Are tax returns too taxing - and could you not know you need to do one?

This is Money Podcast

This is Money

Business News, Business, Investing, News

4.1 • 650 Ratings

🗓️ 24 January 2020

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

Are tax returns too taxing, why did new overdraft rules backfire, are challenger banks biting and what are the cars that hold their value best? We answer these questions on this week’s This is Money podcast.

It’s tax return time. The organised will have safely filed their tax returns long ago, but there are still plenty of people who don’t yet feel the last minute has arrived.

But what if you are meant to fill in a tax return and don’t realise?

On this week’s podcast, Simon Lambert, Lee Boyce and Georgie Frost discuss the ten reasons that people may have to fill a tax return in, even though they are employees paid through PAYE.

The team also discuss whether much of the tax return is really needed, or whether people are needlessly spending time filling in an over complicated form for an overly complex system.

Also on this week’s podcast is the overdraft row that’s blown up on the back of the FCA’s attempt to improve borrowing and bank’s deciding that 39.9 per cent rates sounded about right.

The team discuss whether the challenger banks are starting to bite and why people are attracted to them.

The ten cars that should hold their value best are also revealed, from a Dacia to a Bentley.

But remember that even the best of these will lose you 35 per cent.

And finally, Simon tells us about the new episode of the Making the Money Work podcast with London 2012 Olympic-medal winning boxer Anthony Ogogo.

Transcript

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0:00.0	This Is Money's podcast is brought to you in partnership with the financial services compensation scheme.
0:04.9	Check your financial products at FSCP protected at fscs.org.org.org.
0:09.6	Welcome to This Is Money. I'm Georgie Frost.
0:13.6	And alongside me and editor Simon Lambert today is Assistant Editor Lee Boyce.
0:18.5	And if you haven't got your tax return in yet, get your skates on.
0:22.6	The clock is ticking, but, well, you can't be too smug if you're a full-time employee because you too
0:28.7	may need to submit one. Also today, the anger of the overdraft overhaul continues, as the
0:34.6	watchdog admits a third of us will be worse off.
0:38.0	Is it time for the challenges to step up?
0:40.6	Plus, we look at the 10 cars that hold their value best
0:43.7	and ask what happened next for Olympic medal-winning boxer, Anthony Go-Go.
0:48.9	And don't forget, you can stay up to date with all the latest breaking money news.
0:52.1	Just go to this ismoney.com.uk or download the
0:55.8	app but first the self-assessment tax return deadline is just around the corner for the less
1:01.7	organised of us it is hell and include myself in that i have just been through it but are you so sure
1:09.0	that you aren't among the 11 million who need to submit by
1:12.4	January the 31st? Now, we've employed the help of some of the country's top tax experts
1:16.8	to run through 10 reasons why you, even as a full-time employee on PAY, may need to submit
1:23.9	a tax return and avoid, of course, penalties. We should point out, though, that
1:29.2	this is not exhaustive list, and if you are not sure, do get some professional advice. Do
1:34.0	hurry up with that, though. But go for it, Simon. Hit us with this. Why on earth would you
1:37.7	need to submit a tax return if you are comfortably, full-time, self-employed, P-A-Y, like your
	...

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