The figures released from the research, suggest that 7.66 million people have investments and savings accounts which they have lost track of, with forty-percent of those savers not attempting to reunite themselves with their savings.
According to the research, of those who have lost touch with their savings and / or investments, more than a quarter have misplaced their original account details, whilst roughly the same amount struggle to remember all of the accounts they have previously opened.
It is estimated that most dormant savings accounts have only small sums in them – generally £50 or less. However there are some with tens of thousands of pounds just waiting for the rightful owner to show up; whilst it is also estimated that the banks alone have between £250 and £350 million sitting in their coffers waiting to be collected, which includes money left in accounts with around 500 banks over the past 100 or so years.
Retail customer director at NS&I, John Prout, said following the research: “Even small amounts of money can help with the costs of day to day living, so it's important people keep a track of their savings no matter how much they've previously put away.”
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 487 )The Office for National Statistics have revealed that the UK government borrowed more than expected in May, as tax receipts fell and spending rose.
Many analysts had expected May’s figure to be around the £14.8 billion mark; however, the latest figures from the Office for National Statistics have shown that public borrowing, excluding financial interventions such as bank bailouts, rose to £17.9 billion, compared with £15.2 billion the previous year.
In addition to the public borrowing hitting the £17.9 billion mark, Britain’s total public sector net debt, excluding financial sector interventions, rose to £1.013 trillion according to the Office for National Statistics; which is the equivalent to sixty-five percent of GDP – and a record for the month of May.
Following the release of the latest figures, it is feared that the weak figures could add to concerns over the health of the economy.
However, a spokesperson for the Treasury has said: “It is too early in the financial year to draw conclusions about the year as a whole, especially as today's public finances data include a number of one-off factors and temporary distortions.”
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 592 )Bank of England policymaker, David Miles, has said during an interview, that Britain needs a “substantial” amount of quantitative easing to jump-start its stalled economy.
Mr Miles was one of the policymakers alongside the Bank of England’s governor, Sir Mervyn King that voted for a third round of monetary stimulus; and he has again reiterated his support for a cash injection of at least £50 billion.
During his recent interview, Mr Miles is quoted as saying: “Do we need a more expansionary monetary policy? ‘Yes'. Should it be a substantial change in asset purchases? ‘Yes'.
“Is 50 billion pounds a substantial number? ‘Yes it is'. Could one know in advance what is exactly the right amount to do? ‘Absolutely not'.”
However, the Bank of England policymaker also said he could not “see any reason for thinking” that Britain’s recovery had been curtailed by the governments austerity measures, aimed at reducing the budget.
Mr Miles added: “A pretty substantial increase in the costs of funding for most UK banks then got passed through in the form of some increases in the costs of lending to corporates, and pretty clearly some increase in the costs of mortgages.
“That has been pretty unhelpful.”
Later this week a third revision of first quarter GDP is set to be released; which is widely expected to confirm that the UK is in a double-dip recession.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 2.9 / 650 )It has been confirmed by the taxman that from next year, adult learners will have to pay VAT if they study with an independent training provider.
As part of the “twenty-four plus advanced learning loan”, HMRC have confirmed that the twenty-percent charge will be applied to independent training providers; but will not affect “eligible bodies” including Further Education colleges and not-for-profit organisations.
Following the announcement, a spokesperson for HMRC said: “A provider of further education that is not an eligible body must charge VAT on its supplies of further education.”
However, the move by HMRC has been met with some criticism, with the chief executive of the Association of Employment and Learning Providers (AELP), Graham Hoyle, calling the ruling “nonsense.”
A second spokesperson for AELP, added that the issue had “come out of the blue” and would affect how many providers delivered level 3 and 4 qualifications for adult learners; claiming the move: “could have a huge impact on whether providers are in the game or out of the game, because it’s already giving the not-for-profit organisations a huge advantage in price fixing.”
Meanwhile, a spokesperson for Business Innovation and Skills (BIS) said: “BIS are not in a position to offer advice or views on matters relating to VAT and the position of training organisations.
“The position on VAT will differ depending on the individual circumstances of different training organisations and therefore it is important that organisations seek their own independent advice.
“BIS have been in discussions with HMRC regarding the treatment of VAT for the fees charged to individuals in respect of education and training.“
This work has focused particularly on the position of private universities but we are also looking at how this applies to the fees charged in respect of provision funded by 24+ advanced learning loans.”
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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( 3 / 593 )The Confederation of British Industry (CBI) has warned that the introduction of mandatory carbon reporting could increase the regulatory burden on businesses and accountants through duplication.
Earlier this week, the government announced that large listed UK companies will have to publish greenhouse gas emission reports in the next financial year; however accountants and business groups are concerned that the regulatory burden will add further costs to companies during the current economic uncertainty.
Currently large companies must report its carbon emissions under the Climate Change Act and the European Emissions Trading scheme, however the CBI are concerned that the requirement for businesses to publish greenhouse gas emission reports will lead to duplication.
The CBI director for business environment policy, Rhian Kelly, said: “We have been calling for mandatory carbon reporting for some time.
It is an important way to help businesses save money and emissions. But to avoid unnecessary duplication, the government now needs to scrap the Carbon Reduction Commitment.”
Concerns have also been raised that accountants are unprepared to audit or advise on mandatory greenhouse gas reporting; as the reporting takes into account all forms of harmful gases released into the environment.
One expert has said: “With only nine months to go before reporting becomes mandatory, accountancy firms must urgently address how they respond to this new requirement.
“Greenhouse gas expertise, both in terms of measurement and audit, is scarce throughout the advisory sector and firms will need to ensure they have the capabilities and expertise to meet the new obligations.
"In deciding their future strategy, at the very least, firms will need a working knowledge of greenhouse gas accounting best practice, so they can advise their clients.”
The latest announcement is likely to affect about 1,800 companies in the UK.
For more information, please contact Glazers, Chartered Accountants London or visit www.glazers.co.uk
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