Martin Lewis's top items to buy cheaper on holidays abroad
Speaking on his BBC Sounds podcast on Sunday's (11 May) episode, the Money Saving Expert founder revealed which common items holidaymakers can bring back for a much cheaper price than they are in the UK.
Lewis shared a submission from one of his listeners, who said they bought bottles of wine from Spain for almost £100 cheaper than they are sold for in a UK supermarket.
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Daily Mirror
6 hours ago
- Daily Mirror
Martin Lewis says people who had children in 32-year period could be entitled to £10,000 or more
HMRC had been sending letters to people who had children between 1978 and 2010 due to the error - not they have to check themselves Martin Lewis has issued a warning to anyone who had children during a 32-year period that they could be entitled to £10,000 or more in backdated tax payments due to an administrative blunder. The money-saving guru said people could be in line for enormous payouts - with one individual telling him she received £31,000. Posting on X last month, Mr Lewis declared: "State Pension error! Did you take time off wor k (1978 to 2010) to look after children or someone with long term disability? You could be owed £10,000s." He explained: "In brief: 100,000s wrongly have Nat Insurance gaps that reduce your State Pension as they should've got 'Home Responsibilities Protection'. The Govt was contacting people, but isn't any longer. Thus the onus is on YOU to proactively check." His intervention comes after HMRC ceased writing to potential victims, meaning individuals must now pursue claims independently. He explained: " This is about a state pension error. The reason that I'm doing it now is not because it's new - it isn't new - this has been around for quite a long time and the government were contacting the potentially hundreds of thousands of primarily women aged between 41 and 90 - it isn't only women it's primarily women and it'll generally be of that age. "They could be the victim of a state pension error that could mean they're owed a fortune. The government was contacting them but then Steve Webb former pensions minister got in touch with us, with me, and said 'they've stopped contacting them - they're no longer trying to rectify this'." Mr Lewis shared: "Cilla emailed us, "I've just received 15yrs' back pay from HMRC of £31,674 for underpayment of my pension. Thank you." HMRC is utilising National Insurance (NI) records to identify as many individuals as possible who might have been eligible for HRP between 1978 and 2010 and have no HRP on their NI record, sending out some correspondence. Accountants Robson Laidler have stated that individuals could be owed an average of £5,000 in backdated payments. The Department for Work and Pensions (DWP) estimates it has underpaid between £300m and £1.5billion of state pension due to mistakes with the recording of Home Responsibilities Protection (HRP). HRP was a system created to help safeguard parents' and carers' entitlement to the State Pension and was superseded by NI credits from April 6, 2010. HMRC is trawling through National Insurance (NI) records to pinpoint individuals who might have been entitled to Home Responsibilities Protection (HRP) from 1978 to 2010 but don't have it on their record, and they're sending out letters to those affected. A spokesperson from Robson Laidler mentioned: "It is estimated tens of thousands of people are due an average of £5,000 in back payments. HMRC and DWP are also conducting a wider campaign to ensure that everyone who may be eligible is aware of the corrections exercise." HM Revenue and Customs has stated: "HMRC will send you a letter if we think you may have missing Home Responsibilities Protection (HRP). We want to help you make sure you receive the right amount of State Pension, so we're asking you to check if you were eligible for HRP between 1978 and 2010. You may have been eligible if you received Child Benefit for a child under 16." They added, "The letter will tell you how you can check if you're eligible to claim missing Home Responsibilities Protection and how to make a claim." Could a Missing HRP Record Affect Your State Pension? If HRP is missing from someone's NI record, it does not necessarily mean that their State Pension calculation is wrong, but it could be, especially if they took significant time-out from employment to raise a family. The Exchequer Secretary to the Treasury has stated: ' The State Pension is the foundation of state support for people in retirement. We are urging people to check their National Insurance records to make sure they will receive the pension they deserve.' Limited Records and Ongoing Repayments Unfortunately, HMRC delete child benefit claims after 5 years so they do not actually know who may be affected, they are contacting people who they think may be affected. Permanent Secretary, Peter Schofield has confirmed that the DWP has already paid out over £700 million and that the team are making good progress, despite a slow rate of individuals approaching the department about this issue. A Robson Laidler spokesperson said: "We would therefore advise checking your own NI records rather than waiting for a letter from DWP / HMRC to arrive. There is no time limit for applying for HRP if it has not been awarded. "Anyone who may have claimed Child Benefit before May 2000, when it was not mandatory to provide your National Insurance Number on your claim, may not have the correct number of years for State Pension purposes on their NI record, if you first made a claim after May 2000, you will not be affected." How to Check and Apply Before you start the online HRP check you will be asked if you have gaps in your National Insurance record. If you cannot find your National Insurance record online or do not know the answers to any of the questions, you can choose 'Do not know' and you'll be told how to get this information. Should you need to apply for HRP, or if you believe your record to be incorrect you should fill in form CF411 'application form Home Responsibilities Protection (HRP)'. For more information or advice about your HRP application, you should contact HMRC here. Who can apply You may still be able to apply for HRP if, for full tax years (6 April to 5 April) between 1978 and 2010, you were either: sharing the care of a child under 16 with a partner you lived with and they claimed Child Benefit instead of you - you may be able to transfer their HRP caring for a sick or disabled person Article continues below You can also apply if, for a full tax year between 2003 and 2010, you were either: a foster carer caring for a friend or family member's child ('kinship carer') in Scotland If you reached State Pension age on or after 6 April 2010 Any HRP you had for full tax years before 6 April 2010 was automatically converted into National Insurance credits, if you needed them, up to a maximum of 22 qualifying years.
Metro
11 hours ago
- Metro
Martin Lewis reveals these accounts are 'unbeatable' — but savers feel 'conned'
Unless you're paying off expensive debt, it's always a good idea to put a portion of your monthly income into a high-interest regular saver account. However, even if you've compared the options to find the one with the best rate, you may end up earning less interest than expected — and Martin Lewis has just revealed why. Ahead of predicted cuts to the UK base rate, the Money Saving Expert (MSE) founder shared advice on savings in the latest edition of his newsletter, with a run-down on why your annual return can seem like 'less than it is'. 'At the end of the year, many feel they're being conned when they see the interest,' he wrote, using an example of someone depositing £300 a month at 7% interest to demonstrate the issue. Over the course of 12 months, this adds up to £3,600. And since 7% of £3,600 is £252, you might assume that's what you'll receive on top of your nest egg. But the actual amount would be more like £139, because interest is typically accrued on your balance at the end of each day, regardless of how often it's paid out. 'You've not had £3,600 in for a year; you've been dripping it in each month.' Martin explained. 'In fact, your average balance over the year is roughly half that – £1,800 – so the interest will be closer to 7% of that.' While this may make regular savings seem less attractive though, the financial guru urged people not to be put off, adding: 'Even though you only save in increments, the higher rates mean you are still getting unbeatable interest on the money in the account. If that's new money from your regular income, you can't beat it.' To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video The caveat? Whether you've already got a big lump sum or are just starting out on your savings journey, getting to grips with how interest works is vital to ensure you make your money go further. According to Hargreaves Lansdown, 27% of people don't know what interest rate they're getting on their savings, with a Building Societies Association (BSA) survey finding 34% of UK savers never compare their rate to others available in the market. To help you along, MSE lists the top-paying regular savings accounts and offers guidance around which options are best for your needs. Bank of England's savings calculator can also give you a clearer idea of how much your pot will grow in time. As part of his savings 'masterclass' newsletter focus, Martin had an array of additional advice for readers, from using up your tax-free ISA allowance to taking advantage of multiple accounts with different providers (all of whom offer different benefits). If you want to 'maximise every penny' but aren't sure where to start, Martin's analogy of a 'savings 'champagne' fountain' – where you 'pour your cash into the best possible product, then when it's full, move to the next one down' – makes it easy. First off, there's Help to Save. This government-backed scheme is open to anyone on Universal Credit who also does paid work, allowing you to put away up to £50 a month and withdraw your money at any time. Then, after two years, you get a tax-free bonus of 50% on the most you had saved at any point . More Trending Next up, the Lifetime ISA (LISA). If you're aged between 18 and 39, you can open one of these accounts, putting away up to £4,000 a year tax-free and receiving an extra £1,000 to put towards your first house or retirement. Then, at the bottom of the champagne tower, regular savings accounts. Martin warned that millions are 'pants' rates currently, but can 'easily ditch, switch and gain'. However, he recommends doing so before next Thursday, when analysts believe the Bank of England base rate could be cut from 4.25% to 4%. View More » 'UK interest rates are likely on the move,' he added. 'And that means savers need to check what they earn now.' Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ MORE: Martin Lewis reveals common savings mistake that leaves Brits feeling 'conned' MORE: The most valuable advice you should pass on to your children before the age of 10 MORE: I get hotel upgrades by sending a simple email — this is exactly what it says Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Daily Mirror
a day ago
- Daily Mirror
Major car finance ruling could see 23 million drivers owed compensation
The outcome of Supreme Court ruling on hidden commission paid to car dealers could 'shake the foundations' of consumer lending, says Martin Lewis, with implications for the wider economy Millions of motorists could be due compensation depending on the outcome of a bombshell car finance court on Friday. Banks are already braced for a big payout, with some estimates putting the bill at up to £30billion. Consumer champion Martin Lewis warned the outcome of the case had huge economic and political implications and could 'shake the foundations' of consumer lending. The controversy centres on hidden commission pocketed by car dealers from banks and other finance firms. And the higher interest rate buyers paid, the bigger the commission. The Supreme Court 's ruling - which isn't expected until 4.35pm after stock markets have closed for the day - could dramatically widen the number of potential victims. Mr Lewis, founder of said: 'This is going to be a shock announcement coming. It has ramifications not just for car finance firms but right across the financial services sector. Depending on what the decision is, it could even have ramifications across the economy.' One survey suggested over 23 million people are expecting to win compensation for mis-sold car loans. It comes after a major broadband provider introduced a new £60 charge and issued a deadline to act. However, reports suggest the Supreme Court may provide some relief for lenders, prompting analysts to cut their payout forecasts. The anticipated ruling by the highest court in the land has proved political implications too, with Chancellor Rachel Reeves concerned that a hefty compensation bill will mean less money for banks to lend out, in another potential drag on economic growth. The vast majority of new - and many second hand - cars are bought on finance agreements under which buyers normally put down a deposit and take out a loan for the remainder. But it is claimed dealers were signing-up buyers to Personal Contract Purchase (PCP) or Higher Purchase deals and then, unknown to the customers, taking a fat fee - or Discretionary Commission Arrangements (DCA) - between 2007 and 2021. These account for about 40% of car finance deals. If that were not bad enough for lenders, the Court of Appeal - the second highest court in the land - sent shockwaves through the industry with a ruling last year. It decided that, if the level of commission was not disclosed, then that too was a breach of the rules. The consequence was that it would widen the scope of compensation to include 99% of all car loans. It is on this case - involving Commission Disclosure Complaints - that the Supreme Court is ruling. Mr Lewis said: 'If the Supreme Court upholds the Court of Appeal's decision the knock on effects could be substantial on other forms of lending and on the economy. To be honest it could shake the foundations of consumer lending in the country, meaning less possible available credit for many. So much so that I have concerns that it could do more harm than good.' City regulator the Financial Conduct Authority launched an investigation into DCA mis-selling in January last year. The FCA has said it will decide within six weeks of the Supreme Court decision whether to introduce a free industry redress scheme for motor finance customers. It comes amid concerns that people risked losing up to 30% of any payout by signing-up to paid schemes they do not need. The FCA and the Solicitors Regulation Authority (SRA) are warning law firms and claims management companies (CMCs) to ensure they are complying with rules around how motor finance commission claims should be handled. They want such firms to inform clients of the existence of the redress scheme, if and when it is set up, which would allow them to pursue a claim for themselves, free of charge. Paul Philip, chief executive of the SRA, said: 'We are very concerned about some of the practices we are seeing in the motor finance commission claim market. Law firms have a regulatory duty to act in the best interests of their clients. But if they mislead clients, fail to get their explicit consent, do not explain cost information clearly or are not sharing the required information on free alternative routes before signing them up, they are clearly failing to meet their obligations.'
