Rules on hidden online fees, known as drip pricing, will be tightened to boost transparency for stretched families.

The Government is proposing a crackdown on extra charges such as booking or processing fees in products ranging from train tickets and concerts to food deliveries.

It comes after research confirmed drip pricing – where the price paid at checkout is higher than originally advertised due to extra fees – is widespread.

It reportedly occurs in more than half of providers in the entertainment (54 per cent) and hospitality (56 per cent) industries, and almost three quarters across transport and communication (72 per cent) sectors.

In total, this costs UK consumers £1.6 billion online each year.

New consultations have been launched by the Government, with proposals to help consumers during the cost-of-living crisis.

As well as targeting hidden fees, two other consultations will seek views on measures to weed out fake reviews as well as confusing shelf labelling in supermarkets.

‘Crucial safety net for consumers’

Minister for Enterprise, Markets and Small Business, Kevin Hollinrake, said: “From the shelves of supermarkets to digital trolleys, modern-day shopping provides a great wealth of choice.

“But fake reviews and hidden fees can make those choices increasingly confusing and leaves customers unsure about what product is right for them.

“We’ll be listening to industry to ensure these new regulations work for businesses too and don’t generate unnecessary burdens, while at the same time providing a crucial safety net for consumers and their cash.”

Stamping out purchase and sales of fake reviews

Regarding fake reviews, the Government said its ambition is to ensure customers and traders benefit from reviews that represent a genuine experience, while stamping out the purchase and sales of fake ones

Rocio Concha, Which? Director of Policy and Advocacy, said: “Our research shows that fake reviews jeopardise consumer trust and are harmful to honest businesses that don’t purchase or incentivise people to post positive reviews.”

The consultation follows recommendations from the Competition and Markets Authority to tighten the rules on how everyday items are priced on supermarket shelves as well as its own work to tackle fake reviews.

One in five people have reduced their pension contributions or stopped saving for retirement altogether due to cost-of-living pressures.

As household budgets continue to tighten, new research suggests 14 per cent of people have stopped paying into their pensions while eight per cent have cut their contributions.

Men are more likely to have taken the action than women, as well as wealthier people. And younger people are more likely to have done so than older workers.

Meanwhile, 62 per cent say they have not changed their approach to pension contributions.

Pension cutbacks are ‘no surprise’

Helen Morrisey, head of retirement at Hargreaves Lansdown which carried out the study of around 2,000 adults, said the actions are “understandable”.

“Rising prices have made balancing budgets a real struggle and it’s no surprise that, after making all the cuts they can elsewhere, people are turning their attention to their pensions,” she said.

“Such actions are understandable – keeping up pension contributions is extremely important but, given the enormous pressures our finances have been under for such a sustained period of time, it makes sense if people are prioritising the here and now.”

Rebuild as soon as possible

It is vital that people resume their pension contributions as soon as they are financially able to, she said.

“The most important thing is to make sure that, when things get better, that you resume your pension contributions as soon as you can.

“Make a note in your diary at a regular interval to remind you to assess whether you can afford to restart, otherwise it may be something you don’t get round to doing.”

Ms Morrissey added that other ways to rebuild a pension after a break is to make sure to increase contributions if you receive a pay rise or get a new job.

She said: “Doing it straightaway means you don't get used to having the extra cash.

"It's also worth checking whether your employer operates a matching system where they will boost their contribution to your pension if you increase yours. This can really help you rebuild your pension planning after a difficult time.”

Need advice about saving for retirement? We can help.

Moving from job to job and starting a new pension each time can present a headache when the time arrives to think about retiring.

Few of us can recall every pension provider we have ever had and unless you have carefully filed all the relevant paperwork, you will need help tracking them all down.

But there is no need to panic. The Government website can help you track down lost pensions.

What it won’t do is tell you whether you have a pension or its value, but it will assist in finding the details.

To use the service, you just need to remember who your employer was at the time and it will provide contact details of the pension providers for you to get in touch.

It can also help locate personal pension providers.

Plan for the future

Although there is a state pension, many of us choose to invest in a further pension through work to help save for retirement to enhance your financial security in later years.

One of the significant advantages of a workplace pension is that your employer is typically required to contribute to it. This "employer contribution" is essentially free money added to your retirement savings, which can significantly boost your pension fund over time.

Contributions to a workplace pension often come with tax benefits. The money you contribute is typically taken from your pre-tax income, meaning you receive tax relief on those contributions. This can make a significant difference in the overall value of your pension fund.

Workplace pensions often operate on an automatic enrolment basis. This means that if you're eligible, you'll be automatically enrolled in the pension scheme, making it easier to save for retirement without having to take active steps.

Get a better return

As workplace pensions are often managed by professional pension providers or fund managers who have experience in optimising investments for long-term growth, this expertise can potentially lead to better returns on your investments compared to managing your retirement savings on your own.

It's important to note that the specifics of workplace pensions can vary, and regulations may change over time. It's advisable to seek personalised financial advice to understand how a workplace pension fits into your overall retirement planning and financial situation.

To start looking for a lost pension visit https://www.gov.uk/find-pension-contact-details

Let us help. Talk to us about your pension concerns.

1 September 2023 – Due date for corporation tax due for the year ended 30 November 2022.

19 September 2023 – PAYE and NIC deductions due for month ended 5 September 2023. (If you pay your tax electronically the due date is 22 September 2023)

19 September 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 September 2023.

19 September 2023 – CIS tax deducted for the month ended 5 September 2023 is payable by today.

1 October 2023 – Due date for Corporation Tax due for the year ended 31 December 2022.

19 October 2023 – PAYE and NIC deductions due for month ended 5 October 2023. (If you pay your tax electronically the due date is 22 October 2023.)

19 October 2023 – Filing deadline for the CIS300 monthly return for the month ended 5 October 2023.

19 October 2023 – CIS tax deducted for the month ended 5 October 2023 is payable by today.

31 October 2023 – Latest date you can file a paper version of your 2022-23 self-assessment tax return.

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.

Class 2 NICs are paid by all self-employed taxpayers unless they earn under the Small Profits Threshold (SPT), currently £6,725, which remove the necessity to pay NICs. Class 2 NICs are currently payable at a flat weekly rate of £3.45 for the 2023-24 tax year. Class 2 NICs count towards payments such as the basic State Pension, the employment and support allowance, maternity allowance and bereavement benefits.

In addition, most self-employed people are also required to pay Class 4 NICs. The self-employed are required to pay Class 4 NICs (as well as to Class 2 NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2023-24 are 9% for chargeable profits between £12,570 and £50,270 plus 2% on any profits over £50,270.

There is also a specific list of jobs where class 2 NICs are not payable. These are:

• examiners, moderators, invigilators and people who set exam questions;
• people who run businesses involving land or property;
• ministers of religion who do not receive a salary or stipend; and
• people who make investments for themselves or others – but not as a business and without getting a fee or commission.

If you fall within any of these categories, it may be beneficial to get a State Pension forecast and examine whether to make voluntary Class 2 NICs to make up missing years.

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23.

There is a three year carry forward rule that allows you to carry forward any unused amount of your annual allowance from the last three tax years if you have made pension savings in those years. There also used to also be a lifetime limit for tax relief on pension contributions but this was removed with effect from 6 April 2023.

You can qualify for tax relief on private pension contributions amounting to 100% of your annual earnings, subject to the overriding limits. Tax relief is paid on pension contributions at the highest rate of Income Tax paid by the contributor.

This means that if you are:

• A basic rate taxpayer you get 20% pension tax relief.
• A higher rate taxpayer you can claim 40% pension tax relief.
• An additional rate taxpayer you can claim 45% pension tax relief.

The first 20% of tax relief is usually applied by your employer with no further action required if you are a basic-rate taxpayer. If you are a higher rate or additional rate taxpayer, you can claim back any further reliefs on your Self-Assessment tax return.

The above applies for claiming tax relief in England, Wales or Northern Ireland. There are regional differences if you are resident for Income Tax in Scotland.

There are a number of online tools available to help find information about a property in England or Wales, even if you do not own it. The service is available on GOV.UK and allows users to search for property by postcode, map, title number or INSPIRE ID.

Once a property has been located, users can download copies of the property summary, title plan and title register for a property in the service. To get details of any ‘restrictive covenants’ or ‘easements’ users will need to purchase the title register.

The property summary is free of charge. There is a £3 charge for the title plan and title register when purchased online. If the title cannot be downloaded online, then a copy will be sent by post at a charge of £7 per document.

A separate flood risk report for properties in England can be obtained from the Environment Agency.

There are different registers that need to be used if the property is in Scotland or Northern Ireland.

A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large number of individual payments. A GPA can also let members of the group mitigate any potential differential interest charge by allowing the group to allocate payments in a way that is most beneficial.

Only certain groups can qualify for GPA and a legal agreement needs to be made. Companies that can enter a GPA are a parent company and its 51% subsidiaries. The 51% subsidiaries of those subsidiaries, and so on, can also be included in the group. This definition is not necessarily the same as other definitions used for groups by HMRC and other government departments and agencies.

A GPA does not alter the fact that each company is liable for its own Corporation Tax, although a GPA also makes the nominated company liable to discharge the Corporation Tax liabilities of all the companies participating in that GPA.

An application for using a GPA should only be made once all the necessary conditions have been or will be met. The application should be sent to HMRC at least one month before the first payment is due for the accounting period to be covered by the GPA. That is 6 months and 13 days after the start of the Corporation Tax accounting period.

If you have a September deadline for filing your accounts, leaving it until the last minute risks being hit with a fine.

All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until the 11th hour, when unforeseen circumstances could prevent you from being on time with the risk of financial penalties.

Directors have lots of responsibilities, including keeping company records up-to-date and making sure they’re filed on time. You need to understand your role as a director, the importance of remaining compliant and how late filing could affect your company.

Missing your filing deadline could affect your credit score or access to finance. It can affect how others view your company and whether they want to do business with you. There are also financial penalties and legal consequences – you could get a criminal record, a fine or disqualification.

Even if an accountant files your company’s accounts on your behalf, it’s still your responsibility, as director, to make sure they’re filed on time.

File online

If you file using online services you will be sent an email to confirm your accounts have been received. A further email will be sent when your accounts have been registered.

To file online, you may need your company authentication code. If you need to request a new code, you should allow up to five days for this to arrive at the company’s registered office.

Software filing

Over 65 per cent of companies use software filing as their preferred method.

There are a variety of software providers that offer a range of accounting packages to prepare and file accounts. Most types of accounts can be filed using software, depending on the functionality of the software package you’re using.

In the future, as part of new legislation brought about by the Economic Crime and Corporate Transparency Bill, you’ll only be able to file your accounts using software. This means you’ll no longer be able to file accounts on paper or using online services.

After the Bill achieves Royal Assent and becomes an Act, you’ll be notified about the timetable for the phased roll-out of the change to software-only filing. If you don’t already file using software, you will have time to make the change before it’s a legal requirement.

Avoid rejections

You should only send paper accounts if your company cannot file online or by software. Accounts filed on paper need to be manually checked. They can be checked only during office opening hours, and they can take over a week to process.

If you need to file your accounts on paper, you should send them well before the deadline. This will give you plenty of time to correct your accounts and resend them if they are rejected.

Need advice? We can help.

The steady march of Artificial Intelligence (AI) has reshaped the way we work, penetrating almost every aspect of modern business.

This seismic shift to AI has offered a plethora of benefits across industries ranging from retail and healthcare to banking and financial services.

On the flipside, drawbacks and potential dangers of using this new technology remain a valid threat and successful integration of AI requires careful consideration of ethical concerns and potential security risks.

Enhanced efficiency and productivity

AI often augments human capabilities and can increase productivity while reducing operational costs.

It can handle repetitive, mundane tasks with the ability to analyse vast amounts of data, freeing up employees for higher value work and decision-making.

Customer service

AI powered chatbots and virtual assistants provide round-the-clock customer support, addressing enquiries promptly.

There are downsides to the technology, however. An AI-powered chatbot can sometimes fail to understand human emotions and give a robotic reply to a query, resulting in a dissatisfied and frustrated customer.

Safety and security

AI can assist in predictive maintenance, preventing equipment failures and ensuring workplace safety.

Businesses should be aware, however, that a cybercriminal can restrict the capabilities of a business’s AI systems to penetrate them and access sensitive information.

Broadly speaking, AI can support firms through automating business processes, gaining insight through data analysis and engaging with customers.

Those who fail to take advantage of AI risk falling behind competitors who can operate far more efficiently. Many still believe that more regulation is necessary to negate any potential risks.