Direct Debit insurance 'con'
The average charge each year levied against Britons choosing to pay for home contents insurance via Direct Debit is £31, a new survey shows.Abbey Home Insurance estimates that British households are paying a total of £290 million per year simply for the convenience of paying their home contents insurance premiums by Direct Debit.An estimated 9.3 million people pay for home insurance by Direct Debit and many are not aware that they are often charged for doing so, with 44 per cent of the 215 home contents policies on the market levying a fee for Direct Debit customers.Average APR on charges for payment by Direct Debit is 19.16 per cent per home insurance policy, with the highest rate charged set at 34.9 per cent. This means that, with the average annual premium for contents insurance at £160 a year, customers are paying an average of £31 a year extra for Direct Debit transactions.Prasad Shastri, Abbey head of insurance marketing, said: "Using Direct Debit to buy home insurance is not a service you should be paying for. There is no point using a competitively priced insurer if they then go and add to your annual bill using back-door methods."A recent study by financial website MoneyExpert discovered that car insurance customers pay as much as £182 extra in fees when they opt to pay their premiums monthly by Direct Debit.Consumers are advised to check that they have the appropriate level of home contents cover and are not being charged high additional amounts to pay their premiums by Direct Debit in order to ensure they have the best rate for the level of cover they require.
UK government set to turn on vets and lawyers
The UK tax authorities recently announced a tough review of doctors who are self-employed within the UK. However, the authorities have also announced a crackdown on vets and lawyers who should be paying UK tax and may have other sources of income which have yet to be declared. In exchange for reducing potential penalties by 90% the authorities have given those in these three professions the chance...Read More
Tax collectors' one million mistakes
Britain's tax collectors are asking around one million people to pay the wrong amount of income tax, a National Audit Office (NAO) report has shown.The spending watchdog reveals that administrative failings within HM Revenue and Customs (HMRC) led to £125 million in underpayments and £157 million in overpayments in 2006/07.NAO chief Sir John Bourn said "substantial numbers of taxpayers" were bei...Read More
Why dont the authorities reduce our taxes to refloat the economy?
As we hear news of multi billion pound bailouts and more money where that came from, more and more UK tax payers are starting to wonder why the authorities did not just reduce our tax burden to refloat the economy. Surely less taxes means more money in the consumers pocket and more money to spend on the UK economy?
The truth is that this situation we are in is unique and is not dow...
Is it time to become more active on your finances?
While UK financial sector is still very much on the ropes the last few months have shown us that some operations appear to be more secure than others. Historically many in the UK have been very inactive when it comes towards moving their finances between the different operators in the sector but now may be the time to look again.
The UK consumer is often attracted by the headline ra...
Grocery sales fall for first time in two decades
19/11/2014 Grocery sales have fallen for the first time in two decades, according to a report from Kantar Worldpanel. Kantar Worldpanel, an international company dealing in consumer knowledge and insights based on continuous consumer panels, have produced a report that shows that for the first time since their records began in 1994, the British grocery market has fallen into decline, with s...Read More