Money Box

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Money Box Live: Are Savers Getting a Good Deal? Mar 06, 2024

Show notes

Are savers getting a good return on their cash?

Although times are tight, we are actually saving slightly more according to the Bank of England. In December, we collectively saved £6bn.

But, more than a trillion pounds is sitting in accounts earning around 2% interest - even though the base rate is still at 5.25% - according to analysis by Lightyear of the Bank of England's data.

And £250bn is in accounts that are paying no interest at all.

So are banks doing enough? UK finance which speaks on their behalf, says many of its members have been contacting their customers to let them know about different savings accounts that are available.

As always we've got the experts to answer your savings questions - including where to start as well as some of the many emails you've sent us about when and how to pay tax on your money.

Joining Felicity Hannah is Anna Bowes founder of savingschampion.co.uk, banking analyst Frances Coppola and Chris Gray, independent financial advisor with Forester Boyd Wealth management.

(This episode was first broadcast on Wednesday the 7th of February 2024).

Bereavement Support Deadline and Warm Home Discount Mar 02, 2024

Show notes

Around twelve thousand unmarried parents with dependent children whose partner has died have just a few days to claim their share of an estimated £175 million in bereavement benefits. The figures came from Freedom of Information Requests to the Department for Work and Pensions. People must claim that money before Thursday 8th February. If you think you, or someone you know, may be eligible check by searching for "bereavement support payment" on the gov.uk website.

New figures show £253 billion is sitting in bank accounts which pay no interest at all. Should banks be telling us to move it?

The government is sending out the final cost of living payment for low income households this month. It's £299 straight into bank accounts. We've got all the details. And some people who got £150 off their electricity bill last year are discovering they are not entitled this year, because their home isn't hard enough to heat. We'll discuss changes to the Warm Home Discount Scheme.

Presenter: Paul Lewis Reporters: Dan Whitworth, Tamzin Kraftman, Eimear Devlin Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 3rd February 2024)

Money Box Live: How to Start a Business Feb 28, 2024

Show notes

Are you thinking of turning your 'side hustle' into a full time job?

Perhaps you want to take the plunge but don't know your sole trader from your limited company.

This Money Box Live is a toolkit for anyone planning to start a new business - or those who've started one but might need a helping hand.

And we have Dragons' Den star Deborah Meaden on the show to talk about what makes a good idea, the positives of running your own business as well as the pitfalls to look out for.

Following the pandemic there was a huge drop in the number of self-employed people but last year more than 100,000 people decided to go it alone and work for themselves compare to the year before - and it's the over 50's taking the lead according to the freelancer organisation IPSE.

It's also deadline day to fill out your self assessment tax return - so we'll be answering all your tax questions too.

Felicity Hannah is joined by Vicks Rodwell from the Association of Independent Professionals and the Self-Employed and Richard Jones from the Institute of Chartered Accountants in England and Wales.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(First broadcast 3pm Wednesday January 31st 2024)

Fraud Victims Treasury Meeting and Funeral Scams Feb 24, 2024

Show notes

Campaigners for victims of pension and investment fraud met with the Treasury this week. We'll hear from the Conservative MP who is the co-chair of the All Party Parliamentary Group on Investment Fraud, Caroline Nokes, who was at that meeting.

What's the latest for working parents of two year olds planning to take advantage of the free 15 hours of childcare in term time which begins in April?

Thieves are stealing the identities of bereaved families to try and steal money from friends and relatives of the person who has died. The National Association of Funeral Directors says it has seen a spike of such frauds in the past few weeks in Northern Ireland. What do you need to look out for?

And, some new rules started this month for platforms which allow people to sell goods online. We'll clear up some confusion after listeners contacted the programme.

Presenter: Paul Lewis Reporters: Dan Whitworth and Sarah Rogers Researchers: Sandra Hardial and Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 27th Jan, 2024)

Money Box Live: What's going on with Energy Bills? Feb 21, 2024

Show notes

How are you dealing with energy costs this winter?

Money Box Live has heard some people are skipping meals whilst others in full time employment are turning to warm banks and food hubs to cut costs.

The energy price cap, which is now what most of us pay, jumped 5% at the start of the year to £1928 for typical use - but what exactly does that mean and are you a typical user?

Meanwhile, the charity Citizens Advice has estimated two million people on prepayment meters could have their gas and electricity cut off because they cannot afford to top up.

The Department for Energy Security and Net Zero says its spending an average of £3,700 per household to support families with the cost-of-living. And there is some relief on the way as prices are predicted to fall in the spring.

Answering all your questions and comments with Felicity Hannah is Peter Smith, Director of Policy at the charity National Energy Action and Deputy Policy Director Daniel Portis from Energy UK which speaks for the industry.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast oat 3pm Wednesday the 24th of January 2024)

Pension Scams & HMRC and Fuel Vouchers Feb 17, 2024

Show notes

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.”

As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills.

A record number of people will need to re-mortgage this year - are the choices getting any better?

And all you need to know about filing your self assessment form.

Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 20th January 2024)

Money Box Live: Flooding and Insurance Feb 14, 2024

Show notes

Flooding damages property, lives and can be incredibly financially damaging as well.

There was £352 million pounds in insurance claims for damaged homes following storms Babet, Ciaran and Debi at the end of last year according to the Association of British Insurers. We don't yet know the financial fall out of January's storm Henk - the eighth named storm of the season - but as the climate changes, insurers expect even more of this kind of weather.

So what is flooding costing homeowners and businesses and what is the best advice if you've been affected?

Felicity Hannah visits a flat owner in Worcestershire and we hear from the man who spent £80,000 taking matters into his own hands.

This week we're joined by Heather Shepherd from the charity the National Flood Forum as well as Laura Hughes, Manager of General Insurance at the Association of British Insurers, which represents the industry.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Sara Wadeson

(This episode was first broadcast on Wednesday the 17th of January on Radio 4 at 3pm)

Fake Job Offers and Pension Pots Feb 10, 2024

Show notes

New figures given to Money Box show there has been a big increase in the amount of money being stolen through fake text messages offering people jobs. These recruitment scams are usually sent via text or WhatsApp and offer high pay, easy hours and the chance to work from home. Last year 126 people contacted Action Fraud saying they'd been victims of this type of scam with £977,000 stolen from them. That is 50 times as much as was reported the year before. What do you need to look out for?

Storm Henk was the 8th storm of this season and more could well be on the way. As the flooding costs for insurers rise, home insurance premiums move up with them. According to the Consumer Intelligence Home Insurance Price Index they had already risen 36% by last October. We'll explain all you need to know about flood insurance.

When you pay into a pension you expect it to be there for you when you retire. We investigate one listener's case who discovered her pension company had taken all her money in charges.

And Paul Lewis asks listeners how they buy their music? Email moneybox@bbc.co.uk

Presenter: Paul Lewis Reporters: Dan Whitworth and Sandra Hardial Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 13th January, 2024)

Money Box Live: The Childcare Challenge Feb 07, 2024

Show notes

The price of nursery can be more than a mortgage. In fact, to send a two-year-old to nursery for 50 hours a week, allowing you to work full time, can set you back more than £14,000 a year according to Coram the children's charity.

But, from April this year, working parents in England can claim 15 government funded hours for two year olds, instead of waiting for them to turn three to get help.

Applications for that support are now open - but there are concerns that not all parents will be be able to get their applications processed in time to use them. We've been investigating that, and what else is available to cut childcare costs for mums and dads.

We'll also hear from a nursery owner on the financial pressures of caring for children and talk about the costs of having school age kids.

Felicity Hannah is joined by Paul Rhodes from the Money and Pensions Service and Meghan Meek-O'Connor, senior policy adviser on child poverty at Save the Children UK.

Presenter: Felicity Hannah Producer: Sarah Rogers Editor: Jess Quayle

(This episode was first broadcast on the 10th of January at 3pm on Radio 4).

National Insurance Cut and Fraud Refunds Feb 03, 2024

Show notes

National Insurance will be cut for millions workers from today. It'll be cut from 12% to 10% - the lowest main rate for more than twenty years. The government says this cut will save an employee on average earnings around £450 a year. However, some experts including the Office for Budget Responsibility say that gain is far less than the cost of freezing personal tax allowances from 2021 while wages rose. What will it mean for you?

A new set of regulations designed to help victims of fraud should see up to 90% of them get the money stolen from them refunded by their banks. That's according to Chris Hemsley, who runs the Payment Systems Regulator. He says he hopes the change will encourage the industry to do even more to stop fraud from happening in the first place.

HM Revenue and Customs says it will only take what it calls 'priority calls' on its Self Assessment helpline ahead of the 31st January tax deadline - sending everyone else to its online services. How will that work in practice?

And what parents of small children need to do to apply for the new 15 hours of free childcare.

Presenter: Paul Lewis Reporters: Dan Whitworth, Sandra Hardial and Eimear Devlin Editor: Jess Quayle

(First broadcast 12pm Saturday 6th January 2024)

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