Money Tips Podcast

In these uncertain and rapidly changing times, it is important to choose an occupation which gives you some guarantee of a long-term future. In the UK, the Home Office publishes an official list of ‘shortage occupations’, for which a qualified and experienced overseas migrant may qualify for a Skilled Worker visa. The list includes jobs such as, Health Service and Residential Day Care or Domicilia...

Most property investors and landlords are proactive when it comes to ensuring the safety of their tenants and properties, which is also in their own interest.  Under the latest Regulations, landlords must have the electrical installations in their properties inspected and tested by a person who is qualified and competent at least every 5 years. Landlords also have to provide a copy of the electric...

Mortgage lending reached £11 billion in March – the highest since records began in 1993 - as a result of the mad rush to beat the stamp duty holiday, which ends in June.   The Bank of England reported that there were 80,000 mortgage approvals in March, up from 73,000 from the previous year, buy slightly down on February’s figure.   Although the property market has boomed in the last few months, th...

A group of charities has sounded warning bells over the growing use of buy-now-pay-later to buy goods. Citizens Advice, a network of legal, money and consumer groups, said many users were getting into debt and struggling to pay for food and bills. Buy-now-pay-later (BNPL) is increasingly popular among young people buying online, and at some High Street outlets. Citizens Advice said many consumers...

Home buyers rushing to beat the June Stamp Duty Holiday deadline could be paying far more for an overvalued property than they are saving on the tax? Inflated property prices keep hitting all-time highs, despite higher unemployment and the worst recession in 300 years, and buyers are paying over the odds, according to a BBC report. In one example, a house which sold for £325,000 during the first l...

The UK government has announced the launch of a new 95% mortgage scheme. 95% mortgage guarantee launches today, available on high streets across the country Scheme part of a range of ownership options to help make home ownership a reality New figures show demand for home ownership has soared during lockdown, with nearly 80% of private renters now saving for a deposit A new government-backed mortga...

The Financial Conduct Authority, has announced that mortgage lenders can enforce repossessions of homes from borrowers unable to make repayments.  As many as 100,000 were on mortgage repayment holidays during the Covid lockdowns, but this came to an end this month. Even more borrowers have not been able to make repayments on loans and credit cards. The term “repayment holiday” implies that borrowe...

Canada has announced that it will increase immigration into the country and simplify the process in order to help the economy recover and grow Canada aims to accept over 400,000 permanent residents each year under the 2021-2023 Immigration Levels Plan. The focus of the new plan will be geared towards economic growth, with the Economic Class accounting for 60% of new admissions. The new Canadian mi...

Toronto’s housing market has boomed during the lockdown, but there is still a massive shortage of homes, which will get worse as Canada opens the doors to 400,000 new economic migrants every year. In this week’s Money Tips Podcast, I interview Toronto native, Jas Takhar, co-founded the REC and real estate firm Royal LePage. Jas, who runs one of the leading real estate companies in Canada and is th...

The end of the current tax, or fiscal year, is approaching fast on 5th of April, so not long to make your final plans. This is the time of year when you should be thinking about using up all of your tax allowance before they are lost forever.   ISA's - tax free savings accounts  Pension Contributions  Marriage allowance - not always claimed Tax relief for working at home Talk to an accountant or i...

Happy St Patrick’s Day! With pubs and restaurants closed for the lockdown in The UK and Irelands, this will be a very quiet St Patrick’s Day. This is a reminder of how vulnerable physical businesses, like pubs, restaurants and shops are to economic downturns or market changes. At the same time, internet companies are getting richer. Never in history has more goods been bought on the internet. Even...

As we celebrate International Women’s Week, new research in UK has found that the average woman in her twenties today will retire with £100,000 less in her pension than men. The BBC reports that the insurance and pension provider Scottish Widows found that women will need to work an extra 40 years just to close the gap. The main reasons are lower average earnings, greater probability of working pa...

As expected, the Chancellor Rishi Sunak has extended the Stamp Duty Holiday for a further three months to help sellers and buyers complete transactions. Budget Main Points Covid-19 Support Extended Furlough extended to end of September Government to continue funding 80% of employees' wages for hours not worked Employers to contribute 10% in July and 20% in August and September Support for self-emp...

  Boris Johnson announces ‘Roadmap’ out of COVID-19 Lockdown Up to half a million tenants may lose their home without financial help… US Tech stocks fall sharply for second day Free Software to help launch your online marketing business in 2021   Up to half a million tenants may lose their home without financial help, charities, landlords and lenders warn Citizens Advice estimate that at least hal...

The average prices of UK house climbed 8.5% in 2020, the highest yearly growth rate since October 2014, according to the official Land Registry data. The average UK house price reached a record high of £252,000 in December 2020, the Office for National Statistics said. The UK is made up of a number of distinct markets, some a world apart from London where average prices are just under £500,000. Th...

Will property crash in 2021? Travellers arriving in England forced to stay in hotels will be charged £1,750 for ten days of quarantine, the UK Health Secretary Matt Hancock has announced. The border control measures will come into force on Monday and apply to UK and Irish residents returning from countries on the high-risk so-called ‘red list.  Opposition parties have called for stronger border co...

Cladding Scandal Sees Buildings Insurance Premiums SOAR 1000% As Insurance Premiums Across The Board Rise, How Can You Save Money?  Owners of properties blighted by fire hazard cladding face 1000% hike in their building’s insurance and no solution for those trapped in unsafe and unsaleable flats. A 28 year old woman from Leeds, who bought her first flat two years ago, has declared herself bankrupt...

Young people aged 25 to 34 face biggest risk of redundancy  Unemployment rate hits 5% with 1.7m jobless according to ONS 9 million people forced to borrow to cope with COVID-19 disruption 400,000 extra people were jobless in November 2020 compared to previous year Millions of jobs won’t return post lockdown, how can you survive in new economy? AI and new technology will force millions of workers t...

Thousands of small businesses are set to receive previously refused insurance claim payments covering losses from the first national lockdown last year, following a court ruling. Supreme Court judges found in favour of small firms receiving payments from Business Interruption Insurance policies. The ruling provides a lifeline to thousands of small businesses, allowing them to survive the coronavir...

Following the third Covid-19 lockdown, which started 5 January 2021, the UK Chancellor, Rishi Sunak, announced a further £4.6 billion in grants to the retail, hospitality and leisure sectors. This new round of support follows extensions to the job retention and loan schemes revealed on 17 December 2020. There may be more to come with the Budget on Wednesday 3 March 2021. New lockdown 3.0 grants  A...

The third Self-employed Income Support Scheme (SEISS) grant, announced by Chancellor Rishi Sunak on 5 November, has opened up for applications. This grant covers up to 80% of lost income between November and January. If you meet the eligibility criteria the grant will provide a lump sum up to £7,500 to cover up to 80% of your average trading profits. Beware of scams and only apply via the official...

The Transport Minister has announced that all international travellers will shortly have to provide proof of a test negative for Covid-19 before departing to the UK. Passengers arriving by plane, train or boat, including UK nationals, must take a test up to 72 hours before leaving the country they are in. Passengers arriving from countries which not on the government's travel corridor list must st...

It’s not the strongest and fittest, but the most adaptable and flexible that survive a crisis 5 Quick Tips To Help Your Business Survive in 2021: If you haven’t done so already, get online and learn how to sell your goods and services to billions of people buying stuff on the internet every minute of every day. Stay open for business as much as legally possible when others close up. Increase your...

Every year, we change from one year to another, but last year it seemed that we were changing from one tier to another!  This is a time to reflect on how things have gone for us, especially since 2020 was the strangest year in our lifetime. Of course, there have been losers, but there have been massive winners too. People running or adapting to an online business models have seen their wealth grow...

Whatever New Year’s resolutions you make, set realistic, achievable goals and write them down! Here are my 7 goals to transform your 2021:    Review your finances and start saving Review your consumer debts and credit cards Review you spending habits – Use the 3 R’s Review your utility suppliers – energy and mobile phone Review ISA and Pensions and use tax allowance Review your Will and inheritanc...