In this episode, I’m sharing four systems that I believe can have the biggest impact on your long-term financial success.
We also hear about the onset of Making Tax Digital, and the importance of efficient business systems to help cope with that change.
And the collapse of Wow Air has left thousands of passengers stranded. What does this mean for airline passengers?
There’s also a roundup of the latest personal finance news, and an update from the world of Informed Choice this week.
Personal finance news
-The funeral market is under investigation following reports of sustained price increases. According to the Competition and Markets Authority, the essential costs of a funeral have risen by 6% a year for the past 14 years, well above the rate of price inflation.
-The administrator handling collapsed firm London Capital & Finance has called on four individuals to repay money. Thousands of investors lost £236 million pounds when the alternative finance ISA provider collapsed in January.
-Nearly half of babies born in the UK have parents living in rented accommodation. A new report from insurer Royal London found that the number of families in private rental accommodation with dependent children has risen by 94% in the past decade.
-The average council tax bill in England is set to rise by 4.7% next week. It’s the second biggest increase for council tax in a decade, according to the latest official figures.
-The Financial Conduct Authority has proposed new rules designed to help thousands of so-called ‘mortgage prisoners’. Around 150,000 mortgage customers are stuck with high interest rate deals with unregulated or inactive mortgage providers, finding themselves unable to switch a cheaper deal.
Final week for UK’s small businesses to prepare for major tax change
Britain’s business owners are being urged to ensure they are compliant with a major change to the tax system as a first step to digitising out of date business systems that are impacting on UK productivity and could save firms billions a year.
There is only one week to go before the introduction of a huge tax scheme described as the most significant change in a generation affecting over a million UK businesses.
The government’s Making Tax Digital (MTD) scheme comes into effect on April 1st and aims to recover an estimated £9 billion lost to the government each year through inaccurate reporting. All of the UK’s small and medium sized VAT registered businesses with a turnover of more than £85,000 will have to use software to record all of their costs and receipts digitally and upload them directly to the HMRC website.
It means the end of stuffing envelopes with paper receipts and invoices and being handed to accountants to be manually entered on spreadsheets.
Explaining what this means for Britain’s small businesses, tax expert Carl Reader chats with our correspondent Kitty.
Powerful systems to boost your wealth
In this episode, Martin shares four systems you can use to boost your wealth over the long-term.
1 – Automate your savings and investments
2 – Make a date with yourself
3 – Outsourcing and arbitrage
4 – Passive income
Wow Air collapse leaves thousands stranded
On Thursday it was announced that Icelandic budget carrier Wow Air had ceased operations, cancelled all flights stranding thousands of passengers.
Wow says passengers needing to travel should book with other airlines.
Paul Nelson, a travel industry expert and commentator from World Travel Market, joined Kitty to discuss what your next steps should be.