected it and the bank | :01:21. | :01:26. | |
has neglected it? There is two things there. One is where you had a | :01:27. | :01:31. | |
bonus rate on an account. So the rates may have been paying for than | :01:32. | :01:37. | |
2%, but with some bonuses it is dropping to 0.1% and also just in | :01:38. | :01:41. | |
general, lots of rate cuts over the last year. We have had over 1400 | :01:42. | :01:44. | |
cuts to existing savers accounts. So you have to keep a close eye on your | :01:45. | :01:50. | |
savings. You have to be sharp eyed and keep an eye on the tanl and keep | :01:51. | :01:56. | |
an eye on what's on offer elsewhere and don't be shy about moving your | :01:57. | :01:59. | |
money. It is your money and you are allowed to move it? You have got to | :02:00. | :02:03. | |
vote with your feet. Don't just sit-in one of these accounts paying | :02:04. | :02:07. | |
you no interest. And there is no bonus for loyalty now? Not really. | :02:08. | :02:10. | |
Sometimes there are, but you have to keep an eye on that. Don't assume | :02:11. | :02:18. | |
because it has a word li preferential or loyalty. Check out | :02:19. | :02:21. | |
what's available and find the best account for you. Another way of | :02:22. | :02:24. | |
making your savings work harder is by paying as little tax on them as | :02:25. | :02:29. | |
you are legally allowed to. Of course, most people are allowed to | :02:30. | :02:33. | |
get a tax efficient ISA account, but if you want to make the most of | :02:34. | :02:37. | |
that, in this tax year, there are only a few months left? That's | :02:38. | :02:40. | |
right. It is up to the 5th April in this year. So you have got to do | :02:41. | :02:45. | |
that. If you haven't used your ISA allowance you have half of your ISA | :02:46. | :02:51. | |
allowance can go into a tax savings account. Why not get it tax-free. It | :02:52. | :02:57. | |
is a use it or lose it allowance. Exactly. There is a new one after | :02:58. | :03:03. | |
April? Yes, every year. Again, the interest rates on some of the ISA | :03:04. | :03:08. | |
accounts that are for cash are low particularly if it is an old ISA | :03:09. | :03:12. | |
that you opened several years ago and you haven't touched the money | :03:13. | :03:16. | |
since it went in there, you are allowed to move that to a better | :03:17. | :03:21. | |
performing account? Not all of the ISA are the best ISAs will accept | :03:22. | :03:25. | |
transfers, but look for one that does and the key thing if you are | :03:26. | :03:31. | |
transferring your ISA is you let the new provider pool the money. Don't | :03:32. | :03:41. | |
cash it in or you lose your allowance. Child Trust Fund some of | :03:42. | :03:45. | |
this emhave been rubbish? It became a forgotten account because the | :03:46. | :03:49. | |
junior ISA was brought in. The good news is that hopefully as long as | :03:50. | :03:55. | |
nothing changes from April in 2015, you will be able to transfer from a | :03:56. | :04:04. | |
Child Trust Fund into a zwrunior junior ISA, you can get 2.65% on the | :04:05. | :04:10. | |
best Child Trust Fund so it is worth having a look at that. Some bank | :04:11. | :04:13. | |
accounts will give you more, but you have got to promise, you won't make | :04:14. | :04:20. | |
that many withdrawals? That's a key thing. We have seen accounts in the | :04:21. | :04:23. | |
past with bonus rates and the bonus rates as we talked about earlier, | :04:24. | :04:26. | |
the rate can drop, but also a lot of the best buys now restrict the | :04:27. | :04:30. | |
amount you can take out. If you take out too many times, the rate will | :04:31. | :04:34. | |
drop. If you want more for your money, you have to agree to lock it | :04:35. | :04:38. | |
away for a longer period of time? That's right. You get over 3.5% if | :04:39. | :04:43. | |
you lock it for seven years. That's a long time for not a really great | :04:44. | :04:46. | |
rate. Have a look at what the best rates are and find the best accounts | :04:47. | :04:50. | |
for yourself. Thank you very much for joining us. | :04:51. | :04:54. | |
Speaking of the big bucks, how often have you seen one of these? It is | :04:55. | :05:00. | |
the old ?50 note. If you have got one, you have got to spend it, bank | :05:01. | :05:04. | |
or change it by the end of April as it has been withdrawn from | :05:05. | :05:10. | |
circulation. Shops can refuse to accept it. Speaking of banks, over | :05:11. | :05:16. | |
300,000 of us switched our current accounts to a different bank in | :05:17. | :05:19. | |
October, November and December last year. That's a fifth more than the | :05:20. | :05:25. | |
same months in 2012. Switching is so much easier now. The banks will keep | :05:26. | :05:32. | |
an eye on our old account for a year. If they make a mistake, they | :05:33. | :05:37. | |
are supposed to pay for charges or interest. More information on the | :05:38. | :05:43. | |
Payment Council website. If you want to pay for something in | :05:44. | :05:49. | |
the shops using your mobile smartphone, five banks say they will | :05:50. | :05:57. | |
let you do it. Pay day lenders are to get more information about us if | :05:58. | :06:01. | |
we apply to borrow their money at their massive rates of interest. It | :06:02. | :06:04. | |
should mean they won't give loans to people who are already up to their | :06:05. | :06:08. | |
necks in debt. And it has become cheaper to rent a | :06:09. | :06:12. | |
home in England and Wales. The property website LSL says the | :06:13. | :06:16. | |
average cost of renting slipped by 1% from November into December. Most | :06:17. | :06:20. | |
parts of England and Wales saw rents fall. | :06:21. | :06:25. | |
As well as using smartphones to buy stuff in the shops, how about using | :06:26. | :06:29. | |
one to control our central heating? As Brian Milligan found out, there | :06:30. | :06:33. | |
is an app for that and it could save us money. Using GPS technology, | :06:34. | :06:38. | |
smartphones can track your movements such as your journey home by knowing | :06:39. | :06:43. | |
exactly where you are, your phone can keep why you are heating | :06:44. | :06:47. | |
switched off until you need it. When you are an hour away, the system | :06:48. | :06:53. | |
begins to come to life. Knowing when you are likely to alive and taking | :06:54. | :06:57. | |
into account the forecast temperatures, the boilers ramps up. | :06:58. | :07:03. | |
Phone will sense your actual approach so by the time you come | :07:04. | :07:06. | |
through the door, the house and the hot water are warm. The owner of | :07:07. | :07:11. | |
this house paid ?250 for the system just two months ago, but he is | :07:12. | :07:16. | |
noticing the savings. It is saving us, I think, probably about 20 to | :07:17. | :07:21. | |
30%. It is difficult to say because I haven't had a full quarterly bill, | :07:22. | :07:27. | |
but I have worked it out based on the daily figures it gives me and it | :07:28. | :07:33. | |
should pay for itself within three years. Other systems offer greater | :07:34. | :07:37. | |
savings, but they are more expensive to install. In this house for | :07:38. | :07:40. | |
example, you can actually control the temperatures in individual | :07:41. | :07:45. | |
rooms. All from your phone and from anywhere in the world! Why heat your | :07:46. | :07:50. | |
sitting room first thing in the morning for example when no one is | :07:51. | :07:54. | |
using it? Well, with the help of these wireless controls on the | :07:55. | :07:58. | |
radiators, you can shut off the heating in here. In fact by doing | :07:59. | :08:03. | |
so, its makers claim you can save up to ?400 a year. Independent experts | :08:04. | :08:09. | |
say such savings are possible, but mostly for people who live in large | :08:10. | :08:13. | |
properties. Comparing someone who lives in a large detached property | :08:14. | :08:18. | |
which might be leaky and use a lot of heating to someone in a one | :08:19. | :08:22. | |
bedroomed flat, the person in the larger property will have a greater | :08:23. | :08:27. | |
saving potential. For the first time, your lifestyle | :08:28. | :08:31. | |
could have a bearing on the amount you can save. The more you are away | :08:32. | :08:40. | |
from home or the more hectic youred schedule, the more the savings could | :08:41. | :08:47. | |
be. Just chatting with Anna while Brian | :08:48. | :08:58. | |
was giving us that report. There was one other thing she said and it is | :08:59. | :09:02. | |
something we might want to look at and that's how the interest that you | :09:03. | :09:06. | |
earn on current accounts has stepped up. This is somewhat of a surprise | :09:07. | :09:14. | |
because current accounts were the Cinderella of banking. You didn't | :09:15. | :09:18. | |
expect to get a lot for your money at all, but Anna says she has been | :09:19. | :09:22. | |
looking at the tables and there is the one, two, three account from | :09:23. | :09:30. | |
Santander paying 3%. You need to put in ?500 and you are only allowed two | :09:31. | :09:36. | |
direct debts, but 3% is not to be sniffed at given the rate of | :09:37. | :09:44. | |
inflation and the Nationwide, the building society, building societies | :09:45. | :09:48. | |
say because they don't have share Holders, they are -- shareholders, | :09:49. | :09:53. | |
they are able to offer better deals. A Nationwide account as long as you | :09:54. | :10:05. | |
put in ?100 are paying 5%. That's an interesting change in terms of the | :10:06. | :10:10. | |
interest you can get that current accounts are back in the reckoning. | :10:11. | :10:14. | |
That's something we might want to take a look at in future programmes. | :10:15. | :10:17. | |
So we will do that. Are we going to talk about tax? Yes, we are. | :10:18. | :10:22. | |
The reason we want to talk about tax is because many people are finding | :10:23. | :10:25. | |
this month that they have to sent in a tax form for the first time. If | :10:26. | :10:29. | |
you are well off and you are claiming child benefit, even if you | :10:30. | :10:33. | |
have never filled up a tax form before that has changed. The rules | :10:34. | :10:37. | |
have changed on that. If you are a couple getting child benefit and one | :10:38. | :10:42. | |
of you is earning over ?50,000 a year, you have to register, fill up | :10:43. | :10:48. | |
the tax form online and pay any tax that's owing within the next few | :10:49. | :11:01. | |
days. Tina Riches, splendid name for a tax expert, welcome to Your Money. | :11:02. | :11:06. | |
This may catch a lot of people on the hob. If you are in this group of | :11:07. | :11:11. | |
people who are getting child benefit and there is someone in the couple | :11:12. | :11:15. | |
who was earning more than ?50,000, who has to fill out the form, the | :11:16. | :11:19. | |
high earner or the person getting the benefit? It is the person with | :11:20. | :11:24. | |
the higher earnings. You have to look at the family as a whole, and | :11:25. | :11:30. | |
where there is a family with someone receiving child benefit, if one of | :11:31. | :11:34. | |
them is in receipt of income, not just earnings from a job, but all | :11:35. | :11:39. | |
your income, over ?50,000, you are affected by that, which means... | :11:40. | :11:45. | |
That is the magic number, ?50,000. If you have a couple were both of | :11:46. | :11:49. | |
you are earning but both earning less than 50,000, you find, you | :11:50. | :11:54. | |
don't need to fill up a form just because you are getting child | :11:55. | :11:59. | |
benefit. Quite right, yes, Declan. And the deadline is the 31st of | :12:00. | :12:03. | |
January, of course, but if you have never done it before, you might have | :12:04. | :12:08. | |
to act this weekend, because it takes time to register and wait for | :12:09. | :12:14. | |
the password. Well, yeah, there are two steps to getting registered. If | :12:15. | :12:17. | |
you have not done anything at all before, you need to tell HMRC that | :12:18. | :12:22. | |
you need to fill in the self-assessment return, and you can | :12:23. | :12:25. | |
do that online through their website. And then, once you get what | :12:26. | :12:33. | |
is called a UTR code, which can take some weeks, you have to register to | :12:34. | :12:38. | |
do the online return. So if you have not done anything at all until now, | :12:39. | :12:43. | |
you are probably not going to get your unique tax reference code | :12:44. | :12:48. | |
through in time. What those people would need to do is not panic, but | :12:49. | :12:55. | |
do register as soon as you can, but make sure you do pay the tax by the | :12:56. | :13:00. | |
31st of January. Don't just send a cheque to the revenue, because they | :13:01. | :13:04. | |
will not necessarily be able to tie that up with your records. What you | :13:05. | :13:08. | |
need to do is go to the part of the website about paying HMRC, and you | :13:09. | :13:13. | |
can download a payslip which asks for all the necessary information | :13:14. | :13:17. | |
such as your national insurance number, and posts that with your | :13:18. | :13:20. | |
cheque to them. Eventually, they will tie that up. Any tips for the | :13:21. | :13:25. | |
rest of us who are filling up the tax form, not in couples with | :13:26. | :13:29. | |
someone well off blaming child benefit, but the 10 million others | :13:30. | :13:36. | |
also who have to fill the form to mark what the top tips? Right, well, | :13:37. | :13:41. | |
first of all, if you have not done the bit about registering online, | :13:42. | :13:46. | |
you must do that before Tuesday to make sure you get an activation code | :13:47. | :13:50. | |
in time so that you can get into the part of the website that enables you | :13:51. | :13:56. | |
to do the return. You also need to make sure that the return is in by | :13:57. | :14:01. | |
midnight on the 31st of January. Now, I would not leave it until the | :14:02. | :14:06. | |
last minute, because, you know, they're all waste problems with | :14:07. | :14:10. | |
broadband or, you know, websites et cetera, and you don't want it to go | :14:11. | :14:14. | |
down if you are trying to do it at the last minute. -- there are always | :14:15. | :14:19. | |
problems. Last year a lot of people actually did it on the last day. If | :14:20. | :14:23. | |
you have not got all of your information, if you find you have | :14:24. | :14:26. | |
got a bank statement missing or something like that, the best thing | :14:27. | :14:30. | |
to do is put in your best estimate, and mark on the return that it is a | :14:31. | :14:34. | |
best estimate, so at least you can get the return in on time. Because | :14:35. | :14:39. | |
there is a ?100 penalty is the return is late. Tina Riches, we will | :14:40. | :14:49. | |
leave at there, thank you for all of your advice on this, at a time of | :14:50. | :14:52. | |
the year when many people who pay tax are a little bit... | :14:53. | :15:02. | |
You can get updates by following our feed on Twitter. Thank you for | :15:03. | :15:09. | |
watching this week, more again next week, CNN, bye-bye. | :15:10. | :15:13. | |
-- see you then. You are watching BBC News, and these | :15:14. | :15:27. | |
are the headlines: Police Scotland, who have been searching for the | :15:28. | :15:31. | |
missing three-year-old Mikaeel, have found a body which they strongly | :15:32. | :15:37. | |
believe to be his. His body has been detained for questioning by | :15:38. | :15:40. | |
detectives as police seal off a bungalow belonging to a family | :15:41. | :15:41. | |
relative. | :15:42. | :15:44. |