Credit, Collections & Insolvency News
The goalposts for Members’ Voluntary Liquidation taxes are changing as announced in the Autumn Budget, Labour’s first major fiscal announcement since coming into power. As the government set out to raise a record £40 billion through tax rises, Capital Gains Tax and Business Asset Disposal Relief, both crucial to an MVL, came under the firing…
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A British Retail Consortium (BRC) survey has found that British retailers are expected to increase prices in the coming months due to rising employment costs. In February, shop prices were 0.7% lower than the previous year, but saw a monthly increase of 0.4%, marking the largest rise in a year. The report also noted that…
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A Nottinghamshire construction boss who fraudulently removed more than £700,000 from four failing companies and transferred the money to his casino account has been jailed. Wesley Grainger-Smith fraudulently removed more than £702,050 from four struggling construction companies between 2014 and 2017 into his casino gaming account. Grainger-Smith was not the official director of any of…
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New research by TotallyMoney has investigated overdraft charges and found that some high street banks are charging customers up to 49.90% interest on their borrowing. The research showed that one in five people (19%) are overdrawn by £709 each day, with total overdraft borrowing at £5 billion. with many high street banks charging daily interest…
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The Financial Ombudsman Service (FOS) has reported a record 18,658 new complaints regarding car loans in the last quarter of 2024, surpassing credit cards as the most complained-about financial product. Motor hire purchase deal complaints jumped almost three times to 15,956 cases, followed by disputes about credit cards, current accounts, car/motorcycle insurance and motor conditional…
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