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HMRC Customer service advice line ‘collapsed’ after cuts

Sam Allcock
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HMRC Customer service advice line ‘collapsed’ after cuts

HMRC met its target to handle 80% of calls in only 10 weeks of the year, the NRO report said.

Its performance deteriorated further over the first seven months of 2015-16. Average waiting times tripled compared to 2014-15 levels, peaking at 47 minutes for self-assessment callers during the deadline week for paper returns in October 2015.

The NAO estimates the overall cost incurred by customers who called the taxes helpline increased from £63m in 2012-13 to £97m in 2015-16. The estimate includes call charges at £10m, the value of customers’ time spent waiting to speak to an adviser at £66m and value of time spent talking to advisers at £21m.

Within this estimate, customers paid £2m less in call costs because HMRC reduced call charges by moving from higher-rate numbers to local-rate 03 telephone numbers in September 2013. An increase in the economic cost of time spent waiting for an answer or speaking to an adviser more than offset the saving, the NAO said.

Ruth Owen, HMRC’s director general for customer services, said the authority has recognised that it did not provide an adequate standard of service but has since improved.

“Over the past six months we’ve consistently answered calls in an average of six minutes, and have launched new online tax accounts and web chat for everyone,” she said.

HMRC Customer Service telephone number.

Stressing the house stuff: How to Ease the Burden When buying a home with Friends

ABC Staff
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Stressing the house stuff: How to Ease the Burden When buying a home with Friends

Due to the continuing increase in house prices, especially in the capital, many young people are now looking at alternative ways to afford a property and get on the first rung of the housing ladder. Even though the rate of growth is declining as experts begin to forecast a property market crash, the value of housing soared by an average of 10.4% year-on-year in April. This is pricing many out of the market through conventional means, as new methods of investing real estate are explored and embraced.

One method that is growing in popularity is to buy a property with friends.

This can be a much more cost-effective way rather than attempting to save up enough for your first mortgage and offer many benefits. There can be a few downsides, such as if you and your friend(s) fall out or one person’s circumstances change to affect the property ownership. If you’re thinking about buying a property with friends there are a few things you can do to make the process easy, seamless and ultimately rewarding!

Work It Out

The first thing you’ll have to do is work out your combined budget. This should give you a good idea of the size and type of property along with ideal area for purchasing one. The majority of lenders will allow you to borrow around three times your income.

Aim to put down a deposit of between 10 and 25% of the house’s value, the higher the amount the better the rate. This will be a lot easier to cover if there are two or more of you chipping in.

Take Out Tenancy in Common

Taking out a mortgage with friends is different from buying with a partner. Unlike joint tenancy, tenancy in common is favoured by friends and relatives buying together. With tenancy in common, all owners have equal rights to possess the whole of the property.

This can be split 50/50, or if one of you pays a higher proportion of the mortgage then it can be split differently. This will all be drawn up in the mortgage contract to make it clear. Find out more about first time buyer mortgages.

At this stage, it is also important to determine if either you or friend have any existing debts. Secured debts or country court judgements can be levied against property, for example, so it is important that you understand the risks and each other’s financial circumstances prior to undertaking the purchase (and determining ownership).

Set up a Joint Bank Account

Setting up a joint bank account will help things run a lot smoother once you move into the property. Rather than the mortgage payments coming out of two or more accounts, this makes it easier to track payments and ensure the costs are covered.

It can also be used to pay for all the property’s bills and is good for keeping a record of each house owner’s contributions. This should cut down and prevent any arguments that may arise due to money. These few steps will make buying a property with a friend or two a lot easier in the short and long term.

How is the Insurance Industry changing in line with Technology?

Elliot
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How is the Insurance Industry changing in line with Technology?

We live in a world of innovation and technological advancement, where almost every conceivable industry has changed beyond all recognition since the turn of the century. This is particularly true in terms of the insurance sector, which is extremely diverse and takes into account elements from the home, the commercial world and out on the road. With technological advancement continuing to progress at a rapid pace, we can expect the insurance business to evolve even further over the next decade (from the perspective of both consumers and service providers).

This market is also one of the most price sensitive in the world, and this has been borne out by recent controversy relating to pet coverage in the UK. Complaints about the cost of pet insurance have soared by an estimated 38% during the last year, for example, as prices have increased at a disproportionate rate to the depth of coverage offered. This means that innovation in the insurance sector tends to be focused on reducing costs and altering the nature of coverage, and this is a trend that will continue at pace.

How is technology changing the global insurance sector?

So how exactly is technological advancement and innovation changing the landscape of the global insurance sector? Here are three of the most obvious and significant examples: – 

  1. Automated driving will change the face of Automotive Insurance

While the concept of driverless cars has yet to fully take hold, many of the technological elements which will underpin this are already in place. This means that we can expect formative driverless vehicles to be on the road by 2030, and this will have a significant impact on the automotive insurance market. It is estimated that 90% of all road accidents in the UK occur as the result of human error, for example, meaning that existing forms of insurance and liability cover will become invalid over time. Premiums may also be reduced by up to 50%, making car insurance cheaper than ever before.

Ultimately, this means that the leading insurance companies will need to amend their coverage options and continue to diversify their available policies.

  1. Ambient Computing will also reduce risk and home insurance premiums

In terms of home insurance, ambient computing and smart technology are quickly becoming industry-defining factors with the potential to revolutionise the cost and nature of coverage. These innovations include the type of embedded sensors and connected devices which drive smart technology, such as smartphone-operated security systems and home heating hubs. Insurance companies have been quick to adapt to these technologies, capitalising on increasingly safe homes to diversify products and derive greater value. This trend will continue at pace in the near-term future, with home insurance premiums also set to fall as a result.

  1. Core computer systems will increase business efficiency and reduce Insurance costs

Businesses often make huge investments in their core operating systems, with big data assets and Cloud-based technology helping firms to manage their operations from a single, virtual server. This is a topic that appeals to the insurance sector, as it is continually preoccupied with ways in which clients can drive greater efficiency, minimise risk and eliminate costs. This simplifies the policies and coverage that service providers can offer to clients, particular in terms of intellectual property and customer data.

These examples of evolution embody the modern insurance market, while also offering us an insight into the direction that it will take in the near-term future. One thing is for sure; while nobody can predict exactly what will happen in this market it will be an interesting space to observe over time.

Creating Safer Roads: How we can follow the example of Newton Council

Elliot
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Creating Safer Roads: How we can follow the example of Newton Council

In the age of Uber, it is fair to say that taxi-drivers are less vetted and well-regulated than in previous generations. This is something that has generated a great deal of negative press in recent times, often to the detriment of the industry as a whole.

This is grossly unfair, however, as taxi-driving remains a long-standing and rewarding career that serves a great logistical and environmental service throughout the UK. The local Newton Council in Durham has therefore taken steps to recognise and rectify this recently, setting an example for other authorities and individuals themselves to follow in the future.

Setting the Template: How can Taxi-drivers contribute to safer roads?

In short, Newton’s local authorities have increased regulatory measures while also offering free training, theory coaching and fully-subsided transport costs to aspiring taxi-drivers within the region. In addition to creating an environment in which drivers and passengers can interact safely, these measures also empower qualified drivers to assume responsibility for their conduct and the well-being of their customers while out on the road.

One of the best ways that a driver can achieve this is by investing in a reliable vehicle that is ultimately fit for purpose. Here are some steps towards achieving this: –

Consider your Use of the Vehicle

The most important thing is to get a car that is right fit for your particular needs. By this we mean if you’re looking to support those with disabilities or do long haul travel to airports for instance, the car needs to be big enough and accommodating enough to manage this. There are plenty of SUVs from the major manufacturers to consider.

The opposite to this of course is if you’re planning on city driving or shorter journeys you might want a smaller vehicle or an estate car that is suited to these conditions and circumstances.

Check the Fuel Economy

When you’ve narrowed your search down, you should look at the finer details. The economy is an essential part as the higher the MPG the more miles you can do and the less you will spend on fuel over time (creating more money to reinvest in maintenance). Don’t just lump for a diesel car though, you should also look at small-engine petrol and hybrid models as these are often tax-free and can offer fantastic frugal driving.

Try and Secure Added Extras

Along with this, you need to look at the trim levels as again the more conveniences you can get the more comfortable and indeed professional your taxi service will be. Hands-free calling, satnavs and little touches like automatic wipers, windows and lights can greatly help you to optimise safety when you’re out on the roads working.

Shop Around for partners and experienced service-providers

Lastly, you should use the knowledge you have from your research to shop around. There are specialist taxi dealerships like Cab Direct that are worth pursuing too as such firms have knowledge of the business and can help you in your search.

So, make sure you take some of this advice and soon you could have the right taxi to suit your business’ needs. With a little luck, you’ll have this vehicle or fleet for a long time as well, once again saving you more money in

How to Keep Business Travel Expenditure Under Control

Elliot
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0
How to Keep Business Travel Expenditure Under Control

For businesses that cater to an international market, travelling abroad is an inevitability. According to the latest figures from the Office of National Statistics, the number of business trips to destinations overseas grew from 7.9 million in 2013 to 8.3 million in 2014. Interestingly, despite employees seemingly becoming more used to international travel, expenditure during these visits has been increasing. If steps aren’t taken early on, these can quickly spiral out of control.

Learning to Better Manage Your Finances

If travel expenses are becoming too high, you may want to consider switching to a cheaper airline. Similarly, providers that offer frequent flyer miles or other rewards programs could save you money in the long-term. If the thought of losing your premium seat is too much for you, though, don’t despair just yet. Planning early and booking your flights far ahead of time is often the best way to cut the costs without sacrificing on the overall experience.

While laying out these solutions often seems simple, completing the tasks necessary is another matter. Many businesses simply don’t have the time or personnel to keep track of the latest discounts. If this is the case, you may benefit from working with a corporate travel management company like Reed & Mackay. Firms like this can prepare personal schedules for you in advance and, thanks to a mixture of industry contacts and expert negotiation, provide you with lower airfares.

Protecting Yourself Against Any Problems

However you decide to travel, though, one thing doesn’t change. Protecting yourself against any potential problems by taking out business travel insurance should be a number one priority. Traveling to a foreign country for the first time will bring a lot of new experiences, but sometimes these aren’t all positive so you should look to take out basic coverage at a minimum. This will typically cover any medical bills for pre-existing conditions you may have.

Depending on the policy, you might also expect to be provided with a replacement item should your smartphone, laptop, or other piece of business equipment be lost or stolen during the course of your trip. Finally, you may also want to consider additional policies like cover for flight cancellations and curtailments—this could be crucial for self-employed travellers working on their own time—or even replacement colleague cover should your partner suddenly not be able to make the trip.

Can Today’s Graduates avoid the student loan Trap?

Elliot
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0
Can Today’s Graduates avoid the student loan Trap?

When student tuition fees increased at the beginning of 2015, a national debate was sparked concerning the value of loans extended to aspiring graduates. While some suggested that such fees were extortionate and not in line with the quality of the education they would receive, for example, others celebrated the flexibility of the repayment terms and the fairness of the system as a whole.

The consequences of student loans are hard to ignore, however, especially with reports now suggesting that the notion of adults living at home with their parents will become the norm by the year 2025. More specifically, nearly one-third of graduates aged under 35 will find themselves living back at home within the next decade, as the rising cost of property and the burden of student debt makes the cost of independence too much to bear.

Can Graduates avoid the student loan trap?

With an estimated 3.8 million 20 to 34-year olds likely to be living with their parents after graduation, there is clearly an issue that needs to be addressed. The question that remains is who should shoulder the burden of negating the impact that student loans place on individuals once they enter the world of work?

While some may place the responsibility elsewhere, there is reason to believe that students themselves should take steps to take control of their financial destiny and negate the consequences of costly tuition.

So how can today’s generation of cash-poor students achieve this lofty aim? Consider the following ideas: –

Budget, plan and embrace the concept of mind-mapping

While this may sound obvious, the pressures of studying and the rigours of campus life can make it difficult to consider complexities such as finance. This is crucial if you are to minimise the impact of student borrowing, however, as budgeting can help you to save as much of your money as possible and make future repayment easier.

If you are new to budgeting, however, you may want to consider a technique known as mind-mapping. This is widely used in modern business, as is essentially a visual representation of your thoughts and decision-making process. By highlighting the triggers for impulse buys and recording your spending decisions on paper, you can begin to see where money can be saved and change your behaviour as a consumer. If all fails you can always refinance your loan. Refinancing means that you take out another loan from a private lender with much better rates, and with it pay off your original loan. Sometimes parents take out loans for their kids. They are easier to get, but parent plus loan rates are usually much higher. It would be a good idea to refinance it or merge it with other loans to get better rates.

Alongside accurate data concerning incomings and outgoings, this can help you to budget your income and optimise its impact.

Consider short-term Borrowing where appropriate

Occasionally, you may need to take on a manageable, short-term debt in order to cope with larger, long-term liabilities that are accumulating interest. While this should be done with caution, if used responsibly then short-term lending can deliver financial relief and help you to regain control of your income.

There are two key stages to achieving this. The first is to understand the nature of short-term lending, which is unsecured and generally subject to a slightly higher level of interest than normal alternatives. It must also be repaid within a fixed time to avoid charges, so it is usually best served when clearing unexpected, one-off bills rather than supplementing an existing lifestyle.

The next step is to identify a provider, with some such as Smart-Pig standing out. This was the first short-term lender to be verified by the FCA in the UK, which in turn means that it offers peace of mind and a viable solution to customers.

Consider selling a marketable skill or product

Not only there an estimated 1.4 million freelancers in the UK, but many of these have sought to embellish their earnings by securing an additional source of income. This is something that may appeal to students with an entrepreneurial or aspirational bent, while it also has the potential to boost your savings potential over time.

While studying must remain the primary focus for students, those who are proactive, determined and organised can at least create some time to invest in lucrative activities. Whether this revolves around the initiation of a part-time venture, marketing a core skill on the freelance market or investing in passive income streams (such as financial market investment), the key is to participate in carefully selected and structured activities that deliver a return.

Just be sure to make your decision wisely, while research specific markets to determine whether there is a viable demand or opportunity to generate income.

How Innovation continues to drive the global Travel sector

Elliot
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How Innovation continues to drive the global Travel sector

It is interesting to consider how innovation has impacted on multiple business sectors and social values. To understand this further, you need only look at the typical citizen’s approach to saving in the modern age, as the majority leverage digital technology to increase their earnings rather than focusing solely on reducing living costs.

The travel and tourism sector is also a prime example of how innovation can drive an industry and inspire growth. After all, a number of recent studies have revealed that the global tourism market is one of the largest single employers in the world, while its unique gross domestic product represents nearly 3.1% of the global GDP as a whole.

Behind the Headlines: A look at the Innovations that have inspired the travel sector

Last year, it was revealed that the global travel market employed more people that automotive manufacturing, mining and the financial services sector combined. The World Travel and Tourism Council (WTTC) also confirmed that the industry generated $2.4 trillion as recently as 2014, highlighting the growth and prominence of this diverse sector.

Make no mistake; this growth has pinned underpinned by a technological revolution that has reduced the cost of travel and improved the customer experience when booking trips, travelling overseas or planning their excursions. Here are some of the primary innovations: –

Bag Tracking and Luggage accessories

Issues such as lost or oversized luggage used to undermine even the best overseas trips, but this is no longer the case in 2016. We have already seen technology initiated to create ‘smart’ suitcases, for example, while the McCarran Terminal 3 in Las Vegas; main airport has also experimented with the use of radio frequency identification to chip and track boarded suitcases.

In terms of packing the right size luggage, Case Luggage and Accessories has developed an interactive application that enables you to check whether the dimensions of your cabin case will fit on a designated airline. Called Case 2 Fit, it ensures that you are able to travel light while easing the often time-consuming checking-in process.

Stay connected through Airplance Wi-Fi

Years ago, the notion of accessing a Wi-Fi connection while in the air was almost unthinkable. In-flight Internet connectivity is now taken for granted across almost all global airlines, however, and while this is often charged the overall cost to te consumer is continuing to decline (and will probably be eradicated completely in a few years time).

We have also seen airlines recently add power outlets for passenger use, enabling travellers to charge their smartphones and tablets in time for their arrival. This is only a small detail, but it creates a more comfortable and enjoyable flight while also driving a more convenient travelling experience.

The rise of Functional Travel apps

Last but not least, we come to the ever-increasing range of travel applications available in 2016. The majority of these are focused on logistics and user reviews, enabling travellers to plan their itineraries independently without the need for guided tours or costly advice.

Instead, you can use progressive apps such as Rome2Rio to plan your movements while abroad, as this tool includes a huge database that draws information for landmarks, streets and cities from all over the world. Trip Advisor also offers an incredible array of user reviews on hotels, restaurants and bars from across the globes, while landmarks are also rated on the experience that they offer.

This helps you to plan your trip in careful detail, while simultaneously enabling you to get the maximum value for your money.

As we can see, these innovations have had a cumulative impact on the way in which people travel, savings consumer’s money and enabling them to fulfil their dreams. This is the foundation on which recent growth in the travel sector has been built, and with further innovations planned for the future we should expect this trend to continue.

Can the right school really add £21,000 to your Property value?

Elliot
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0
Can the right school really add £21,000 to your Property value?

The property market is a constantly evolving entity, and one which continues to fluctuate in line with wider economic and social trends. You would not know this if you were to look at the existing property market in the UK, however, which has enjoyed almost continuous growth over the course of the last 18 months.

There are signs that this trend is beginning to reverse, however, as the rate of house price growth first began to decline during the final quarter of 2015. Even more significantly, prices began to fall during April, as uncertainty over Brexit began to take a heavy toll on the property market.

Are we approaching the Perfect storm in the UK Property Market?

House prices declined by 0.8% last month, and while some may argue that this is only a temporary state of affairs it may also be indicative of a longer-term economic transition. More specifically, as prices have grown beyond a point that the market can bear and a recession has begun to loom large over the UK economy, home-owners are braced for a decline in the value of their property.

This will create something of a predicament for home-owners, many of whom will be compelled to take the initiative and add value to their own properties. They will also be wary of spending too much in a depreciating market, however, creating the need for a delicate balance between investment and return. Ultimately, this may create a perfect economic storm that has the potential to undermine even the best real estate investment.

How the right school can add huge value to your home

Fortunately, there are actually organic and cost-effective factors that can instantly add value to your home. Research has suggested that houses based in leading catchment areas throughout the UK can command a price point above the national average, for example, with figures from the Land Registry estimating this increase at £21,000.

Properties based near the top 100 state schools are worth 25% more on average than those further afield, so it is worth checking which catchment area your home falls in when placing it on the market. While these figures fluctuate depending on the precise rating of the school and its past performance, it is the type of factor that can help to optimise the resale value of a property without forcing vendors to risk their hard earned capital.

The Last Word: Helping you to decide whether to twist or stick as a home-owner

Given the changeable nature of the property market, this and similar factors may prove decisive when choosing whether or not to sell your home in the existing climate. Along with the accessibility of home-owner finance and the type of bad credit loans featured here, there is a clear opportunity for some owner-occupiers to optimise the value in their properties and sell before the market begins to depreciate noticeably.

While houses based in a popular catchment area may boast a significant advantage in terms of value and demand, it is important to make a couple of considerations before listing your property. Your property must be suitable for the necessary target audience, for example, as houses with three or more bedrooms will instantly be more appealing to young families who are actively looking in a positive catchment region.

Families are also among the most price sensitive consumers in the market, so you will to set a viable price point that offers value for all parties involved.

Blackrock Launches Unconstrained Sterling Bond Fund

Elliot
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Blackrock Launches Unconstrained Sterling Bond Fund

BlackRock launched a total return bond fund that seeks out income in global fixed income markets, while maintaining a UK bias. The BlackRock Sterling Strategic Bond Fund (‘the Fund’) is not constrained to any specific benchmark, and aims to deliver attractive levels of income through opportunistic and conviction-driven investing.

The Fund has core holdings in sterling-denominated corporate bonds but with the flexibility to exploit a broader opportunity set, sourcing income from across the entire fixed income universe including strategic allocations to emerging markets and high yield.

The Fund will focus on three well defined but complimentary elements:

  1. High quality income generation from sterling and overseas corporate bonds
  2. High conviction alpha extracted from both global credit and macro markets
  3. Efficient allocation to broad fixed income sectors including global high yield and emerging markets

Jeremy Roberts, Head of UK Retail Sales at BlackRock, says: “As financial markets become increasingly diverse and complex, the hunt for yield gets even harder. In a low-return, low-rate world, income is golden. With a go-anywhere approach we believe this fund will appeal to investors that are looking for an attractive income delivered by experienced managers with a strong track record.”

Ben Edwards, Co-manager of the BlackRock Sterling Strategic Bond, adds: “We’re delighted to be able to offer the Sterling Strategic Bond fund to complement our existing UK Fixed Income range. While investors are not suffering from a lack of choice in this sector, we believe clients will benefit from the same outcome driven style and disciplined risk management that have underlined our successful Corporate Bond Fund over the last 10 years.”

Simon Blundell, co-manager of the BlackRock Sterling Strategic Bond, adds: “We are excited to broaden our existing suite of offerings in the UK fixed income space with the launch of the Sterling Strategic Bond fund. The funds approach will build on our success on the Corporate Bond fund with the addition of a wider more global opportunity set. We will also asset allocate between different parts of the global fixed income markets including high yield and emerging markets to enhance the level of income we know our clients require in this low yield environment.”

BlackRock’s Global Fixed Income business manages $1.53trillion on behalf of clients, with over 400 professionals providing expertise on research, portfolio management, risk management and quantitative analysis (as at 31 March 2016).

Brits have ‘little or no understanding’ of their financial position

Jack Peat
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Brits have ‘little or no understanding’ of their financial position

Brits have little or no understanding of their financial position, according to new research.

A study of 2,000 adults found 58 per cent aren’t sure about their hourly rate of pay, while 70 per cent can’t say exactly how much they pay in income tax. In addition, two thirds of people can’t say accurately how much is in their bank account, while 64 per cent aren’t sure of the precise amount they owe on their credit cards.

But financial ignorance is bliss, accordingly. Almost a third of the respondents said life is too short to worry about money and 62 per cent expressed no intention to try and get a better grip on their finances in the near future.

A spokeswoman for Newcastle Building Society, which commissioned the study of 2,000 adults said: “Our researchers discovered that in the first instance, most people – eight in 10 – think they have a good understanding of their current financial position.

“But when you dig deeper and ask those same people about the detail around their financial affairs, from what they earn to what they pay on things like mortgages, rent, and other bills, they’re less certain. Pensions is an area that baffles many. Forty per cent of those who have a pension aren’t clear on how much they pay in, or even that there are tax benefits to doing so.”

Only half of those polled only have a rough idea of how many bills are coming in and what they pay on them, and only 45 per cent of people were able to say how much they spend on the mortgage or rent each month down to the last penny or pound.

When it comes to spending habits, the average adult finds it hard to track their spending day to day. Indeed, researchers found that when conducting the weekly food shop, either online or in store, less than half keep a close eye on what they are spending.

The spokeswoman for Newcastle Building Society continues: “For most of us, money is hard earned, so being prepared to put time into personal financial planning is a worthwhile investment.

“It’s significant that nearly half of people we surveyed (48 per cent) find that talking about money is reassuring, motivating or empowering, and those who want to fully understand their options to get a better grip on their financial future could consider seeking professional financial advice as a good start point.”

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