Personal Finance
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| Google books | books.google.com |
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| Originally published | February 3, 2012 |
| Authors | Kristy Walker |
| Robert B Walker | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 2027432 |
About Personal Finance
Personal Finance, 2e by Walker/Walker offers students an engaging treatment of personal finance, while incorporating unique themes, an application-driven pedagogy, and a definitive action plan. . . .
Interest rates: Why there is more pain still to come
... While mortgage rates might be on the way down again, analysts say savings rates may also have peaked - including at Treasury-owned National Savings and Investments (NS& I)," Savers should brace themselves for rate cuts on NS& I accounts and for the Premium Bond prize fund to fall, as the government-backed provider has already exceeded its fundraising target for the tax year, " says Laura Suter, head of Personal Finance at investment platform AJ Bell...
The hidden tax rise in the Autumn Statement
... Sarah Coles, head of Personal Finance at Hargreaves Lansdown, said that while the 2% cut in NI " isn t to be sniffed at" by keeping NI and income tax bands frozen, " the Treasury has done nothing to protect us from the misery of fiscal drag, and means the lion s share of the damage done to our finances from these tax hikes will still continue to be felt years down the line"...
Minister's £11,000 iPad bill is legitimate expense - Humza Yousaf
... It has always been more expensive the moment you leave Europe, with some providers charging £7 a megabyte for data and nearly £4 a minute to make or receive a phone call, according to Personal Finance site...
Big banks accused of doing little for savers
... Alice Haine, Personal Finance analyst at investment platform Bestinvest, said: " The era of cheap money is well and truly over, so households should prioritise clearing expensive unsecured debt and building up a rainy day pot to withstand any unexpected expenses...
House price falls expected into new year, Halifax says
... Alice Haine, Personal Finance analyst from investment platform Bestinvest, said: " The housing market is expected to remain subdued into the next year as the drag effect from the Bank of England s 14 interest rate hikes delivers a heavy blow to affordability levels...
Freshers' week: Tips for surviving uni first year
... " Final-year student Pria, 21, agrees Personal Finance is an important aspect of uni life...
Premium Bonds: Chances rise of winning leading prizes
... " It was inevitable that NS& I would increase rates as rising competition in the savings market means it has fallen out of favour with savers who would prefer guaranteed rates elsewhere, " said Laura Suter, head of Personal Finance at investment platform AJ Bell...
New rules aim to end rip-off finance fees
... Eric Leenders, managing director of Personal Finance at UK Finance, the trade body for the banking sector, said he believed the changes would be more " evolution, not revolution" and that " most customers will probably not feel too much of a difference"...
The hidden tax rise in the Autumn Statement
By Michael RaceBusiness reporter, BBC News
Tax cuts were The Main Theme of The chancellor's Autumn Statement, but The policy decisions will not prevent taxes staying at their highest level on record.
A big part of that is due to a so-called " hidden" tax rise, one which can have a bigger impact on household incomes than others, known to economists at fiscal drag.
It sounds rather technical and dull, but it impacts millions of people.
The term describes a process in which more people are " dragged" into paying a larger amount of tax on their personal Income - Without tax rates going up at all.
While Jeremy Hunt announced a cut in National Insurance (NI) rates, he opted to leave NI and Income Tax thresholds untouched, meaning they remain frozen until 2028. Usually tax thresholds rise In Line with inflation, The rate at which The prices in shops increase, but they have been kept The same since 2021.
A period of high inflation in recent times has led to many workers securing pay rises to ease The Rising cost of living. But they are also paying more tax because a bigger portion of their Income is taxed or they have been dragged into a higher tax band than before.
Some 2. 2 million more workers now pay The basic rate Income Tax of 20% compared with three years ago, according to official figures, while 1. 6 million more people have found themselves in The 40% tax bracket in The same period.
Critics describe freezing tax bands - The Level at which a person starts paying different rates of tax on their earnings - as a " stealth tax" because The Process happens gradually as a person starts earning a bit more.
The chancellor's cut in NI, which is a fixed percentage deducted from people's wages and goes towards The cost of benefits, The NHS and The State pension, will partially offset this so-called stealth tax.
But Income Tax revenues - The largest money maker for The Treasury - will continue to rise.
Sarah Coles, head of Personal Finance at Hargreaves Lansdown , said that while The 2% cut in NI " isn't to be sniffed at" by keeping NI and Income Tax bands frozen, " The Treasury has done nothing to protect us from The misery of fiscal drag, and means The Lion 's share of The damage done to our finances from these tax hikes will still continue to be felt years down The line".
" Fiscal drag is a powerful force, especially when tax thresholds are frozen in The Face of an inflationary storm, " added Laith Khalaf, head of investment at Aj Bell .
The UK's official forecaster, The Office for Budget Responsibility (OBR), has estimated as a result of The policy, almost four million more people will be paying Income Tax and three million will move into The Higher bracket by 2029.
Paul Johnson , director of The Institute for Fiscal Studies independent Think Tank , said The tax cuts for NI and businesses would not be enough to " prevent this from being The biggest tax raising Parliament in modern times".
" Higher inflation pushes up tax receipts by More Than it pushes up spending on debt interest or Social Security benefits. But rather than use The proceeds to ease The ongoing 'fiscal drag' effects of threshold freezes, or to compensate public services for higher costs, The chancellor opted to cut other taxes - Most notably National Insurance and corporation tax, " He Said .
The Resolution Foundation said households would on average be £1,200 worse off overall because of The Changes announced during this Parliament.
" The Truth is, taxes are up not down, " said Torsten Bell, chief executive of The Independent Think Tank which focuses on improving living standards for those on low to middle incomes.
" The cuts [in The Autumn Statement] are dwarfed by tax rises already under way. "
Related TopicsSource of news: bbc.com