Tax-payers face millions in fines this year
January 22, 2008 by admin
Filed under News, News-Banking
New research has revealed that taxpayers are expected to pay the tax-man £463 million in fines during 2008. 
Findings from UnBiased.co.uk reveal that the fines will be generated by late returns, miscalculations and surcharges on unpaid tax.
It is though that £89 million will be paid out for forms returned past the January 31st deadline, £302 million in fines for mis-calculations made on tax forms and £72 million will be administered in surcharges for unpaid tax from previous years.
David Elms, chief executive of Unbiased.co.uk, said, “The rules on self-assessment forms remain unforgiving towards those who return their forms late or incorrectly, so now is the time to take action!”
He added that missing the deadline for returning the form would certainly result in a fine and urged consumers to return them on time and in order.
In 2006, it was estimated that 876,000 self-assessment forms were received after the January 31st deadline, which the majority incurred a penalty of £100 for.
Meanwhile, the Association of British Insurers has urged those who are self employed to take out life insurance as they are now “responsible for all their own benefits”.
Consumers “don’t take the time to read the small print”
January 11, 2008 by admin
Filed under News, News-Credit-Cards
When buying into financial products, such as critical illness cover and private medical insurance, “people tend to look at the top line and not the small print”, says financial experts. 
Financial advisory firm Ashley Law said that those consumers who purchase products which are cheaper may find they have lesser benefits.
Jock Cassidy, director of Ashley Law, said: “If people don’t take the time to read the small print, and I doubt very much if they do because it’s not exactly the most interesting read, then they’ll go for the cheapest option.”
He added that when a person changes a provider of a financial product “it’s a guess on my part is that it’s [the decision] purely cost-driven”.
Meanwhile, David Elms, chief executive of Unbiased.co.uk, commented has said that record levels of business are being driven to independent financial advice through the company’s ‘Find an IFA’ service
As a result IFAs are converting the leads at a greater rate than before.
Bargain Britons keeping an eye on finances
May 10, 2007 by admin
Filed under News, News-Banking
A new type of shopper is emerging in Britain, with the Bargain Braggers apparently taking over the country.
According to unbiased.co.uk, the days of showing off expensive labels are becoming a thing of the past, with more of us now keen to display our bargain hunting credentials.
Half of Brits are said to consider themselves to be ‘bargain spenders’ and this is good news for their bank accounts.
The research shows that 66 per cent of Bargain Braggers can tell you their account balance down to the nearest £10. This compares favourably to the national average which is just 58 per cent.
In addition, these people are also acutely aware of their debt situation, with 63 per cent able to recall their level of debt to the nearest £10, compared to the national average of 58 per cent.
“The kudos of wearing designer labels is a thing of the past. Bargain hunting has turned into the nation’s favourite hobby and more and more people are proud to shop for the best deal and flaunt it,” commented David Elms, unbiased.co.uk’s chief executive.
Bargain Braggers are most prominent in Scotland and Wales, with the lowest concentration appearing in the South West.
Working to clear card debt
February 1, 2007 by admin
Filed under News, News-Credit-Cards
The average Briton slaving his or her way through January, struggling to clear the Christmas debt hangover, gets meagre returns for their pains, Unbiased.co.uk has claimed.
If we worked for 31 days solidly, we could clear the interest on our credit card and loan debts, but not the debt itself, the financial advice service reveals.
Since average UK earnings total £23,556 per annum, a January pay cheque would be just enough to clear the £2,012 interest gathered on the average British consumer’s total personal debt.
But Unbiased.co.uk has declared February 1st ‘Debt Freedom Day’, hoping to inspire consumers to work on eliminating the debt itself in the coming year.
This date should serve as “a wake up call to those who carry personal debt”, Unbiased’s chief executive David Elms emphasised.
“The real headline will come when official figures show people controlling their spending behaviour and increasing their saving power,” Mr Elms added.
For every pound saved, Britons are still borrowing 49 pence to fund their lifestyles.
Average household debt in the UK at the start of 2007 stood at £8,765 excluding mortgages, according to Credit Action statistics.
