Anna’s Accountancy Alerts – Week 17 (24th – 30th July 2023)

Anna’s Accountancy Alerts - Week 17 (24th - 30th July 2023)

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Romance scammers

Barclays has warned about the dangers of romance fraud, after customer losses soared by 60% in six months. It says victims are losing £10,000 on average, and more than a third of UK people have been targeted or know someone who has. Scammers contact victims online – setting up fake profiles on dating websites, social media and chatrooms – and they lure them into a fake relationship. They then ask for money, or gather enough personal information to steal their victim’s identity.

For tips on how to stay safe on dating websites and apps, go to which.co.uk/dating.

Can I pay more into my pension each year?

Yes. The maximum you can save into a pension in a single tax year while still benefiting from tax relief has risen from £40,000 to £60,000. This is known as the ‘annual allowance’.

You can carry forward any unused allowance from the past three tax years.

Most and least competitive providers for instant-access accounts

When Which? Money surveyed 2,000 people in September 2022, fewer than one in five said they expected to switch savings provider in the next year. So while big banks’ rates rarely top the table, there’s little pressure to raise them.

And just because the name is less familiar, it doesn’t mean it’s not to be trusted. In fact, levels of customer satisfaction are typically much higher for smaller providers, according to Which? Money annual surveys of current and account savings account holders.

Banks have to pass very stringent checks before they’re granted a banking licence in the UK. They need sound financing and a strong business plan, and online banks are no exception.

Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts. 

Stay Up-To-Date With Coronavirus & Brexit News

Coronavirus has affected us all. Whether you’re a sole trader, employer or employee. Stay up to date with the latest news – including government support, tax implications, and more.