Business

HMRC has warned Britons between two key dates that they could be missing out a thousands of pounds of unclaimed cash.  In a post on X on the tax authority said: "Your child could have an average of £2,200 sitting unclaimed. If your child has recently turned 18, they may have a Child Trust Fund waiting for them. Find out if they qualify."The Child Trust Fund (CTF) was launched in 2005 by Gordon Brown, who was then the Chancellor under Tony Blair.The initiative was set up to ensure that Briton had some savings by the time they reached 18, and to educate young people about investing. The long-term tax-free savings account was open to children born between September 1, 2002 and January 2, 2011. It means the people who have one today are roughly between 15 and 23 years old.The Labour Governm...

HMRC won't issue fines if quarterly tax updates are missed in 2026/27 (Image: Getty)HM Revenue and Customs (HMRC) is waiving £200 fines for some taxpayers this year as it rolls out a major tax change. From April 6, will require those earning more than £50,000 from self-employment and property to file a tax return every three months, instead of just once a year, with lower income bands to be added in subsequent years. The changes come as part of a new ‘Making Tax Digital’ system that will require people to keep digital records throughout the year and submit quarterly updates to the tax office, along with an annual ‘MTD tax return’.The new system is intended to help save people time on filing their tax return by spreading the workload more evening throughout the year, so rather than submi...

Households could claim some cash from HMRC if they meet criteria (Image: Getty Images)Households with low income could be entitled to a boost of up to £1,200 from the Government. Millions of families are being urged to check whether they could receive the cash. From April 2028, up to 1.5 million more families will become eligible under expanded criteria. HMRC has confirmed its Help to Save scheme is now permanent.As a result, additional support for people on Universal Credit, including those with caring responsibilities, who could see their savings boosted by a substantial 50% Government bonus.HMRC has made its Help to Save scheme permanent (Image: Getty Images) Read more: HMRC alert as Universal Credit claimants may get extra cash Read more: HMRC could owe people who work in a unifo...

Fox 5's 'Good Day New York' co-host Rosanna Scotto joins 'Varney & Co.' to break down Mamdani’s proposed property tax hike and what it could mean for New York homeowners, renters and small businesses. New York City’s democratic socialist Mayor Zohran Mamdani has issued an ultimatum to Albany: tax the ultra-wealthy or face a "last resort" 9.5% property tax hike to plug a $5.4 billion deficit. While Mamdani claims he’s protecting the working class, real estate insiders say the plan is a math-defying disaster that will drive up rents and accelerate the flight of taxpayers to low-tax states like Florida and Texas."Even the discussion of a 9.5% hike is enough to influence buyer behavior and cause irritations in the market," Douglas Elliman’s Ben Jacobs told Fox News Digital. "Some b...

Universal Credit has a standard rate which can be topped up by additional elements (Image: GETTY)Universal Credit provides vital support for working-age people on modest incomes or experiencing financial hardship. Whilst it offers a standard payment for all eligible claimants, certain people may receive hundreds of pounds extra monthly, depending on their housing, family and health situations.These supplementary payments are means-tested like the main benefit. However, some aren't automatically added, which means if you fail to inform the DWP of your eligibility for additional support, you're unlikely to receive it. It's also important to note that no payment is protected from deductions, as specialists at Turn2Us outlined the full range of supplementary payments available. READ MORE: ...

The full new State Pension will increase above the Personal Allowance threshold in April 2027 (Image: Getty)More state pensioners will soon start paying tax on their State Pension as rising rates may take them over the Personal Allowance threshold for the first time.The government increases the State Pension rates at the start of every new tax year and the amount is determined by whichever is the highest out of three factors - known as the ‘triple lock’. These are the consumer price index (CPI) measure of inflation (measured for September in the previous year), average wage growth between May and July of the previous year, or 2.5%. For the 2026/27 tax year, State Pension rates will rise by 4.8% in line with average growth, as this was the highest out of the triple lock factors, and this...

Walmart CEO Doug McMillan joins ‘Mornings with Maria’ to discuss his retirement, inflation pressures, tariffs, AI-driven growth and the future of America’s largest retailer. Walmart posted solid fourth-quarter results Thursday as shoppers continued prioritizing value and convenience, helping push online sales to a record share of the retailer’s business. The company reported fiscal fourth-quarter revenue of $190.7 billion, up 5.6% from a year earlier. U.S. comparable sales rose 4.6%, driven by a 2.6% increase in transactions and a 2% increase in the average amount shoppers spent per visit.Grocery prices were up just 0.6% from a year earlier, with some categories — including eggs and dairy — seeing price declines. AMAZON PHARMACY TO EXPAND SAME-DAY PRESCRIPTION DELIVERY TO 4,500 US ...

Eligible households are being urged to make a phone call by the end of next week to claim a £150 discount off their energy bills.The discount comes as part of the Department for Energy Security and Net Zero’s (DESNZ) Warm Home Discount Scheme, which provides low-income homes with £150 off their electricity bill. The discount is applied to bills automatically by energy suppliers taking part in the scheme, rather than being paid straight into your bank account, and it’s available to households in England, Wales and Scotland. Most people who qualify should have received a letter between late October 2025 and early January 2026 confirming their eligibility. If you haven’t received your letter and think you’re eligible, or need to provide more information, you need to call the helpline by ne...

Co-op will roll out "flexi checkouts" that can be operated by cashiers or customers at 150 stores. The dual screens will switch between self-service and cashier mode, the supermarket said, ensuring that till points are "open all hours".It aims to roll out the technology across 150 of its stores by April, following trials that showed they can reduce wait times and queues. It said the technology also enables colleagues to assist more customers and help with enquiries. The digital screens will show customers their price savings, deals and promotions, and support parcel collection services.David Tyas, Co-op’s head of operations support centre and innovation, said: “We’re focused on creating stores which contribute to local life and conveniently meet the needs of communities."We know that ma...

HMRC has issued a warning to some Britons earning £50,000 or more. In a post on X conciding with Shrove Tuesday (otherwise known as "pancake day") HMRC reminded some taxpayers that the way they file their tax returns will change considerably this year, as it moves to an all-digital tax system.The post read: "Bite-size updates beat big stacks. With Making Tax Digital, you’ll send simple quarterly summaries using recognised software, then one annual return that pulls in the info you’ve shared across the year. If your combined turnover from self-employment and property is over £50,000, flip your routine to little-and-often now." Britons with combined gross income from sole trades and property that exceeds £50k in the 2024/25 tax year will need to sign up to Making Tax Digital (MTD) for inc...