Latest news with #AlastairDouglas
Daily Record
10-07-2025
- Business
- Daily Record
Six ways to make your travel money go further on holiday this summer
If you're jetting off this summer make sure you know these tricks to get the most out of your converted currency. The great British getaway is in full swing as families across the country jet off to foreign shores on their annual summer holiday. Preparation for a memorable vacation are key and include the usual passport checks, travel insurance and the all-important hand luggage that meets the airline specific size requirements. However, finance experts at TotallyMoney are urging people to look more closely at their money, specifically how they plan to pay for food, gifts and other holiday treats or essentials. Alastair Douglas, CEO at TotallyMoney explains how one of the most important things to do is pay in local currency to get the most value from your cash. Another thing to consider is which credit card to take - if at all - to make sure you're not being hit by hefty currency conversion charges. Avoid the airport Alastair warned: 'The airport will almost always offer the worst exchange rates, so avoid it at all costs. If you have time, then shop around in advance for the best rates to boost your spending power this summer.' Pay local Alastair explained: 'Whether you're paying for a bill, buying something, or withdrawing cash, always remember to select the option to pay in the local currency when you're abroad, and never in pounds and pence. That's because it's likely you'll be charged additional fees for the currency conversion, meaning you'll be paying more money for the same thing.' Pack the right card Alastair warned: 'Don't get burnt by bank charges this summer and take a fee-free card with you. Otherwise, if you pack the wrong one, you could find yourself paying £8.15 for £5 of cash when abroad.' Set yourself up Alastair said: 'If you're using Apple or Google Pay, then it's worth checking the settings and selecting the right primary card for your holiday. Otherwise, when you get back, you might find out you've been paying extra, adding to your post-holiday blues.' Spend wisely Alastair advised: 'If your provider does charge flat fees when using your card, remember that making multiple, smaller purchases or withdrawals can really add up. In which case, you might be better off withdrawing a larger amount of money once, and setting a daily budget.' Dodge double conversions Alastair warned: 'If you're in the UK and switching one foreign currency to another foreign currency, then it's likely that you'll be charged two sets of fees or commissions. One will be to convert your cash into pounds, and another from pounds into the new currency. So, you might be better off waiting until you reach your destination and exchanging there.'
Daily Mirror
16-06-2025
- Business
- Daily Mirror
HMRC warning as 'huge' new tax change will take effect this month
A new tax change will come into effect this month which is set to impact "hundreds of thousands of people" who have still not submitted their Self Assessment tax return HM Revenue and Customs (HMRC) has introduced a new £10 daily late filing fine for people yet to submit their Self Assessment tax return, with experts flagging the enforcement could affect "hundreds of thousands of people". Alastair Douglas, CEO of TotallyMoney, warned: "While the initial £100 fine might not have been enough to encourage some to get going, from today, HMRC will start charging late filers an extra £10 per day. "This is on top of the eyewatering 8.5 per cent late payment interest rate on outstanding balances." He further warned that procrastinators faced severe penalties if they didn't act swiftly. Alastair said: "If in three months' time you still haven't filed your return, the taxman will hit you with a penalty of 5 per cent of the tax due or £300, whichever is greater. "Any penalties need to be paid within 30 days, and can be done in several ways, including Direct Debit, bank transfer, or by cheque." Mr Douglas also highlighted that there are options for those who cannot pay immediately: "If you have a 'reasonable excuse' you can challenge your penalty, and reasons include the death of a close relative, serious illness and issues with HMRC's online services. "If you're struggling to pay your bill in full, then head over to the HMRC website, where you might be able to set up a payment plan, under a 'Time to Pay' arrangement." Claire Trott, head of advice at St James's Place, echoed the sentiment, stating "pressure is rising" for tax dodgers dragging their feet, reports the Daily Record. Tax expert Ms Trott has issued a stark warning to those dragging their feet on their tax returns: "While completing a tax return is often a dreaded task, and one may choose to put it off, getting it sorted now could save you from significant financial penalties down the line." She added: "Up until now, late filers have faced a one-off fine of £100, but from today the consequences will become even greater. The £10 a day penalty will continue for 90 days, potentially adding up to £900 if the return is not submitted during this period. "Further penalties of 5% of the tax due or £300 (whichever is greater) will apply at both the six month and 12 month mark for those who still haven't filed." Ms Trott emphasised that anyone registered for Self Assessment must submit a return regardless of whether they owe tax, urging them not to ignore HMRC's reminders. She also pointed out that while filing your tax return today won't negate any fines already incurred, it will certainly halt additional charges. Ms Trott advised: "The quickest and simplest way to do this is to complete HMRC's online form. While the process may seem daunting, there are plenty of tips and guidance available on the HMRC website, and if your finances are particularly complex, speaking to a financial adviser is always a good option for those who are able. "With today's penalties likely to cause alarm for those who are unaware, the most important thing is not to rush the return process as this could cause you to leave out vital information that could result in paying more tax than necessary. "There are a number of details - such as gift aid payments, and necessary work expenses - that can be easy to forget about when filing a return but can amount to significant tax relief. It's important to take time to include all relevant information to ensure you receive the full tax relief you're entitled to."
Metro
14-06-2025
- Business
- Metro
Credit card customers can save up to £1,679 with a simple debt ‘spring clean'
If you're one of the millions of Brits who have a credit card, you could be pouring hundreds – if not thousands – of pounds, down the drain. But a quick balance transfer could help you clear your debt faster and save money in the process. New research from TotallyMoney revealed that half (48.8%) of credit card customers are currently paying interest on their balances every month. And by making use of a balance transfer deal, the finance company claims they could save up to a whopping £1,679 each. A balance transfer means moving some or all of your credit card debt from one to a new provider offering 0% interest for a set time, currently up to 33 months. While there's usually a small transfer fee of around 3% or 4%, the interest savings can far outweigh this, adding up to a huge amount as the months go by. 'They're an effective way to cut costs, and you could start saving money before the start of summer,' Alastair Douglas, TotallyMoney CEO, says. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video According to TotallyMoney, the top balance transfer deals available right now are from Tesco Bank, HSBC and Barclaycard, each of which are offering 33 months interest free. A person with an average interest-bearing balance could avoid paying £1,679 by switching to the HSBC 33-month card. It has one of the lowest fees on the market at 3.19% too. The average saving with Tesco Bank is £1,675, but Alastair also notes that it comes with 0% interest on further money transfers for nine months, 'which you could use to clear expensive overdraft debt.' Barclaycard's 33-month deal comes with a slightly higher fee of 3.45%, meaning a typical customer could save £1,671. But, for those who want to skip fees entirely, the bank has a 14-month fee-free balance transfer card too, allowing successful applicants to save an estimated £753. Other providers, including Vanquis and Fluid, are next on the list with their balance transfer offers – 18 and nine months, respectively – which could help you cut your interest bill by £881 and £394. Bear in mind though, you'll need a good or excellent credit score to be accepted with these lenders – and making multiple applications can harm your credit – so it's best to check eligibility before submitting. More Trending Plus, although a balance transfer can be beneficial, it only saves you cash if you pay off as much of your debt as possible during the interest-free period. Personal finance expert at CredAbility, Aaron Peake, advises: 'If you're regularly carrying a balance month to month, switching cards might offer breathing room, but it's also worth using this time to build habits that help you avoid falling back into the same pattern. 'It's easy to focus on the interest-free period as a way to delay, but to make the most of it, you should treat it like a repayment deadline. Set yourself a realistic repayment plan and automate it if you can. Divide your balance by the number of months you've got interest-free and aim to clear it within that time.' Do you have a story to share? Get in touch by emailing MetroLifestyleTeam@ View More » MORE: 'Everyone asks what fragrance I'm wearing – it's this little-known niche perfume' MORE: Millions could be paying off debt well into retirement amid 'pension postcode lottery' MORE: Martin Lewis warns everyone with a mobile phone contract to check now for 'dodgy trick' Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
Daily Record
10-06-2025
- Business
- Daily Record
Self-employed people urged to file tax returns early for faster refunds
Submitting an early Self Assessment return could result in a faster refund from HMRC. HM Revenue and Customs (HMRC has announced that a record breaking 299,419 Self Assessment tax returns were filed in the first week of the new financial year. People filling out Self Assessment forms can submit their tax return for the 2024/25 tax year between April 6 2025, which was the first day of the new tax year, and the deadline for online returns on January 31 2026. HMRC said there were 57,815 'early filers' on the first day of the new tax year, which was a Sunday, compared with 67,870 people who filed on April 6 2024. It's important for those submitting a paper tax return to be aware that these must be submitted by October 31 2025. The revenue body is encouraging people to file early so they know what tax they owe sooner and can plan for any payments in advance. People can set up a budget payment plan to make either weekly or monthly direct debit payments towards their Self Assessment tax bill. HMRC said that in cases where tax has been overpaid, refunds can be claimed as soon as the return has been processed and people can check if they are due a refund in the official app. HMRC recently introduced a new £10 per day late filing fee for people who have still not submitted their Self Assessment tax return for 2024/25. Personal finance experts warn that even though the deadline was January 31, the penalty will apply to 'hundreds of thousands of people'. Alastair Douglas, CEO at TotallyMoney, said: 'While the initial £100 fine might not have been enough to encourage some to get going, from today, HMRC will start charging late filers an extra £10 per day. This is on top of the eyewatering 8.5 per cent late payment interest rate on outstanding balances. "If in three months' time you still haven't filed your return, the taxman will hit you with a penalty of 5 per cent of the tax due or £300, whichever is greater. Any penalties need to be paid within 30 days, and can be done in several ways, including Direct Debit, bank transfer, or by cheque.' He added: 'If you have a 'reasonable excuse' you can challenge your penalty, and reasons include the death of a close relative, serious illness and issues with HMRC's online services. If you're struggling to pay your bill in full, then head over to the HMRC website, where you might be able to set up a payment plan, under a 'Time to Pay' arrangement.' Claire Trott, Head of Advice at St. James's Place, said 'pressure is rising' for those who still haven't submitted their tax return. She continued: 'While completing a tax return is often a dreaded task, and one may choose to put it off, getting it sorted now could save you from significant financial penalties down the line. 'Up until now, late filers have faced a one-off fine of £100, but from today the consequences will become even greater. The £10 a day penalty will continue for 90 days, potentially adding up to £900 if the return is not submitted during this period. 'Further penalties of 5% of the tax due or £300 (whichever is greater) will apply at both the six month and 12 month mark for those who still haven't filed.' It's important to be aware that anyone who is currently registered for Self Assessment is required to submit a return, whether they owe tax or not, so if you're in this position, it's crucial you don't ignore reminders or warnings from HMRC. Ms Trott also said that while submitting your tax return today won't erase the financial penalties you have accrued up to this date, it's well worth it to prevent further fines adding up. She explained: 'The quickest and simplest way to do this is to complete HMRC's online form. While the process may seem daunting, there are plenty of tips and guidance available on the HMRC website, and if your finances are particularly complex, speaking to a financial adviser is always a good option for those who are able. 'With today's penalties likely to cause alarm for those who are unaware, the most important thing is not to rush the return process as this could cause you to leave out vital information that could result in paying more tax than necessary. 'There are a number of details - such as gift aid payments, and necessary work expenses - that can be easy to forget about when filing a return but can amount to significant tax relief. It's important to take time to include all relevant information to ensure you receive the full tax relief you're entitled to."
Daily Record
08-05-2025
- Business
- Daily Record
HMRC urges self-employed to file tax returns early this year
Submitting an early Self Assessment return could result in a faster refund, if one is due. Income tax rises for Scots in April - how the changes affect you HM Revenue and Customs (HMRC has announced that a record breaking 299,419 Self Assessment tax returns were filed in the first week of the new financial year. People filling out Self Assessment forms can submit their tax return for the 2024/25 tax year between April 6 2025, which was the first day of the new tax year, and the deadline for online returns on January 31 2026. HMRC said there were 57,815 'early filers' on the first day of the new tax year, which was a Sunday, compared with 67,870 people who filed on April 6 2024. It's important for those submitting a paper tax return to be aware that these must be submitted by October 31 2025. The revenue body is encouraging people to file early so they know what tax they owe sooner and can plan for any payments in advance. People can set up a budget payment plan to make either weekly or monthly direct debit payments towards their Self Assessment tax bill. HMRC said that in cases where tax has been overpaid, refunds can be claimed as soon as the return has been processed and people can check if they are due a refund in the official app. HMRC recently introduced a new £10 per day late filing fee for people who have still not submitted their Self Assessment tax return for 2024/25. Personal finance experts warn that even though the deadline was January 31, the penalty will apply to 'hundreds of thousands of people'. Alastair Douglas, CEO at TotallyMoney, said: 'While the initial £100 fine might not have been enough to encourage some to get going, from today, HMRC will start charging late filers an extra £10 per day. This is on top of the eyewatering 8.5 per cent late payment interest rate on outstanding balances. "If in three months' time you still haven't filed your return, the taxman will hit you with a penalty of 5 per cent of the tax due or £300, whichever is greater. Any penalties need to be paid within 30 days, and can be done in several ways, including Direct Debit, bank transfer, or by cheque.' He added: 'If you have a 'reasonable excuse' you can challenge your penalty, and reasons include the death of a close relative, serious illness and issues with HMRC's online services. If you're struggling to pay your bill in full, then head over to the HMRC website, where you might be able to set up a payment plan, under a 'Time to Pay' arrangement.' Claire Trott, Head of Advice at St. James's Place, said 'pressure is rising' for those who still haven't submitted their tax return. She continued: 'While completing a tax return is often a dreaded task, and one may choose to put it off, getting it sorted now could save you from significant financial penalties down the line. 'Up until now, late filers have faced a one-off fine of £100, but from today the consequences will become even greater. The £10 a day penalty will continue for 90 days, potentially adding up to £900 if the return is not submitted during this period. 'Further penalties of 5% of the tax due or £300 (whichever is greater) will apply at both the six month and 12 month mark for those who still haven't filed.' It's important to be aware that anyone who is currently registered for Self Assessment is required to submit a return, whether they owe tax or not, so if you're in this position, it's crucial you don't ignore reminders or warnings from HMRC. Ms Trott also said that while submitting your tax return today won't erase the financial penalties you have accrued up to this date, it's well worth it to prevent further fines adding up. She explained: 'The quickest and simplest way to do this is to complete HMRC's online form. While the process may seem daunting, there are plenty of tips and guidance available on the HMRC website, and if your finances are particularly complex, speaking to a financial adviser is always a good option for those who are able. 'With today's penalties likely to cause alarm for those who are unaware, the most important thing is not to rush the return process as this could cause you to leave out vital information that could result in paying more tax than necessary. 'There are a number of details - such as gift aid payments, and necessary work expenses - that can be easy to forget about when filing a return but can amount to significant tax relief. It's important to take time to include all relevant information to ensure you receive the full tax relief you're entitled to."
