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Contactless limit to increase to £100 from 15 October January 7, 2022

The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, trade body UK Finance has confirmed. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public consultation and discussions with both
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Welsh government delivers Budget January 7, 2022

On 20 December, the Welsh government outlined a Budget to ‘build a stronger, fairer and greener Wales’. Presenting the Budget, Welsh government Finance Minister Rebecca Evans stated that it will help to ‘support the Wales of today and shape the Wales of tomorrow’. The Welsh government unveiled a £116 million package of funding to aid with the economic
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Self assessment taxpayers must declare COVID grants on tax returns January 7, 2022

HMRC has reminded self assessment taxpayers to declare any coronavirus (COVID-19) grant payments on their 2020/21 tax return. According to HMRC, more than 2.7 million customers claimed at least one Self-employment Income Support Scheme (SEISS) payment up to 5 April 2021. The tax authority says these grants are taxable and customers should declare them on
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HMRC’s Time to Pay plan raises £46 million January 7, 2022

HMRC’s self-service Time to Pay payment plan has raised £46 million since April this year, according to the tax authority’s data. HMRC’s self-serve Time to Pay system was set up to help individuals struggling to pay their bills in full and it allows self assessment taxpayers to manage how they pay their tax. Since the
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FCA to introduce new consumer duty January 7, 2022

The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services. The new rules will help tackle harmful practices such as providers of financial services presenting information in a way that exploits consumers’ behavioural biases; selling products or services that are not fit for purpose; or
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