Latest news with #OceanFinance
Daily Mirror
5 days ago
- Automotive
- Daily Mirror
Expert names exact date to sell or part-exchange your car before 'boiling point'
UK motorists considering flogging or part-exchanging their vehicles have been urged to act swiftly to cash in on heightened demand and competitive prices - but there's not long left Brits thinking of selling their car have been urged to act quickly - or risk losing out on sky-high profits. A car finance expert has revealed the best time to sell or part-exchange your car to secure a substantially better deal. According to inside analysis, the used car market is right on the cusp of reaching peak demand, so owners have a brief window to maximise their returns before sales conditions cool off after reaching the 'boiling point'. Motor Finance Expert at Ocean Finance, Lorna Macpherson, pinpointed this month as the optimal moment to act. So, if you've been thinking about upgrading or getting some extra cash for your current vehicle, she suggests now is the best opportunity to benefit from heightened buyer interest and increased offers. In a statement sent to the Mirror, the expert said: "July is one of the strongest months for selling or part-exchanging. There's more demand for cars during the summer, especially from families getting ready for holidays or young drivers preparing for university in the autumn. "That pushes prices up, especially for fuel-efficient or family-friendly cars, and mid-July is when that demand really peaks. If you're planning to switch or cash in, I'd aim for Saturday, July 19. Waiting until later in the year could mean a lower offer and less money in your pocket." Pricing fluctuations in the used car market are influenced by a number of factors, including consumer demand, availability of stock and broader economic conditions. Right now, these factors are aligning to create a strong seller's market, but such favourable conditions may not last much longer. Delaying the decision to sell or part-exchange could mean buyers lose interest or shift their focus elsewhere, particularly as we move towards the end of the summer and run-up to new vehicle registration in September — when the new 75 plate arrives. Lorna's advice serves as a timely warning for those postponing their decision. Acting on or before Saturday, July 19 not only increases the chances of getting a quicker sale, it could also add hundreds of pounds to the price. For drivers looking to optimise the value of their vehicles, carefully timing the sale is crucial — those who wait too long risk missing out. If you're on the receiving end of this, and you're looking to purchase a second-hand car — it's worth shopping around to make sure you get the best deal possible, and avoid buying any unreliable models that can be costly to repair. As previously reported, veteran car dealer Tom Kershaw warned against buying three popular brands or risk ending up with a 'money pit'. The expert's don't touch list includes Fiat, particularly the iconic Fiat 500, BMW, and Land Rover. You can read more about why Tom refuses to buy vehicles from these brands here.
Wales Online
12-07-2025
- Business
- Wales Online
'Caution needed' as HMRC sends letters to four million taxpayers
'Caution needed' as HMRC sends letters to four million taxpayers A financial expert has issued a warning as people are due to receive correspondence from HMRC Scammers use the opportunity to target people who are expecting a genuine letter (Image: coldsnowstorm via Getty Images ) HMRC is issuing P800 tax calculation letters to four million Brits who may have overpaid income tax, including PAYE employees and pensioners who may have been taxed incorrectly. But as these refund letters land on doormats, scammers are seizing the opportunity to pose as HMRC, tricking unsuspecting people into clicking phishing links or handing over personal information. That's according to experts at Ocean Finance, who have carried out new research involving 1,500 UK adults. The firm said that it found one in three (38%) had either been scammed or know someone who has. One in five (20%) said they worried about fraudsters posing as trusted organisations like banks, energy firms, or government departments. It also found that the risk was growing - 20% of Brits admitted they'd click on a suspicious link, making them easy targets for phishing scams. According to Action Fraud, in the year to July 9 alone, 367,456 reports of cybercrime and fraud were made in the UK, with £2.8bn lost to scammers. Siobhan Blagbrough, financial crime manager at Ocean Finance, said: 'Scammers know tax refund letters are landing this summer, which gives them the perfect cover. People waiting for a rebate are much more likely to believe a text or email asking them to 'claim now'. 'But HMRC will never call, text, or email you unexpectedly about a refund. If you're owed money, you'll either get a cheque in the post or be asked to claim it through your online tax account at Article continues below 'Overpayments can happen for a few different reasons. You might have been on the wrong tax code - this often happens if HMRC has outdated information about your income. It's also common if you've changed jobs and were paid by two employers in the same month. Some people find they've overpaid after starting to receive a workplace or private pension, or if they've received benefits like Jobseeker's Allowance or Employment and Support Allowance. 'If you weren't expecting a message - don't click, don't reply, and don't share your details. Fraudsters often use pressure tactics, spoofed numbers, and fake websites to trick people. If something feels off, trust your gut and report it using HMRC's phishing scam form. A few seconds of caution could save you thousands.' What to do if you've been scammed Contact your bank or card provider: Siobhan said: 'Your bank can block your card, investigate, and potentially refund your money. The quicker you act, the better.' Request a chargeback: Siobhan said: 'If you paid via debit card, chargeback could help you recover your money. This process allows you to dispute an unauthorised transaction and request a refund.' Report the scam: Siobhan said: 'Contact Action Fraud to help authorities track down criminals and prevent future scams.' Update your passwords: Siobhan said: 'If scammers got hold of your login details, change your passwords immediately. Use strong, unique passwords and enable two-factor authentication. Over half of Brits (53%) use the same password across multiple accounts*, leaving them wide open to hackers.' Article continues below Aaron Peake, personal finance expert at credit score service CredAbility, added: 'A scam won't directly hit your credit score, but the financial damage might. Missed repayments or loans taken out in your name can leave marks on your credit file and make it harder to get a mortgage, loan, or credit card in the future. Set up spending alerts and use services like CredAbility and TotallyMoney to monitor your credit for anything suspicious.'
Glasgow Times
18-06-2025
- Business
- Glasgow Times
HMRC and DWP benefits to help parents and children
It comes as research reveals that UK parents now spend an average of £2,275 a year just to send one child to a state secondary school, with primary school costs also topping £1,000 annually. That's a jump of £520 in just three years, with families facing bigger bills for uniforms, tech, lunchboxes and lesson materials. 'Parents are under huge pressure with school costs climbing year after year, but there's more support out there than many people realise," says Fiona Peake, Personal Finance Expert at Ocean Finance. "The problem is, it's not always clearly signposted, so families end up missing out on hundreds of pounds in potential savings. 'With a bit of forward planning, there are real opportunities to cut costs before September, whether it's through government schemes, council support, or simply rethinking how you shop for essentials. Don't wait until the August rush. Start looking now, and you'll not only spread the cost, but give yourself the best chance of finding proper support before it's snapped up.' Tax-Free Childcare The government is urging more working families to sign up - and give their summer plans a financial boost. The money helps families pay for their childcare, as part of the government's Plan for Change to put more money in people's pockets. Working families who sign up to Tax-Free Childcare can boost their annual budget by up to £2,000 per child up to the age of 11 or up to £4,000 up to the age of 16 for a disabled child. Parents! 👪 Could you be missing out on up to £2,000 a year to help with childcare costs? Find out what you're entitled to here. 👇 — HM Revenue & Customs (@HMRCgovuk) May 23, 2025 Parents can use the scheme to help towards the cost of approved childcare whether that's nursery for younger children, or for older children – wraparound or after school care clubs during term time or holiday clubs for the long summer holidays ahead. Martin Lewis discussed it on his podcast last month, where he said: "Tax free childcare is where you can put money into an account held at and for every 80p you put in the state adds 20p on top, up to a maximum free money of £500 pounds coming from the state per quarter - with double for disabilities. And this is tax free childcare for children under the age of 11." 30 hours funded childcare for working parents From September 2025, English working families will see 15 hours of funded childcare expand to 30 hours, from the term after their child turns 9 months until they reach school age. If you currently receive 15 hours for working families, just reconfirm as usual and the code will work for the 30 hours offer in September, providing you remain eligible and your provider has confirmed your new attendance pattern for your increased hours. You can usually get funded childcare for working parents if you (and your partner, if you have one) are: in work or starting a new job on sick leave or annual leave on shared parental, maternity, paternity or adoption leave The amount of funded childcare you can get depends on: your child's age and circumstances your income (and your partner's income, if you have one) your immigration status If you are not eligible for the working parent offer you will still receive the 15 hour entitlement for all 3 and 4 year olds from the term after your child turns 3 until they start school, irrespective of your income level, benefit status, or family circumstances. There's more details on here. Universal Credit help with childcare costs You may be able to reclaim up to 85% of childcare costs if you receive Universal Credit. Yu can't combine it with tax-free childcare though - so do a calculation on to work out which is best for you. Fiona Peake, Personal Finance Expert at Ocean Finance, says: 'Working parents on Universal Credit can claim back up to 85% of childcare costs, even during school holidays. That's up to £1,000 for one child or £1,800 for two, paid through your Universal Credit account. This often works out better than Tax-Free Childcare, especially for larger families.' Child Benefit Following the increases to the Child Benefit threshold from £50,000 to £60,000, many more families can now claim. The upper earnings limit has also increased from £60,000 to £80,000. You get Child Benefit if you're responsible for bringing up a child who is: under 16 or under 20, if they stay in approved education or training If either you or your partner's income (after deductions) is over the £80,000 threshold, you may have to pay the High Income Child Benefit Charge. This income is before any personal allowances and Gift Aid, but includes interest from savings and dividends. Work out if your adjusted net income is over the threshold using the Child Benefit tax calculator. If it is, the calculator will also tell you how much charge you'll have to pay. HMRC is also running a campaign to get parents to register their 16-19 years olds for continuing Child Benefit if they are staying on in full-time education after GCSEs. It's #GCSE season! 📚 If your teen is continuing education or training after their exams, you'll need to let us know. Use our online service to update your Child Benefit claim to keep receiving payments. 💻 — HM Revenue & Customs (@HMRCgovuk) June 12, 2025 Free school meals Your child may be able to get free school meals if you get any of the following: Income Support income-based Jobseeker's Allowance income-related Employment and Support Allowance support under Part VI of the Immigration and Asylum Act 1999 the guaranteed element of Pension Credit Child Tax Credit (provided you're not also entitled to Working Tax Credit and have an annual gross income of no more than £16,190) Working Tax Credit run-on - paid for 4 weeks after you stop qualifying for Working Tax Credit Universal Credit - if you apply on or after 1 April 2018 your household income must be less than £7,400 a year (after tax and not including any benefits you get) Children who get paid these benefits directly, instead of through a parent or guardian, can also get free school meals. Your child may also get free school meals if you get any of these benefits and your child is both: younger than the compulsory age for starting school in full-time education If you do not qualify for most benefits (also known as having 'no recourse to public funds'), your child may still be eligible for free school meals. Ask their school or local authority whether they're eligible. Check if your child can get free school meals in England and find out how to apply on your local authority's website - here's how. There's a different process to apply for free school meals in Northern Ireland, free school meals in Scotland, or free school meals in Wales. If your child is eligible for free school meals, they'll also qualify for the Holiday Activity and Food Programme. Food vouchers may also be available through the Household Support Fund. Find out more by contacting your local council. Disability Living Allowance (DLA) for children Disability Living Allowance (DLA) for children may help with the extra costs of looking after a child who: is under 16 has difficulties walking or needs much more looking after than a child of the same age who does not have a disability They will need to meet all the eligibility requirements. The DLA rate is between £29.20 and £187.45 a week and depends on the level of help the child needs. Morning, we're here until 4pm to answer any general queries. No personal details please. ❎ Parents! 👪 If your child has recently turned 18, they may have a #ChildTrustFund, worth an average of £2,200. Find out more about how they can cash this in. 👇 — HMRC Customer Support (@HMRCcustomers) June 7, 2025 Healthy Start vouchers If you're more than 10 weeks pregnant or have a child under 4, the Healthy Start scheme can help you: buy healthy foods like milk or fruit get free vitamins You need to be claiming certain benefits to qualify. If you're pregnant and under 18 you can claim even if you do not receive any benefits. For more information or to apply, visit the NHS Healthy Start website. Sure Start Maternity Grant or Pregnancy and Baby Payment You could get a one-off payment of £500 to help towards the costs of having a child. This is known as a Sure Start Maternity Grant, in Scotland it's called a Pregnancy and Baby Payment. You usually qualify for the grant if both of the following apply: you're expecting your first child, or you're expecting a multiple birth (such as twins) and have children already you or your partner already get certain benefits You must claim the grant within 11 weeks of the baby's due date or within 6 months after the baby's birth. You do not have to pay the grant back and it will not affect your other benefits or tax credits. Child maintenance For separated parents, child maintenance covers how your child's living costs will be paid when one of the parents does not live with the child. Child maintenance is made when you've separated from the other parent or if you've never been in a relationship. You must have a child maintenance arrangement if your child is under 16 (or under 20 if they are in approved education or training). Home Responsibilities Protection This is more one to help parents with older kids, or even adults, but it's well worth knowing about. Home Responsibilities Protection is a scheme which could be worth an extra £100,000 or more to state pensioners when they retire. In a post on X, it said: "If you became a parent before May 2000, you may have Home Responsibilities Protection (HRP) missing from your National Insurance record. This could mean you're missing out on State Pension payments." For someone with 13 missing years, who lives for another 20 years, it can be worth as much as £100,000 or more in State Pension payments. If you became a parent before May 2000, you may have Home Responsibilities Protection (HRP) missing from your National Insurance record. This could mean you're missing out on State Pension payments. Check if you can apply for HRP below. ⬇️ — HM Revenue & Customs (@HMRCgovuk) May 19, 2025 Most people got HRP automatically if they were: getting Child Benefit in their name for a child under the age of 16 and they had given the Child Benefit Office their National Insurance number getting Income Support and they did not need to register for work because they were caring for someone who was sick or disabled If your partner claimed Child Benefit instead of you, you may be able to transfer HRP from a partner you lived with if they claimed Child Benefit while you both cared for a child under 16 and they do not need the HRP. If you reached State Pension age before 6 April 2008, you cannot transfer HRP. The Ads claimed young people had "nothing to lose" by using its services, despite the firm charging possibly £100s for its services when Child Trust Funds can be reclaimed for free via HMRChttps:// — MoneySavingExpert (@MoneySavingExp) May 29, 2025 Child Trust Funds Again, this is one for older kids and young adults. Recent figures suggest £1.4bn belonging to 728,000 people is sitting in Child Trust Funds, ready to be claimed. But many do not know the accounts exist, or that they are eligible to withdraw it. In a tweet from its official account, HMRC said: "If your child is between the ages of 18 and 22, they can cash in their #ChildTrustFund. The average amount claimed is £2,200." The Share Foundation, a charity which helps people track down lost and unclaimed funds, is also calling for automatic payouts for some of these funds if they've not been claimed by the time the account holders turn 21. Martin Lewis, and others, have warned that young people don't need to use the services of agencies to get at their trust funds - it's easy to go direct and avoid fees. Recommended reading And one not to hold out for - reversal of VAT on school fees A group of private schools, pupils and their parents lost their High Court challenges over the imposition of VAT on school fees. Several schools, children who attend them and their parents, previously brought legal action against the Treasury, claiming the policy of applying VAT to fees is discriminatory and incompatible with human rights law. A Government spokesperson said: 'We welcome the court's decision, which confirms that the legislation is compatible with the Government's human rights obligations. 'Ending tax breaks for private schools will raise £1.8 billion a year, helping to support public services including the 94% of pupils who attend state schools.'
Finextra
12-06-2025
- Business
- Finextra
Intelligent Lending moves to new headquarters in Salford
Intelligent Lending has announced its move to Orange Tower, one of the largest fully fitted Grade A offices outside of London. 0 This follows a major refurbishment of the 6,773 sq. ft 10th floor space, as it becomes the headquarters for the group of three fintech companies, Ocean Finance, CredAbility, and TotallyMoney. With over 250 staff located in Manchester, London, Cyprus and Italy, Intelligent Lending is one of the leading platforms for fair and affordable financial products and services. The group is currently supporting 10 million UK adults improve their financial wellbeing with the use of innovative technology, credit report information, and open banking data. The announcement comes ahead of the Intelligent Lending's planned international expansion later this year. Why MediaCity? Orange Tower is already home to major names like ITV, Kellogg's and The University of Salford, and is Certified Net Zero Carbon. Just 10 minutes from Manchester city centre and 12 miles from the international airport, it sits in the UK's leading creative, digital and tech hub, home to 250 SMEs and more than 200,000 residents. Simon Kay, Chair of Intelligent Lending comments: 'Greater Manchester is fast becoming one of Europe's leading fintech hubs, and it's an exciting place to be. And with its continued regeneration and government backing — which is expected to attract £10bn of investment over the next ten years — we're extremely pleased to call Salford our new home. 'Orange Tower puts us right in the middle of the action, where we'll join more than 250 media and tech businesses, and the likes of the BBC, ITV, and dock10 studios, while the local amenities will help to enhance employee satisfaction and culture. Along with close links to the centre of Manchester and the international airport, Media City was the natural choice to make our headquarters, as we embark on the group's next chapter of growth and innovation.' Chris Reay Director at LandSec added: 'As a global hub for media and tech innovation we're delighted to welcome Intelligent Lending to MediaCity, where, as part of its unique ecosystem, they will be able to access emerging technologies and a talent pipeline to support its burgeoning businesses at the cutting edge of fintech.'
South Wales Argus
12-06-2025
- Business
- South Wales Argus
Winter Fuel Payment scams rise and how to avoid them
The payment was only available to pensioners receiving Pension Credit or other means-tested benefits. It will now be made to anyone with an income of under £35,000 a year, but many pensioners are unsure on whether they qualify. "There's a lot of confusion about who qualifies and who doesn't," says Fiona Peake, Personal Finance Expert at Ocean Finance. "Simply put, if you're over state pension age and your total annual income is £35,000 or less, you'll receive the payment. This includes income from private pensions, freelance work, and interest on non-ISA savings." The full details were announced here. Millions of pensioner households faced unaffordable energy costs last winter. While the changes will provide some relief to these households, there will still be pensioners unable to afford the high cost of energy and living in cold damp homes. So now the Government must focus… — End Fuel Poverty Coalition (@EndFuelPoverty) June 9, 2025 "It'll land in your bank account automatically, likely in November or December," says Fiona. "No forms, no calls, no claims. For those who know they'll be over the income limit, there'll be a way to opt out of the payment completely, to avoid having to repay it later but the government hasn't said exactly how yet. "The Winter Fuel Payment will be a lifeline for nearly two million older households who are living in fuel poverty, but the new eligibility criteria make things more complicated. A single pensioner earning £36,000 a year could have to pay back the full amount, while a couple earning £69,000 could keep every penny. That creates grey area scammers love to exploit." Devolved authorities in Scotland and Northern Ireland will each receive a funding uplift so they too can meet the new threshold. Independent Age chief executive Joanna Elson said: 'We are pleased that the UK Government has listened to the voices of older people on a low income and reconsidered what was an incredibly damaging change to the winter fuel payment. 'By widening the eligibility criteria, more older people in financial hardship will now receive this vital lifeline in time for winter. 'Our helpline receives thousands of calls from older people making drastic cutbacks just to get by and the changes to the winter fuel payment made this worse. For millions living on low incomes, the entitlement supports them to turn their heating on and stock up on food during the colder months. 'While the changes to the winter fuel payment are positive, they are not a silver bullet that will end pensioner poverty.' Recommended reading: What to do if you think you have been the victim of a scam First up, don't panic, and don't blame yourself - it's easily done. The sooner you report it, the better. Siobhan Blagbrough, Financial Crime Manager at Ocean Finance, says: 'Fraudsters often pounce on government announcements to trick people when the public is most likely to be unsure of the rules. We're already seeing fake messages pretending to be from the Department for Work and Pensions (DWP), urging pensioners to 'apply now' or risk missing out on their £300 payment. "These scam texts often include fake links and ask for personal details or for people to reply 'YES' to claim the payment. These messages are bogus. The DWP has confirmed that eligible households will receive the money automatically, and no application is needed. 'If you've already clicked a link or given details, contact your bank immediately. You can also report it to Action Fraud on 0300 123 2040. Above all, trust your instincts. Genuine government payments won't be sent via text messages with links or requests for personal information.'
