Tax raid that could wipe out YOUR local shops

From April, hundreds of thousands of small businesses will be hit with huge tax hikes. Many say their so-called business rates will be so high, they will struggle to survive. In some cases, local shopkeepers who are only just about earning a living face paying thousands of pounds a year extra. It couldn't come at a worse time, with Britain's high streets already blighted by sweeping closures caused by internet shopping, parking restrictions and rising business rates.

Small business campaign groups are being deluged with calls from panicked business owners like Anna Halliday of London cafes Hally's (pictured), who fear that the tax hikes will wreck their livelihoods.

ASK TONY: TalkTalk put phone in  bedroom, TV doesn't work 

I moved home last August and kept my TalkTalk account. An engineer came to set it up, but he put the main socket in my spare bedroom along with the broadband router. I'm supposed to keep it there, which means I have to run upstairs every time the phone rings. I am nearly 70.

The taxman says some self-employed and small business owners are abusing a rule that exempts legitimate business expenses from tax.

The suppliers' gas and electricity costs fell by 23 per cent between January 2014 and March 2016. Had the savings been passed on, the average bill of £1,133 in 2014 would have fallen by £209 to £924.

In a radical move, the N&P; brand is being scrapped by parent company Yorkshire Building Society. Around 100,000 people who use its Gold current account will have until August 31 to move their money.

From a polite request for evidence to a social media shaming our tips aim to help the hundreds of thousands of people left out of pocket every year after online and telephone orders never arrive.

Like
MailOnline

Follow
@MailOnline

   

DON'T MISS

MARKET REPORT: Pepsi Max lifts Britvic shares by 6%

Revenues in the UK were up 2.2 per cent to £209.8m, with sales of fizzy drinks such as Pepsi Max and 7UP up 5.5 per cent while still revenues fell 3.8 per cent. Britvic has a deal with American drinks giant PepsiCo to produce and sell some of its famous brands including Pepsi, 7UP and Mountain Dew in the UK.

Shares fell more than 20 per cent in a single day last week wiping £8bn off BT's value after it warned that 'inappropriate behaviour' at its Italian arm will cost it £530m. Pictured: BT chairman Sir Mike Rake.

Tim Wiswell was a key player in Deutsche Bank's bid to gain a foothold in the Russian financial markets - and became a legend in the nation's hard-drinking culture, which developed as it embraced capitalism.

Lloyd Blankfein, chief executive of Goldman Sachs, sent a voicemail message to all staff saying 'this is not a policy we support' and offering support for anyone would was affected by it.

The sale to Chrysaor is part of the oil giant's efforts to raise funds to pay for its purchase of rival BG Group. It has been welcomed as a boost to the ageing rigs in the North Sea basin.

The drinks giant is investing £18.6m in a Dublin distillery to produce Roe & Co. It has made the move to take advantage of the global thirst for non-Scotch whiskeys, which is set to soar.

Savings safety net hits £85,000 -  but beware the traps

The Bank of England has raised the amount each saver can receive from the Financial Services Compensation Scheme (FSCS) to £85,000 per person per licensed bank or building society.

It's available online, through its branches and by post, and accepts transfers from other providers. But you are limited to making three withdrawals a year.

Banks should protect vulnerable savers from scams by alerting family members if large sums of cash are transferred out of their account, says Trading Standards.

Hiomebuyer Christabel missed one check and it cost her £3k

After viewing the pretty four- bedroom Georgian town house overlooking the seafront, Christabel Smith and her husband Jonathan felt they had found their dream home. However, their joy at moving into the house in Ramgsgate, Kent, in December 2015 soon turned to despair. Within weeks the boiler packed up and replacing it would cost nearly £3,000.

It's all very well for banks, supermarkets and coffee chains to moan about the taxes they pay - but they have it easy. The real victims are your local greengrocer, baker and cornershop owner.

The number of home loans that give borrowers money when they sign up has soared by a third from 692 to 918 in the past six months, according to data firm Moneyfacts.

How do 'pension recycling' rules work? Steve Webb replies

My wife is a recently retired schoolteacher and now receives her teacher's pension. She also has a private pension that she has paid into for many years. She is still contributing less than £10,000 a year and has not drawn anything from it to date. Will she be affected by the new £4,000 a year limit? Steve Webb, This Is Money's pension Agony Uncle, replies.

Eleven charities, including Oxfam, Prostate Cancer UK and the NSPCC, have just finished a four-month experiment using 100 contactless boxes developed by Barclaycard.

There are roughly 300,000 people on a so-called suckers list held by National Trading Standards. This is a database of people that fraudsters consider to be easy targets.

Earn 6.5% interest investing in Cornish peer-to-peer firm

How would you feel if you could get an interest rate of up to 6.5 per cent on your savings, and help businesses in your community to prosper at the same time? That is the premise behind Folk2Folk, a Cornwall-based peer-to peer-firm that gives lenders the option to back local firms with their cash. Here we look at the benefits and the risks of investing in this way.

Barclays launches 10-year fix buy-to-let mortgage at 2.99%

Barclays has launched a 10-year buy-to-let mortgage fixed at 2.99 per cent with a £2,000 product fee in a move that brokers have dubbed 'highly unusual'. And because the term is fixed for 10 years, landlords could potentially borrow more than they could on a short-term fixed rate.

Landlords plead for buy-to-let tax relief u-turn

Chairman of the Residential Landlords Association, Alan Ward, calls on the Chancellor to U-turn on tax hikes and warns that a failure to do so could push up rental costs. The new tax regime will be much stricter than those in Germany, the US and Australia, for example, and he outlines ideas to change the system.

Last ever Rolls-Royce Phantom VII to be made

The final Phantom is an extended wheelbase car with a nautical theme created for a 'renowned contemporary Rolls-Royce collector'. With 1930s ocean liners etched into the interior wood panels, sea-coloured paint and hand-cut lambswool carpets mimicking a wake among the features on the car, pictured, send-offs don't get much more flamboyant than this.

Average prices for unleaded across the country hit 120.05p a litre over the weekend, while diesel tipped at 122.27p per litre.

The words 'Metro' and 'lucrative investment prospect' have probably never been used in the same sentence before, until now. Meet the unique time-warp MG Metro Turbo due to be sold next month.

'Why is broadband in our new-build so slow?'

John Tubbrit and his family are regularly stuck with broadband speeds of 2Mbp/s or less, leaving them rarely able to use the internet for anything other than very basic web browsing. When they bought the house they were told there wouldn't be a problem with internet speeds. Pictured: John's daughter, Nicole.

The Bank of England has raised the cover limit under the Financial Services Compensation Scheme on Monday from £75k to £85k - or £170k on joint accounts.

Firms including Next and Topshop claimed they were overcharged on so-called interchange payments paid by shops to credit and debit card issuers when customers buy goods using plastic.

How are UK coins made? We visit Royal Mint to find out

The Royal Mint, in South Wales, has opened a £9m visitor centre. It's a treasury trove of history and I think it is one of the most interesting visitor attractions in Britain. I learnt about Isaac Newton being Master of the Mint, how coins are made in German machinery and about pickling - pickling coins that is.

Low credit scores mean car buyers pay thousands more

More than two million cars were purchased on finance in the UK last year, but a third of buyers could be paying tens of thousands of pounds more than others due to poor credit scores. Credit check firm Clearscore compared the cost of finance on Top Gear's ten hottest cars for a buyer getting a standard 5.9 per cent interest rate and a poor credit borrower paying 32 per cent interest - with the gap costing upwards of £14,000 over five years.

Buy one of these apartments, in Chamonix, France, and you can enjoy it for three to six weeks a year and get a small annual income. We explain how leaseback buying works.

General Motors, which owns Britain's Vauxhall and Honda, announced the motor industry's first joint fuel-cell manufacturing operation in Michigan.

Collective switch slashed my energy bills by £300 a year

Rising wholesale energy prices have added £121 to the average gas and electricity bill over the past eight months, according to Energy Helpline. But could you save hundreds of pounds a year on your energy bills and save time shopping around for the best deal through the power of collective bargaining?

Entries are now open for a global competition giving away £1million of equity-free capital to the best and brightest manufacturing, technology and science-based entrepreneurs around the world.

Bank and building society branches are closing all over UK

The year is barely a month old but the withdrawal of banks from the high street has escalated to a level never witnessed before and 2017 is set to be a record year in terms of branch closures.

Booming consumer borrowing kept the tills ringing over Christmas and has been a key force behind Britain's strong economic performance since the Brexit referendum.

'I dealt with Mis-sold Shares Limited, which recovered money for me from the Financial Services Compensation Scheme, but now the tax office says this was a mistake and wants it back'.

Is junior growing faster than his Isa portfolio?

Junior Individual Savings Accounts (Jisas) are great for building a tax-free nest egg for children. But if your child's money is languishing in a poor paying account or is being eroded by fund charges, it could be time to move. Here, The Mail on Sunday looks at the options available.

Financial choices are not for life. Indeed, loyalty rarely pays. Even when you believe your mortgage provider has made it nigh impossible for you to escape, there is usually a route out.

I am all for greater transparency in the financial world, be it in terms of the charges taken from our pension funds or the propensity of an insurer to meet a claim on a policy.

MARKET REPORT: Engineer leaps 6pc after US merger rumour 

Rumours of a tie-up with a US rival helped British engineer WS Atkins build a 6 per cent rise to its share price yesterday. It followed a report that American firm CH2M - which is involved in Britain's new High Speed Two rail line - had approached bosses at WS Atkins about a possible £3.4 billion merger. The companies have worked together on a string of projects, including the Thames Tideway Tunnel and the 2012 London Olympics. If it went ahead, a merger would create a global engineering giant responsible for 43,000 workers.

The new president has banned entry into the US from Iran, Iraq, Libya, Somalia, Sudan, Syria and Yemen as part of a plan to 'keep radical Islamic terrorists' out of the country.

The telecoms giant has been hit by cut-price deals from its Indian competitors, which in some cases are offering free calls to thousands of customers.

Torotrak shares slammed into reverse after it suspended development of its V-Charge technology that allows small engines to match larger engines in terms of power and performance.

£790m bust up at Euro Disney: Investors fight for refund

Small investors in Disneyland Paris have declared war on Walt Disney and are demanding the return of £790 million. Activist hedge fund CIAM is leading a group that claims the theme park has been crippled by grossly inflated license and royalty fees. They say Walt Disney has siphoned cash to force Euro Disney into a loss every year for the past 15 years - despite the resort boasting 15 million annual visitors.

Donald Trump was the darling of the markets in the hiatus between election and inauguration. Now he is in post, a rather chiller wind has swept through Wall Street and beyond.

Deloitte's latest Consumer Tracker shows that consumer confidence dipped at the end of last year, dropping from minus 5 to minus 6 per cent between September and December.

Investing Show:Is gold set to rise again?

Gold is still 30 per cent off its all-time dollar high, but for some investors it retains an enduring appeal. Adrian Ash, of BullionVault, joins the Investing Show, to explain who is buying, why they buy and look at the gold price's prospects.

Old guard return as portfolio puts on a brisk march  

Midas takes a new look at the Dogs of the Footsie, the experimental portfolio that tracks the ten highest-yielding stocks in the FTSE 100 index. Back in July, Theresa May had just become Prime Minister and most economists thought that the UK was heading for economic misery, following the Brexit vote a few weeks earlier. Since then, Britain has confounded expectations, powering ahead to become the fastest-growing economy among the G7 countries last year

York is famous for its Minster and the National Railway Museum. But a small investment team is beginning to gain the city something of a reputation for managing Japanese funds rather effectively.

It is fair to say the specialist London-based asset manager Gresham House is a work in progress, though already there are some pointers as to the quality of the business being created..

Our must-keep guide to the best value on groceries

Demand for home delivery of groceries is soaring, with sales up 29 per cent last year. Here, The Mail on Sunday looks at how you can keep delivery costs to a minimum while analysing some of the more bespoke - and traditional - delivery services available. The online grocery shopping revolution has been driven by the high street supermarket.

Retail sales held up well in the last three months of last year - helping the economy along and allowing some to argue we have enjoyed a boom.

In a survey conducted by the insurance company Royal London, 57 per cent of participants admitted they weren't very good at keeping on top of their cash flow.

Talk Talk freezes broadband for 2 years - is it cheaper?

Customers can choose between either speeds of up to 17Mb or 36Mb and pick between 12, 18 and 24 months fixed contracts. But the deal will still allow them to switch to a better deal with the provider if they see one mid-contract.

The deal will see the supermarket's tentacles reach into thousands more stores and almost half a million pubs, restaurants, canteens and other food outlets, critics have warned.

Date with a crash tester floors Ford

This week's motoring news was dominated by Euro NCAP's latest crash test results with Ford's iconic Mustang receiving a lowly two-star rating. So why did the V8 sportscar rate so badly? RAY MASSEY reviews the results and discusses everything four-wheeled from the last seven days.

Westminster City Council are trialling a scheme where drivers of diesel cars will be charged double to park in central London. The scheme hopes to try and tackle the capital's pollution problem.

In an attempt to stick to a 'brownfield first' policy Ministers are considering using surplus railway land for new houses. The proposals could include station car parks being moved underground.

Retirees in 2017 look forward to income of £18,100 a year

Retirement incomes remain below the peak of £18,700 at the start of 2008, before the financial crisis fully hit home and low interest rates slashed annuity and savings income. Prudential research also found that 45 per cent of retirees felt financially unprepared to stop work, a number that has barely changed over the past decade despite huge changes to pensions.

RCI Bank has increased the rate on its Freedom Savings Account to 1.1%, the third time this month it has upped its easy-access offering.

Asked what they would spend their windfall on, the majority of people said holidays, while cars were also a popular choice, new research suggests.

The £834,000 Eagle E-Type Spyder GT has landed

Just look at it. Gobsmacked? Wait until you see the £834k price tag. This is the latest reborn E-Type from British manufacturer Eagle, called the Spyder GT. And it is nothing short of glorious. Want one? So do we.

The new product requires an owner to take out a monthly subscription of £10 to £30 that covers the car when it's parked up. Each time they want to drive the car they then have to pay an hourly rate.

A fiver. A beer. Dinner out. These are the things we offer as part of a bet with friends and family. But a video has emerged of a man handing over a Bentley he lost on a wager placed a decade ago

Link ATM's could start charging for withdrawals

Banks at the moment pay 30p to independent cash machine providers each time one of their current account customers withdraws cash from a non-bank ATM. Some account providers are threatening to pull out of the Link system because they say the fees are too high- especially compared to what they pay other banks for use of their ATMs.

Gold isn't an investment it's a bet on people freaking out

I get the reasons for buying gold, from a long-term store of value, to the idea of it as an investment insurance policy, but I've never taken the plunge and stuck some in the Minor Investor portfolio. Recently though, I've been wondering whether this is a mistake. Should I perhaps buy some gold?

At the end of March, the new style 12-sided £1 coin will enter circulation and replace the round ones which have been around since 1983 - here's how to bag an uncirculated version.

If I fill my attic will it help to insulate my house? 

I've heard that having a full attic will help to insulate my home, keep the warm air in and in turn reduce my energy bills, is there any truth to this or is it just an urban myth? If it is true will packing my attic full of boxes help or do I need to pay for loft insulation?

Mortgage rates cut so should you remortgage now? 

Banks and building societies are battling it out in an effort to tempt homeowners to remortgage with a spate of mortgage rate cuts and offers in the past week. Yorkshire, West Brom and Coventry building societies have all sliced their rates to new lows, while high street lender HSBC has launched several cheaper deals for those with a reasonable slug of equity.

The most expensive place to buy a house and commute into London included Oxshott in Surrey, while one of the cheapest is Chatham in Kent, according to the study by estate agents Savills.

A further fifth of executors were warned before someone's death, but only after a will was already written, making it awkward for them to refuse the role, according to Co-op Legal Services.

This Lamborghini Huracan is the ultimate ski resort car

Just three months after creating what he calls the 'MONSTER Huracan', the former professional winter-sport athlete turned YouTube star has decided to put his ski-ready supercar up for sale. Costing in excess of £300,000 to build, he's asking for £210,000 for the car, which has covered 2,360 miles in total.

The firm revealed rising sales in the six months to December, thanks to growing popularity of its key brands.Sales in the six months to November 30 increased by 15 per cent to £14m.

More than 1.72 million vehicles were built in Britain during 2016 - up 8.5 per cent on the previous year and the highest figure since 1999.

Can I be due full £155 state pension if I contracted out?

Former Pensions Minister Steve Webb is This Is Money's Agony Uncle. He is ready to answer your questions, whether you are still saving, in the process of stopping work, or juggling your finances in retirement. This week, a reader who thought he would get less than the full £155-a-week state pension is confused to find out otherwise.

Announcing a cull of 48 more branches, the Yorkshire revealed that holders of the popular N&P; Gold accounts would have to arrange their banking elsewhere over the next year.

The lender said only 483,000 customers switched to its account in 2016 compared to around a million the year before.

Market in good shape as crowdfunders pile in to help

Crowdfunders have benefited from a healthy increase in the amounts raised, according to new figures. In the sector's largest markets - the US and the UK - the overall number of campaigns launched slumped, with a 17 per cent decrease last year from a high reached in 2015. But the average sum raised increased by 22 per cent. The average amount pledged was also up by 2 per cent to $93 (£75) and successful campaigns saw 6 per cent more backers.

The brand, two years old next month, joins Hawes & Curtis and Ghost in Suleyman's portfolio. He bought shirt maker Hawes & Curtis in 2001 for £1, followed by fashion label Ghost in 2008.

It comes as the Federation of Small Businesses has revealed that 32 per cent of smaller firms are involved in overseas trade, as an exporter, importer or both.

MPs call for action on maternity pay for self-employed

IPSE, the association for the self-employed, has welcomed a call from a cross-party group of MPs for action to 'get women working', including a recommendation to bring maternity allowance and statutory maternity pay in line to support self-employed women. The Women and Work All-Party Parliamentary Group last week recommended supporting women from the moment they take a career break, for example because of motherhood or caring responsibilities, as well as supporting their return to the workplace. There are 1.5 million self-employed women in the UK, up by a third since 2011. They are entitled only to maternity allowance, not statutory maternity pay.

The switch is thought to be the Government's preferred choice for overhauling the unpopular business rates system, which has become a focus of business anger in recent years.

The inquiry will be launched on Monday by two all-party groups of MPs - the fair business banking group and alternative dispute resolution group.

50 ways to save money....

To clear the average national household debt of ?13,000 at 6% interest with a monthly repayment of ?100 will take around 17 years. There are, however, plenty of simple ways to make significant savings on your regular spending that could clear your debt - or boost your savings - in less than a year. This is Money's top 50 - updated - money-saving tips may appear light-hearted but are deadly serious.

Pick the best (and cheapest) investment Isa platform

Choosing the right DIY platform is crucial but a wealth of choice and changes to charges have left many investors scratching their heads. We pick some of the best. We also highlight why investing in an Isa makes sense, as it should protect your hopefully growing investments from tax forever.

L Board sign on the rear of a blue saloon car , UK

If you are new to investing then the huge number of funds and investment trusts on offer can be confusing. Fortunately, This is Money's experts have some ideas to get you started.

On the up: Emerging markets such as Brazil are where much of the world's growth is expected to be over future years.

If you're looking to add some flair to your investing Isa with emerging markets, This is Money's experts have some ideas to get you started

Income investing: Dividends can deliver both a healthy boost to long-term growth and a way to earn from your investments.

Income investing can let you draw on your portfolio or reinvest dividends to build solid growth over time. Our experts give their fund and investment trust recommendations.

After the turbulence of 2016, many investors will be wondering what this year could possibly have in store for them. Here, three experts pick funds they believe could be winners.

How much money do I need to save for my pension?

The amount you can save into a pension ultimately depends on what you can afford - but the longer you leave it the more you will need to save. We tend to put ambitious targets on our hoped-for income in retirement and then underestimate how much we will need to set aside to achieve that. So how much should you save?

Even at a time when we are stretching our finances further to afford a home, moving less, and pushing mortgages beyond 30 years, we still remain captivated by two-year fixed rate deals.

When will UK interest rates rise?

An interest rate cut before the end of the year looks less likely following the plunge in the pound. However, the Bank of England has indicated that higher inflation driven by rising import costs won't make it lift rates.

Handy Brexit table explains options for the UK's EU exit

Despite endless media coverage of the political wrangling and financial speculation, the average Briton can be forgiven for remaining confused about what 'soft' and 'hard' Brexit really mean. But a clever table put together by HSBC cleaves some clarity from the murk.

What next for mortgage rates?

Several months after the Bank of England slashed the base rate to 0.25 per cent and lenders are still cutting mortgage rates on almost a weekly basis - but how low can they really go? The experts say not a lot lower and it's likely that if you get a mortgage at the moment, it's going to be a pretty cracking deal. 

Ten tips for buy-to-let

For many buy-to-let looks an attractive income investment in a time of low rates and stock market volatility. Climbing house prices, rising rents and improving mortgage deals are tempting investors - although they will need a big deposit. Read This is Money's top ten buy-to-let tips

Best paid jobs and biggest pay rises of 2016 revealed

Compare your pay to the national average and see whether your employer treated you to a pay rise in line with the the rest of your profession. Farmers, care and air travel assistants were big winners on the pay scales in 2016. Travel agents, careers advisers and probation officers lost out.

Premium Bonds winners

February 2017
Prize value Winning bond No. Area
£1,000,000 138XC676243 Outer London
£1,000,000 123KY115050 Liverpool
£100,000 262JM830208 Ealing
£100,000 236QB428974 Lancashire
£100,000 225RZ668018 Nottinghamshire
£50,000 53DT537366 North Yorkshire
£50,000 273NA765027 Edinburgh
£50,000 257EV511692 Staffordshire
£50,000 164NH497160 Central Scotland
£50,000 142ZW890748 Edinburgh
£50,000 138KC696434 Cornwall
More Premium Bonds winners
   

MOST READ MONEY

Tourist rates

Currency Rate Buy now
Updated 01 Feb 2017.
Euro 1.139 Buy Now
US Dollar 1.228 Buy Now
Australian Dollar 1.608 Buy Now
Canadian Dollar 1.598 Buy Now
Chinese Yuan 8.242 Buy Now
Croatian Kuna 8.421 Buy Now
Czech Koruna 30.65 Buy Now
Danish Krone 8.411 Buy Now
Egyptian Pound 16.27 Buy Now
Hong Kong Dollar 9.421 Buy Now
Hungarian Forint 349.3 Buy Now
Icelandic Króna 134.9 Buy Now
Israeli New Shekel 4.503 Buy Now
Japanese Yen 138.8 Buy Now
Malaysian Ringgit 6.2624 Buy Now
Mexican Peso 24.79 Buy Now
New Turkish Lire 4.514 Buy Now
New Zealand Dollar 1.672 Buy Now
Norwegian Krone 10.07 Buy Now
Polish Zloty 4.881 Buy Now
Singapore Dollar 1.725 Buy Now
South African Rand 16.36 Buy Now
Sterling 1.0 Buy Now
Swedish Krona 10.68 Buy Now
Swiss Franc 1.213 Buy Now
Thai Baht 42.35 Buy Now
UAE Dirham 4.468 Buy Now

Monthly Or Lump Sum Savings Calculator

Monthly savings plan

Find out how much a regular monthly savings scheme could make me.

Results
Or lump sum investments

Calculate how much a lump sum investment could be worth.

Result

Mortgage Affordability Calculator

Your monthly payment

Enter how much you plan to borrow and find out your monthly bill. Assumes interest calculated annually.

Result
Your total mortgage

Enter the amount you can afford to pay monthly (eg. your current rent) to find out how much you can borrow...

Result
Are you over-stretching

How much of your income goes on your mortgage?

Result