Millionaires Grow

Listen to the ‘doom and gloom’ media, and you could be forgiven for thinking that nobody has any money any more. It may come as a surprise therefore, to learn that according to new research published today, there are now a record 284,317 millionaires in the UK. Just to be clear, that’s individuals with assets of over £1 Million, excluding their home. That’s about 1 in 230 of the population. Take children out of the figures, and millionaires are much more common than you might think.

Another BTL Deal

These new buy-to-let mortgage deals seem to be coming thick and fast. Darlington Building Society has just come back into the buy-to-let market with a discounted variable rate deal.

It’s at 4.99 per cent to 31 October 2013; that’s 0.96 per cent below their SVR (standard variable rate). What is appealing is that it comes with a £574 fee and is available at up to 70 per cent LTV (loan-to-value). As always, talk to your broker; we can put you in touch with a broker on request.

Next Tax Return

When’s your next tax return due? HM Revenue & Customs (HMRC) has just issued a reminder to anyone who’s due to complete a Self Assessment tax return. If you intend to submit a paper copy, you have until 31 October to do so.

After that, you need to submit online – which is rather fiddly – by 31 January to avoid a £100 penalty. Registering for online filing can be done at the HMRC website at www.hmrc.gov.uk/sa and by clicking 'Register for Self Assessment Online'.

If you want further help and advice, it is available from the HMRC website at www.hmrc.gov.uk/sa or from the Self Assessment helpline on 0845 9000 444.

Your Council Tax

My son and his girlfriend have just moved from one rented property to another – same sort of house, much the same rent, just a slightly more rural location – and the council band has jumped up two places so they are paying a fair bit more council tax.

They’re having a moan but – rather than do that - I have directed them to the Valuation Office Agency website at www.voa.gov.uk to compare what they are paying with similar properties nearby. I think they are overpaying and the VOA site tells them, and you if you think you are in a higher band than you should be, what to do next.

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