Money Box

A recent report by the Financial Conduct Authority (FCA) found that the coronavirus pandemic has driven more people into financial vulnerability. More adults in the UK have fallen into debt or have little capacity to ride out financial shocks, the FCA said.

While furlough, other support grants and the Universal Credit uplift have helped many people avoid money problems, concerns are growing over the financial damage from multiple lockdowns, job losses, lower earnings and redundancies.

How are people coping with debt during the pandemic and what support is available?

Joining presenter Louise Cooper on the panel:

Helen Undy, chief executive, Money and Mental Health Policy Institute Richard Lane, head of external affairs, Stepchange Colin Mathieson, from Advice Direct Scotland

If you have a question about debt, please get in touch. E-mail [email protected] or tweet @MoneyBox.

Producer: Darin Graham Editor: Rosamund Jones

Some people who have been defrauded out of some or all of their pension fund are now being chased by HM Revenue & Customs for tax on money they no longer have. They were persuaded by advisers to cash in their pension and invest it in schemes that promised big returns. In fact they were often fake and some or all of their money disappeared. But HMRC is demanding tax on this missing money because they cashed in their pension too early. A campaign group based in Parliament is calling for a change in the law to protect them from what it calls the largest tax scandal in British history. In response, HMRC told Money Box “We do not tax pension savings lost to fraud. What we do tax are amounts that people release, or attempt to release, from their pensions where not authorised in law. It is our responsibility to collect the tax people legally owe and maintain a fair tax system for all. We sympathise with people who may have lost money by entering such arrangements and handle these situations on a case by case basis. We take the wellbeing of all taxpayers seriously and do everything we can for those who engage with us to get their tax affairs in order, including by offering affordable payment plans.”

As temperatures hit a new low this week one charity is nearly doubling the size of the vouchers it gives to those who can't keep warm. We'll speak to the Fuel Bank Foundation which helps people on prepayment meters manage their bills.

A record number of people will need to re-mortgage this year - are the choices getting any better?

And all you need to know about filing your self assessment form.

Presenter: Paul Lewis Reporters: Dan Whitworth and Tamzin Kraftman Researcher: Jo Krasner Editor: Jess Quayle

(First broadcast 12pm Saturday 20th January 2024)

Low interest rates on savings has made many people consider putting money built up during the pandemic into stocks and shares in the hope of higher returns. But what do you need to know BEFORE you make that first trade?

We explore the risks, how to navigate the jargon and - most importantly - whether this type of investment is really for you.

Do you have an experience you'd like to share? Email us: [email protected].

Expert panel: - Susannah Streeter, Senior investment and markets analyst, Hargreaves Lansdown - David Stevenson author of “Investing in shares for dummies” and Adventurous Investor column, Financial Times

Presenter: Charmaine Cozier Producer: Rumella Dasgupta Production co-ordinator: Janet Staples Editor: Alex Lewis

85% of families with disabled children use more energy, from electric hoists to extra heating and powered wheelchairs. Going without these can mean a significant decline in the standard of living and health for disabled people and their families. With energy costs soaring, how are disabled people coping? What support is available? We have tips on how can you save money on energy, food and other necessities as prices soar.

Adam Shaw is joined by Emma Tracey from the Access All podcast as they discuss the cost of living for disabled people.

Panel:

James Taylor - Director of Strategy - Scope

Helen Undy - Chief Executive - Money and Mental Health

Listen to the Access All podcast: https://www.bbc.co.uk/sounds/series/p02r6yqw

Producer: Drew Hyndman

Editor: Emma Rippon

In March of this year Money Box listener Nicola's financial adviser made his first attempt to move her investment fund, valued at £40,000, from Aegon to another provider. Nine months later, despite making a formal complaint and taking their case to the Financial Services Ombudsman, the money has yet to arrive. To date Aegon has offered Nicola £100 which it increased this week to £500, as an apology "for the unacceptable delays she has faced in the transfer of her funds." Guest: Nicola's independent financial adviser, Iain Forrest, Director of Forrest Financial Management and we also hear from the Financial Ombudsman Service.

Dan Whitworth reports on a HMRC VAT exemption rule clarification which recently came into force and has resulted in some people seeing a sudden increase in their property management company service charge. The clarification is intended to make it clear that third parties such as property management companies are subject to VAT. Some of these companies have started to pass the cost on. Guest: Alan Pearce, VAT Partner, Blick Rothenberg.

A pensions dashboard which will allow people to see their scheme details, old and new, big and small, in one place, online, for the first time is due to go live next year. However the first version won't contain state pension details and once it’s up and running pension providers will be able to offer their own commercial dashboards. Guest Sir Steve Webb, Director, Royal London and former pensions minister.

Presenter: Adam Shaw Reporter: Dan Whitworth Producer: Charmaine Cozier Editor: Richard Vadon