New bank rules on fraud

Under new rules, banks and building societies now have to reimburse customers who have been tricked into authorising a payment to fraudsters. These increasingly sophisticated scammers persuade people they are talking to their bank, HMRC, or another legitimate organisation. The rules also cover those caught by ‘romance’ scams and paying for goods that don’t exist. The maximum refund is £85,000, although banks can refuse if they can prove the customer has shown a ‘significant degree of carelessness’.

Tax deadline looms

The self-assessment deadline of 31 January is looming, with late submissions incurring penalties and interest charges. Those needing to complete a return include the self-employed, those earning over £60,000 who also claim child benefit, anyone with untaxed income, including landlords, anyone with savings or investment income of more than £10,000 before tax, and those with total taxable income of more than £150,000. In total an estimated 12 million will need to file one of these returns by this deadline.

Company car tax

The tax on most company cars will start rising from April 2025, after a three-year freeze. Increases are scheduled for the following two years, and will impact all vehicles, including electric and hybrid cars, although the latter will still have a lower tax rate than more polluting vehicles. Electric cars with zero emissions are currently taxed at 2%, but this will rise by one percentage point each year to stand at 5% by the 2027/28 tax year.