• Why a caravan holiday?
• Where to begin and how much it will cost
• Buying your own caravan
• Buy second hand
• Insuring you caravan 

Why a CHEAP caravan holiday?

Renting a caravan is often much cheaper than staying in a hotel or even renting a cottage.

You may envisage a caravan holiday being very basic and not providing you will all the comforts and amenities that you are used to. However most caravans are equipped with modern up-to-date fittings and, depending on where you stay, may also be fully kitted out with everything you need including kitchen utensils, a cooker and a fridge. Haven’s range of caravans begin at the Standard level which offer features such as a 32″ TV in the lounge, double glazing and central heating!

On top of this, caravan holidays provide a form of flexibility that many other getaways do not. Many caravan owners are happy for you to bring your pets along so you don’t have to worry about getting someone to look after them. Most parks accept up to two dogs per caravan and often have fantastic walking routes to explore.

Plus there are caravan parks not just all over the UK, but all over Europe, so there is plenty of scope as to where you can go. Although, of course, you will have to bear in mind the travel costs if you’re thinking of going somewhere distant.

Where to begin and how much it will cost

There are many big name holiday park websites that you can search to find a good deal such as Haven and Parkdean Resorts. If you’re looking to go somewhere a little different or have a specific area you would like to go to then you can search sites like UK Caravans 4 Hire and pitchup.com.

The cost of renting a caravan depends on the quality of the caravan, the location and the time of year you want to rent it. Middle of the Summer in Cornwall is going to be a lot more expensive than Scotland in February.

Even during high season, during the busiest period, most caravans rarely cost over £700 a week and most tend to be between £400-£600. While caravans are self-catered and many parks boast facilities such as swimming pools, tennis courts and play areas, you will have to remember that the cost of eating, travel and entertainment must be considered on top of the price of accommodation.

Buying your own static caravan

Rather than renting a caravan there is always the possibility of buying one of your own. You might think it would make sense to have your own caravan which you can use at any time and rent out the rest of the year. However, whilst it might be tempting to get yourself a new caravan if you can afford one, we would recommend against it.

The additional costs soon rack up, though. As the owner of the caravan you would be responsible for pitch fees that range from £3,000 a year to over £12,000 a year, depending on the location. You also need to take water rates,  gas and electricity and Caravan Holiday Home insurance into account, which could add thousands onto your bill.

If you are thinking about paying for a new caravan (which can easily cost upwards of £35,000-£65,000) then be aware that static caravans depreciate in value extremely quickly. It could easily be losing thousands of pounds a year, although exactly how fast it will depreciate depends on the model.

As a caravan owner you will also be at the mercy of the park owners so make sure you research carefully before signing any contracts.

• You will have to pay their pitching fee
• you may well only be allowed to have a caravan under a certain age in the park
• and, when the time comes to sell, the park owner may want to sell the caravan for you and receive some commission. Whilst you can refuse this arrangement, the park owner can refuse to keep the caravan on their park site which will make it considerably more difficult to sell as other park sites may not accept it either.
• You will need to pay for caravan insurance as well and it is worth using a comparison site to find the best deal available.

There is the possibility to get some of your money back by renting out your caravan but there are a lot of other caravan owners doing the same thing, which is why caravan holidays are so cheap. Some park sites are also closed at some points of the year and you won’t be able to rent it out at that time (which also rubs salt in the wound when you consider the costs you are paying).

If you buy a tourer caravan (one you can drive around) you’ll have more flexibility where you can leave it and you likely won’t run up the same costs that you would at a holiday park site. You will, however, need somewhere to store it and some local councils won’t allow you to leave it on your driveway.

Buy a second hand caravan

If you are going to buy a caravan we recommend you buy second hand (£4,000+ for a touring caravan, more for a static). The caravan won’t depreciate so much in value once you’ve bought it and there will be less of a loss if you find out caravan holidays aren’t for you.

To search for a caravan to buy you could begin by browsing the caravan Autotrader website. Remember, some park sites won’t allow older caravans (usually caravans older than 10 years).

Again, research thoroughly before buying to make sure you are getting the used caravan at a fair price.

Make sure you take into consideration all the potential costs before you splash out because renting once a year may well be a lot easier and less costly than having your own caravan.

ENSURE YOU INSURE IT

While it is not a legal requirement that you get your caravan insured, sometimes even the best planned holiday can throw up unexpected problems.

For static caravans, insurance protects the vehicle itself, as well as its parking lot. It is important to ensure that you have transit insurance so that when you move your caravan, it is also then covered against accident, damage or theft.

For touring caravans, while you car insurance may cover you for towing, it is unlikely to protect you in the event of a problem. The rules on towing are different depending on when you passed your driving test. For example, if you passed your test before 1 January 1997, you are able to tow up to 8.25 tonnes maximum authorised mass (MAM). However, if you passed your test after that, the amount that you are legally allowed to tow is smaller.

Regardless of the type of caravan that you have, it is important to ensure that its contents are insured. However, be careful not to double up on insurance as it can make claiming difficult and cause extra stress.

Some insurance companies offer discounts on their packages if you improve the security of your caravan. Some simple measures include keeping your valuables out of view, but others such as the installation of a Thatcham-approved alarm are valuable investments. Another way to sneak a discount is to join clubs such as The Camping and Caravanning Club as members get exclusive benefits such as Arrival breakdown cover and access to a forum of likeminded holidaymakers.

For more help with your caravan insurance, get a quote here.

The post How To Have A Cheap Caravan Holiday appeared first on MoneyMagpie.

If you’re planning on passing money or assets to your loved ones when you’re gone, your heirs could face inheritance tax bill bigger than ever before. According to the Office for Budget Responsibility, families will pay an extra £900 million in inheritance tax over the next five years.

But what does inheritance tax actually mean? Who is responsible? And how can you gift money without being taxed? Ellis Bates answer some common questions on the inheritance tax threshold, including how your family may be liable.

• What is inheritance tax?
• How much is the inheritance tax threshold?
• Does my property effect my inheritance tax?
• How do I gift property without being taxed?
• Who pays the inheritance tax bill?
• How does the RNRB differ from the NRB?
• Beat the taxman legally
• What does the future look like for inheritance tax?
• How can I help my family?

What is inheritance tax?

Inheritance Tax (IHT) is the tax that your beneficiaries may have to pay if your estate (or everything you own) exceeds a certain amount. Inheritance tax is usually a one-off payment, due after your death. It’s payable on all assets you owned during your lifetime, unless there is the benefit of any relief such as business property or agricultural relief.

How much is the inheritance tax threshold?

The current basic inheritance tax threshold is £325,000 for an individual. If the value of your estate exceeds this amount and does not have the benefit of any tax reliefs, inheritance tax will be payable at 40% on the amount that exceeds the threshold. So, for example, if your assets and savings add up to £500,000, the inheritance tax bill will be paid on £175,000 (£500,000 – £325,000). At 40%, that adds up to a bill of £70,000 to the Government – if you haven’t been savvy with your arrangements, that is!

The threshold can be transferred to the estate of a surviving spouse. So, a married couple or civil partner benefits from a combined basic inheritance tax threshold of £650,000. (Which means, in the example above, if your assets and savings add up to £500,000, no IHT needs to be paid).

The Government chose to introduce a complex piece of legislation called the Residential Nil Rate Band (RNRB) as of 6^th April 2017. This is available for residences inherited by children or grandchildren in addition to the existing nil rate band (NRB).

Does my property affect my inheritance tax threshold?

If the value of your estate is above the nil rate band (NRB), then the part of your estate that is above this threshold will be liable for tax at the rate of 40%. This means that larger estates can incur a large bill.

The residential nil rate band (RNRB) currently adds a further £175,000 to the NRB. Each person will therefore have a maximum allowance of £500,000, with surviving spouses potentially having an allowance of £1 million to transfer to children or grandchildren when they die.

Should you pass a property onto your spouse or civil partner when you die, there is no inheritance tax to pay. However, leaving a property to another person – including children or grandchildren – in your will counts towards the value of your estate.

In addition, if your child has lived with you as a tenant before you die – and has paid you rent, or has evidence that they pay some bills – your property may be exempt from IHT. Speak to a financial advisor for more in-depth help about this.

How do I gift money without being taxed?

Any money gifted more than seven years before you die doesn’t fall under IHT. You can also make up to £3,000 worth of gifts in any tax year to relatives without incurring a IHT charge. This allowance carries through to the next year if you haven’t used the previous year’s allowance. You can give as many gifts of £250 or less to unrelated friends as you like each year.

You can also gift one-off payments to your children up to £5,000 and £2,500 to grandchildren for life events, like getting married.

Be very careful, however, about giving money away if you’re planning to move into long-term residential care soon. Giving away lots of money before you move is ‘deprivation of capital’ and that affects your entitlement to state help for your (or your spouse’s) care.

Who pays the inheritance tax bill?

The most common method of paying inheritance tax is from the estate – or everything you own minus mortgage debt, and funeral expenses. However, if the tax is due on the gifts you made during the last seven years of your life, the people who receive the gifts must pay the amount due.

The only time inheritance tax is paid at all is if your estate (that’s your property, belongings, cars, other houses, stocks and shares – everything you own) adds up to more than the inheritance tax threshold.

How does the RNRB differ from the NRB?

The RNRB differs from the NRB in that it doesn’t apply to lifetime transfers, such as transfers into trusts or gifts given by an individual within a period of seven years before they died. This means that whilst the NRB could potentially be consumed through gift-giving in the last seven years of a person’s life, the RNRB would still be fully available.

Beat the taxman legally

There are various ways in which you can avoid paying inheritance tax.

MAKE A WILL!

Just do it…go on, you know you want to…well, all right, you don’t really. But if you don’t do it, whatever age you are, a large chunk of the money you have will go to the Government in one form or another. If you die intestate (without a will), you can’t control who gets your money. So, if your only living family is your long-lost auntie you never speak to, but you want to leave it all to your best friend, make a will!

For more information on how to go about it and how to do your own will if you’d like to go that route you can read our easy guide for getting a will written here.

Transfer assets to your partner

Asset transfers between spouses and civil partners are exempt from IHT. Whatever your partner inherits from you is tax-free. This doesn’t count if you’re only co-habiting, though: they must be a registered civil partner or spouse.

Give what you can before you die

Why wait to leave your loved ones financial help until you die? Giving them money now means you get to enjoy it with them! You could also spend your cash in other ways – such as taking your family on a holiday-of-a-lifetime to create memories they’ll hold forever. This way, you all benefit, and the tax man won’t grab your hard-earned (already-paid-tax-on-when-you-earned-it) money.

Leave money to charity in your will

If you have surplus in your estate, considering leaving a legacy in your will to a favourite charity or two. Go to Rememberacharity for more information on how to do this. You can also pay a reduce rate of 36% inheritance tax if anything is left to charity.

Invest in AIM shares

Until April 2026, shares listed on the Alternative Investment Market get 100% IHT relief if the money is held in the shares for more than two years. This changes to a 20% IHT rate after April 2026. The AIM is where most small companies first list shares, before transferring to the FTSE stock market when they’re more established.

AIM companies are unquoted, meaning they receive 100% IHT relief. Some aren’t unquoted though – specifically, those that are for investment companies and ones investing in property for rental yields. Make sure you’re investing in the right shares by speaking to an independent financial adviser first. Go to Unbiased for local financial advisers and the Chartered Institute of Taxation (CIT) for tax advisers.

Set up a trust

This is a written arrangement whereby an appointed trustee is given money or assets to hold and manage on behalf of the person you want to benefit. They’re a useful, if sometimes complex, way of giving money, property or shares to others while ensuring that someone you trust (hence the name) is overseeing them.

The most common set up is this: you pay 20% IHT on assets over your £325,000 limit when you pay into the trust. Then every 10 years, the value of the trust is re-evaluated and you pay 6% tax. Finally, when you die and the assets are taken from the trust, a further 6% is paid. So, if you put assets into the trust, live 12 years, then your trustees inherit, it’s a total of 32% tax paid instead of 40%.

Trusts are useful in situations such as remarriage, as your spouse can continue to benefit from the income of assets (such as rental properties) without being able to sell the assets themselves. If you want to leave your children from your first marriage a protected inheritance, this is one way to do so. Or, you can set up a trust where the trustees decide how the assets and money are split. So, if you make your children the trustees and grandchildren beneficiaries of the trust, your children decide how the money is divided.

You can create a trust while you’re alive by a formal trust deed (or ‘settlement’) or you can create one in your will (a ‘will trust’). You will need advice on this so find out about local experts from the Society of Trust & Estate Practitioners (STEP).

What does the future look like for inheritance tax?

Although the threshold remains steady, the property market is continuing to rise. This means that many families will continue to face larger inheritance tax payments. Those in the south of England, where property prices have risen dramatically over the past 20 years, will undoubtedly feel ensnared by the 40 per cent charge.

How can I help my family?

Making sure your will is up to date and tax efficient, you can maximise the amount loved ones may receive. However, as each person’s circumstances can greatly differ, it’s important to seek professional guidance on all inheritance tax matters. Ensure you are taking all the steps you need to minimise your inheritance tax bill after you pass.  If you’re think of equity release as an option, find out more here.

The post What is the Inheritance Tax Threshold? appeared first on MoneyMagpie.

For winter 2025–26, the UK government reversed its earlier decision to restrict the Winter Fuel Payment (WFP). Around 9 million pensioners in England and Wales with annual incomes of £35,000 or less will receive the usual £200–£300, fast-tracked automatically. Higher earners will still get it initially, but may need to repay via HMRC in their tax return.

Chancellor Rachel Reeves emphasised:

“No lower‑income pensioner will miss out”

Meanwhile, Treasury experts warn that restoring these payments will cost around £1.25 billion, likely to be offset later by tax rises or cuts elsewhere in the upcoming autumn Budget.

Why now is prime time for scammers

When any large benefit changes—especially one previously scrapped and now reinstated—it creates confusion and concern. Criminals exploit this unrest every winter. Here’s a breakdown of current scams targeting WFP recipients:

Scam Snapshot: Fake texts and sites

Trend Micro warns of mass phishing campaigns where spoof SMS messages claim you haven’t “applied” yet for your WFP.
These often link to polished fake websites asking for your “bank details to process payment.” Once entered, your money is quickly drained.

A typical scam text reads:

“D.W.P. Notice… you still haven’t handed in your subsidy application for 2024–2025… submit by 30 March 2025”

Warning signs—know them & spread the word

1. Urgency: Scammers pressure you with tight deadlines (“only 24 hours left!”).
2. Bank details by email: Genuine WFP is automatic—you don’t need to share banking info via email or SMS.
3. Suspicious URLs: Look out for non-apex domains (e.g., winterpaymentdu.top instead of gov.uk)
4. Poor language or grammar: Government messages tend to be well-written.
5. Unexpected messages: If you didn’t receive an official letter in September/October, you’re probably not missing anything.

Real-world scam examples

• “Winter Heating Subsidy Reminder” SMS:
  “Since you are eligible to apply, please update your information in the link…” — directs victims to a convincing fake site asking for card data
• DWP impersonation phishing:
  “Final notice from the Department of Work and Pensions… ensure you receive £300 subsidy by April 1” — one of several repeated scam patterns using fabricated authority

Expert warnings

Baroness Jenny Altmann (former Pensions Minister) described these as “utterly abhorrent,” and warned:

“Some pensioners will be so desperate… they might be less careful.”

Labour MP David Smith added:

“Please do not follow links in messages sent by unknown or odd numbers… the Government does not announce major payments through text messages.”

How to stay safe—your WFP survival toolkit

Do’s	Don’ts
Expect a GOV.UK letter around Oct/Nov	Don’t click SMS/email links
Only share bank info if you initiated contact	Never reply to messages saying you “must apply”
Look for “.gov.uk” domain	Avoid urgent, fear-driven language
Cross-check with GOV.UK or call DWP	Don’t call back unknown numbers in spoofed messages

If something feels off: report it—text to 7726 (UK phishing), call Action Fraud or visit citizensadvice.org.uk. Also, check in with vulnerable loved ones regularly.

Final thoughts

The reinstated Winter Fuel Payment is welcome news during a cost-of-living squeeze. But it’s also a scammers’ golden opportunity. With confusion around means testing and repayment thresholds still fresh, it’s the perfect storm for fraudsters. Awareness, vigilance—and passing this guidance on—can be the difference between a warm winter and a costly mistake.

The post UK Winter Fuel Payment Changes for 2025—and Why Scammers Are Lining Up appeared first on MoneyMagpie.

Recent news articles reveal horror stories like the pensioner conned out of £4,000 – thinking she was helping the police. Fraudsters are now so convincing and easy to believe, it’s hard to spot if you’re dealing with a legitimate company or if you’re a scam victim.

Here are the most sophisticated scams to surface in 2025 – and how to make sure you’re not conned.

The Social Media ‘Ghost Store’ Scam

The Whisky Investment Scam

• The courier scam
• The Accidental Transfer scam
• The Amazon Prime scam
• Keep yourself safe from scams
• If you’ve been the victim of a scam

The Social Media ‘Ghost Store’ Scam

There is a huge rise in ‘ghost stores’ on social media. They often steal product images and videos from legitimate companies and run adverts to drive traffic to their own site instead. They’ll accept payment for your order – and then a few days later, the website or Shopify store no longer exists.

In fact, of 71,000 cases of online shopping fraud in the UK in 2023, almost 68% were linked to social media. The problem has only continued to grow.

Henson Tsai, CEO of SleekFlow, says: “Ghost stores game the system. They plug into the same tech real brands use—ads, shipping tools, payment systems—and that’s what makes them so convincing. The platforms are built to look seamless, not to verify what’s real.”

How to Avoid the Ghost Store Scam

First, don’t click on an advert on social media. If you like the look of a product, Google the name separately. You can also Google ‘product name + review’ or ‘product name + scam’ to check out other online reviews and possible red flags people have posted about whether it is a scam.

Second, check the contact details on the website. If they only offer an online contact form, or their social media presence is Instagram-only with comments turned off, steer well clear. You can also check if a company is registered in the UK with Companies House.

Always check confirmation emails and tracking information. If a Gmail or other non-business email address is used for the contact information, immediately cancel the order (if you can) and contact your payment provider to prevent payment or begin a refund request. Keep an eye on your payment option for further unsolicited payments or transactions you don’t recognise, too.

The Whisky Investment Scam

This one hit the news at the end of March: people scammed into investing their life savings into whisky barrels, then the company disappearing. Investors were either told to invest in barrels that didn’t actually exist, were sold multiple times to different investors, or charged five times the actual worth of the whisky.

Now, whisky investment IS legitimate. However, like any investing opportunity, scammers will be trying to take advantage of people. The first sign that this is a scam is being pressured into investing most or all of your available savings. You should never invest everything into one asset or opportunity: diversifying your portfolio is the best way to secure against scams as well as the ups and downs of various investment markets.

Second, these scammers will promise abnormally huge returns, like 30%. Nobody can promise returns on investments, as their value is always at risk of going down as well as up. A suspiciously high return is also unlikely; you might end up getting lucky on an investment that does big numbers on returns, but even a 5% return is a solid investment over a period of time.

How to avoid the whisky scam

Ask your whisky investment company to provide details of cask storage. Contact the storage company directly to ask if they store casks for that company, as this seems to be one of the best ways to determine if your cask is not only real but legitimate.

The known scammer in this particular case is already serving prison time for fraud. He went by the name of Craig Arch at Cask Whisky Ltd, but his real name is Craig Brooks (and he was already disqualified from being a company director). He and his brother ran Cask Whisky Ltd but also appear to have run another scam under Cask Spirits Global Ltd under the name Craig Hutchins.

Another company, Whisky Scotland, appears to have been a similar scam, but the directors cannot be traced and the company is dissolved.

If you have already invested in Cask Whisky Ltd or Cask Spirits Global Ltd, contact the City of London Serious and Organised Crime team.

The Courier Scam

This is a convincing scam that’s easy to fall for.

Fraudsters will call pretending to be from your bank. They’ll advise you of a suspicious transaction on your account.

The sophisticated bit comes next: we all know that we shouldn’t give out our details to cold callers on the phone. So, they’ll tell you to hang up and call 999 to report to the police.

However, the fraudsters use technology to keep their end of the phone line open. So, when you call 999, you think you’re talking to a police operator. In fact, you’re still talking to the fraudsters.

They’ll advise you that they believe someone at the local bank is scamming people. They want you to help solve the investigation: you’ll be asked to take out a large sum of money from your bank account.

When you return home, someone posing as a police officer or detective will come to visit your address and collect the money “as part of the investigation”. In fact, they’re just stealing it from you!

How to avoid the courier scam

There are a few simple ways you can stop scammers like this in their tracks.

1. If someone calls and tells you to hang up and call the police, don’t. Instead, hang up, and use an alternative phone line to call the police and report the call you’ve received.
2. Never give out your address or personal details to unknown callers on the phone.
3. Your bank will never ask you to confirm account details if they’ve called you.
4. The police would not request your assistance over the phone like this. If you’re called by someone claiming to be from the police, ask for their police number and their office location. Hang up, and use a different phone to call that office and request that police member by their official number.

The key thing to remember is that the police would never ask you to take money out of your bank account. Similarly, any other organisation that requests you to withdraw cash and have it collected is also operating fraudulently.

The Accidental Transfer Scam

This is a relatively new banking scam that’s catching a lot of people out. You will receive a transfer of money into your account – and then a message asking you to refund it to the sender. They’ll tell you it’s an accident and they meant to send the cash to someone else, but they got a digit wrong on the bank details!

Do not send any money!

This is because once you have sent the ‘refund’, they will also claim to their own bank the payment sent in error and get it refunded by the bank’s legitimate system. Or, they will cancel a payment if it is still showing as pending on both sides. This means they get their original money back AND the money you sent them.

If someone does make a legitimate error like this (which is very rare because of Payee Confirmation security steps), they can raise the issue with their bank, who will sort it with your bank. You don’t need to get involved.

And think about it this way: someone getting something wrong on a bank transfer wouldn’t mean they also have your contact details… unless they were using stolen information about you. So, a genuine error would mean the individual couldn’t actively contact you! Only someone using your stolen identity details would have that information.

The Amazon Prime Scam

Amazon Prime scams have been floating around for a while, but a new and more sophisticated one has recently surfaced.

People receive phone calls supposedly from Amazon to tell them their Prime subscription has renewed. Some people have reported this as a ‘robotic’ voice, while others have had human callers.

The call instructs the recipient to ‘Press 1’ if they didn’t request their account to be renewed, so that they can receive a refund of the charge. They then ask for sensitive account information to ‘process the refund’ when, in reality, they’re stealing this information for future fraudulent activity.

Instead of being asked for account information to process a refund, some people have reported that they were asked to log into their Amazon account (or provide details for the scammers to do so).

Once the fraudsters have your information, they can use your bank details and/or Amazon account to spend your money!

How to avoid the Amazon Prime scam

Much like the courier scam, the main thing to remember is that Amazon won’t ever call you to confirm your account details.

If you’ve received a suspicious phone call from ‘Amazon’:

1. Don’t give out any personal information to the caller.
2. Hang up straight away.
3. Report the phone call to Action Fraud.

You might also receive emails asking you to share your personal details or to click on a link to your account. If you’re not expecting communication from Amazon, treat any email from them as suspicious.

You can forward any suspicious email to spoofing@amazon.com and make sure you don’t click anything inside the email – links, buttons, or images! If the email is, in fact, legitimate, Amazon will be sure to let you know.

Keep Yourself Safe from Scams

These are just two examples of how easy it is for fraudsters to trick even the savviest people into sharing their personal information. Once your financial information is shared, it’s easy for scammers to use it to steal lots of money from you.

In general, to keep yourself safe from scams:

1. Install an antivirus and firewall on your computer and smartphone. This will let you know if you’re about to visit a malicious website and also helps prevent hackers from getting into your device to steal information.
2. Never give your personal details to a cold caller. If they’re pushy or you’re in any doubt, hang up.
3. If you’re not sure whether a call is legitimate, ask for a number to call back on and then hang up. If you can, Google the number to find if it’s real. Always use another phone to call this number back – not the phone they called you on.
4. Shred your paperwork before you throw it away.
5. Never give out your passwords to anyone.
6. Use different passwords and PINs for each card, online account, or banking app.
7. Report suspicious activity immediately to your bank and Action Fraud.
8. Don’t click links on emails you don’t recognise or aren’t expecting to receive.
9. Google the company name or the phone number to find out if other people have reported it as spam or if it’s a legitimate company.
10. Never let cold callers enter your home or pressure you into buying something. If you’re interested in what they’re offering, contact other companies to get comparison quotes before acting on your decision. Someone who insists the deal only exists while they’re stood, uninvited, at your door is not to be trusted.

If you’ve been the victim of a scam

If it’s too late and you think you’ve been conned out of your money, take action. Many people feel ashamed they’ve fallen victim to a scam – but it happens all the time and is easily done.

First, file a report with Action Fraud. Next, if you know money has been stolen from you, make a police report.

You should also contact your banks and credit card providers to make sure they’re aware. Check your credit record each month, too – this’ll show any identity theft activity (someone opening credit accounts in your name, for example). If this happens, report it immediately and send a notice of corrections to the credit agency to make sure providers can see you’ve been a victim of identity theft.

The post How to avoid the latest sophisticated scams in 2025 appeared first on MoneyMagpie.

If you’re the sort of person who likes to take some reading material into the bathroom with you, then why not try to make money on the toilet instead?

Here are 10 things you can try:

1. Do an online survey – or three
2. Check Free Postcode Lottery for a chance to win money every day
3. Slogan competitions
4. Save money by switching your gas and electricity
5. Earn while you surf
6. Save money by switching your car insurance
7. Save money by your home insurance
8. Come up with a killer business idea
9. Come up with a new TV game show format
10. Sell your toilet roll tubes
11. Play Games

Do an online survey – or three

Online surveys are a quick and easy way to make money on the toilet. They can be quick or long, depending on which one you do.

We like Inbox Pounds. It’s easy to sign up simple to use wherever you are. Including the bathroom.

In fact they give you £1 just for signing up, so you’ll be making money even If it’s a very quick visit.

Take a look at our article on how to make money with online surveys to see even more survey sites that will can be used to make money on the toilet!

Check the Postcode Lottery for a chance to win money every day

Now this really is a quick and easy one.

Check the Free Postcode Lottery for an opportunity to win money every day. On some days they have over two thousand pounds to give away if it’s been a roll-over.

All you need to do is sign up with your email address and postcode. Then you check the site each day to see if your postcode is the winning one. It’s that easy. Read our article about it here.

They also have other ways to win such as an Emoji Lottery and a Video Lottery. So if you happen to be someone who takes a little while on the toilet, then this may be worth a try.

Check it out and sign up for free here.

Come up with slogans for competitions

We love competitions at MoneyMagpie. In fact, we often tell you about upcoming contests in our newsletter (sign up here to get them sent to your inbox).

As you can see in our article on how to get money and freebies through competitions, some companies run slogan competitions, here you have to come up with a clever little phrase about their product to win the prize.

Save money switching gas and electricity

If you’re reading this on your smartphone right now, you could be saving yourself a tidy sum just by switching your gas and electricity provider. You don’t even need your bills to see how much you could save. Just put your postcode into the box here and see which companies are offering you a cheaper deal.

It’s likely that it will be one of the smaller suppliers. They are doing their best to get into the market and compete with the larger providers who dominating it.

Check it out now and make some money!

Earn while you surf

You could win up to £250 a month just for surfing the net with this competition site called Neilsen.

They have been known to give up to £30,000 away every year.

 Save money switching your car insurance

Again, while you have your mobile phone on you consider switching your car insurance. Your car insurance premium may have gone up since you last checked, but you can save yourself money by switching to a cheaper deal than you have now.

Take this time do explore the different options that are available.

Switch to a better car insurance deal here.

 Save Money switching your home insurance

According to Which? Magazine you should be able to save money by switching your home insurance. While sitting on the throne you may have some time to kill. Why not try this?

Do it here. Switch to a better home insurance deal.

Come up with a killer business idea

Is visiting the loo the only time you get some peace and quiet and time to think? It is for some people, if so then spend a bit of extra time to ponder a killer business idea.

You probably already have one rattling around your mind. Use this time to work out how to do it, what you will need to start and how to make a profit.

We have plenty of ideas for you, as well as lots of help and advice to hey you started here on our small business section. For example, take a look at this article with twenty tips for setting up your own business.

Come up with a new TV game show format

Feeling creative? Being on the toilet can be a good time to come up with story ideas for a novel or other creative pursuit.

But have you ever considered creating a TV game show idea?

Game shows can be hugely lucrative if you can come up with an original concept it right. People make hundreds of thousands from a successful idea they came up with which was then sold to production companies all over the world.

See our article here on how to come up with a winning TV game show format.

Sell your toilet roll tubes

It’s possible to sell the cardboard insides of your toilet rolls on eBay. There really are people who need them for craft projects and will buy them off you. Sell them for about £7 per 50. If you have a family you will probably get through a lot and will be able to gather 50 rather quickly.

It’s not a major income by any means, but it’s simple enough to do.

Play Games

For all the gamers, help to improve game development by getting paid for testing games. Find out how here.

Sign Up – Newsletter

The post Ten ways to make money, while on the toilet! appeared first on MoneyMagpie.

Saving when you’re on a low income seems impossible – but with the Government’s Help to Save account, it’s not only possible but lands you with a whopping 50% bonus. The scheme has been extended to new applications until April 2027.

Designed for those in receipt of Universal Credit, this little-known savings account is available for many people on a low income. Over the course of 4 years, you could earn a massive £1200 FREE BONUS from the Government.

Here’s everything you need to know about this well-kept secret!

1. What is Help to Save?
2. How it Works
3. Who is Eligible for Help to Save?
4. When Do I Get My Bonus?
5. What Are the Advantages of Help to Save?
6. What Are the Disadvantages?
7. Will it Affect My Benefits?
8. How to Open a Help to Save Account
9. More Ways to Save Money on a Low Income
10. Extra Ways to Earn More Money

What is Help to Save?

The Government wants to encourage those on low incomes to save money. But, is saving really worth it when interest rates are so low and you need all the cash you’ve got?

Help to Save is the answer. It’s an easy-access savings account that comes with an added Government bonus in the second and fourth year you hold the account. The bonus isn’t interest – so it doesn’t count towards the annual £1000 tax-free allowance for interest earnings.

For the self-employed, it’s also worth noting that these bonuses don’t count as generated income – so no need to add them on your tax return.

The key things to know about Help to Save are:

1. You can save up to £50 a month (and there’s no penalty for months you don’t pay in)
2. If you’re in a couple, you can each have a Help to Save account
3. You’re eligible if you’re on Universal Credit and earn a household income of just £1 or more in one month
4. You only need to hit that earning amount once to qualify
5. In years two and four you get a bonus worth 50% your total savings of the highest amount saved in that year
6. You can withdraw your money at any time
7. It’s a Government scheme, so your money is safe (unlike, for example, a savings app that’s not covered by the FSCS rules).

How does Help to Save work?

You can pay between £1 to £50 a month into the account for a maximum of four years. You don’t have to pay in every month, either.

Withdrawals are easy and penalty-free at any time you have the account – but taking money out will reduce the amount of bonus you’ll get.

At the end of the second year and fourth year of holding the account, you’ll get paid your bonus.

This bonus is a whopping 50% of the highest amount you’ve saved to date in the account. That’s not 50% on the account balance at the time of payment: it’s the highest balance you’ve achieved ever on the account in the bonus period (which is years 1 and 2, then years 3 and 4).

That’s an important distinction: it means that, if you REALLY need to dip into your savings, you can still get the bonus on them. You just won’t be able to get the biggest bonus (as you can only pay £50 in each month).

For example, let’s say you’ve saved £400 in your account by the end of the second year. You actually managed to save £500, but had to withdraw £100 for an emergency bill payment.

Your bonus would be £250 – 50% of £500 – as that’s the highest amount you’ve held in the account so far.

Of course, if you pay in £50 a month for the full four years, that means you’ve saved £2,400 of your own money – leading to a huge £1,200 bonus total from the Government. This is paid in two instalments: at the end of year two, the maximum bonus is £600 (if you’ve saved your full allowance of £1,200). At the end of year four, when the account closes, you’ll receive a further £600 if you’ve saved another £1,200.

There are no savings accounts AT ALL that offer such a generous and GUARANTEED return! If you can get this account, do it!

Who is Eligible for Help to Save?

You need to show that you’re earning enough money through some paid work before you become eligible for the account. Don’t worry: it’s not a large amount and can be earned by your household so if you and your partner both have some work, both incomes count towards the amount (as Universal Credit is shared for couples, too).

You can’t use your Universal Credit payment to qualify for the account. This is where the account encourages people to work and save: if you’re earning through a job, but have a low income, you can still receive some Universal Credit – and it’s these people that the account is aimed at.

If earning the minimum amount to qualify means you won’t get Universal Credit that month, don’t panic! Your Universal Credit doesn’t automatically stop the minute you earn more than your UC entitlement. That’s why monthly assessments exist: it monitors your AVERAGE income over a period of time (making it ideal for the self-employed or those working irregular hours).

To qualify, you must:

• Receive any amount of Universal Credit
• OR receive Working Tax Credit OR Child Tax Credit
• Earn at least £793.17 from paid work in your last monthly assessment period
• Be resident in the UK

THE APRIL 2025 UPDATE

If you’ve just read that and thought you won’t qualify for an account – think again! In April 2025, the minimum earning threshold is being slashed to £1. So you only need to earn £1 in earnings, in one Universal Credit assessment period, to be eligible to apply for an account.

If you stop receiving benefits after opening a Help to Save account, you can keep the account for the full four years and still receive the bonuses.

When Do I Get My Bonus?

You receive your bonus directly into your bank account. It happens twice: once at the two-year anniversary and again at the four-year mark when the account closes.

It’s not paid into your Help to Save account – it’s paid into your dedicated bank account. That means if you want it to go straight into another savings account, you can put that as the account you’d like it to be paid into. Otherwise, it’ll go to your current account.

At the fourth-year anniversary, you’ll get your bonus payment and have to withdraw your full amount saved as the account closes.

What Are the Advantages of Help to Save?

The most obvious advantage here is FREE MONEY! You have to wait a couple of years to get it – but for a relatively small monthly investment, it’s a fantastic and guaranteed return of 50% on your savings. NO other savings product offers such surety or high returns. 

Other advantages of Help to Save include:

• The bonus is tax-free
• Couples can each hold an account
• You can save as little as £1 a month
• You can withdraw money if you need it
• Bonuses paid every two years (so you can anticipate the payment)
• The account doesn’t cost anything to have
• It encourages regular saving habits
• It’s easy to build an emergency savings fund

It’s also worth noting that the account is operated by NS&I, the state-backed platform – so your savings are safer here than any other bank account.

If you have a joint Universal Credit claim with a spouse or partner, and you’re both eligible, you can BOTH have a Help to Save account. That means, between you, if you save £50 each a month across the four years, you’ll have saved £4,800 PLUS get bonuses totalling £2,400 between you – that’s enough for a house deposit.

If you’re saving for a house deposit, you could maximise the Government returns by putting your bonus payments into a Lifetime ISA, and when the Help to Save account matures move across your savings into the LISA, to get an EXTRA £1,000 tax-free. There are lots of restrictions with this type of account, so make sure you research first.

Are There Any Disadvantages?

There are few disadvantages to having a Help to Save account.

You do have to meet the eligibility requirements to open an account. However, these are quite easy to meet and you only need to have met the earnings requirement of £793.17 in ONE assessment period before you open a Help to Save account. That is also a joint amount if you live with a partner or spouse – so if one of you earns £300 in a month and the other earns £500 in a month, that’s £800 total so would qualify.

That means people on irregular hour contracts, or the self-employed, may have an overall low income – but find one month makes them eligible to apply for the account.

If you have lots of debt you may be better off paying off high-interest debts than saving your money.

You can’t open another Help to Save account once your four years is over. Similarly, if you close it before your four-year term is up, you cannot open a new one.

Your savings could impact your benefit entitlement – read on for more detail.

Will Help to Save Affect My Benefits?

If you’re only saving into this account, and have no other savings, then your benefits won’t be affected.

If you already have some savings, however, it could affect your entitlement to some benefits.

For example, any savings over £6,000 could impact your Council Tax benefit, while savings above £16,000 disqualify you from receiving any benefits at all.

The bonus, however, is not a taxable income. This means it won’t affect your Working Tax Credit or Child Tax Credit eligibility.

How to Open a Help to Save Account

The Help to Save account links to your Universal Credit online account. This means it’s easy to find out if you’re eligible to apply: it’ll tell you during the application process if you’ve earned enough in your last assessment period.

Bear in mind that it can take up to a week for your assessment period to update, so wait at least 7 days after your most recent monthly assessment to apply for a Help to Save account.

Go to the Help to Save Application link to start your application. You’ll need a Government Gateway ID and password – if you don’t have one, you can set one up during this process.

Follow the steps on the screen to apply. You’ll need to add your mobile phone number so that when you log in, the system can send a security code each time for a secure login process.

When your account has been accepted and set up, you can amend your bank details. If possible, set up a direct debit to transfer a regular amount each month. This helps you remember to save every month to make the most of your saving potential!

More Ways to Save on a Low Income

The biggest challenge with having a Help to Save account is finding the £50 a month to save. You don’t have to save that much, of course – but if you can, that bags you the biggest bonus.

Here are just a few ways to boost your income – even without much time on your hands.

Take surveys

Online survey sites like Swagbucks and Toluna offer an easy way to make small bits of cash here and there in your spare time.

Answer surveys about your spending habits, opinions, or lifestyle for just a few minutes each day and you’ll quickly see the fund build!

Become a mystery shopper

Get paid to go shopping, visit the cinema, and even travel! Mystery shoppers review all sorts of places from retail outlets to restaurants and even airlines.

You’re sent on a mission to try a product or service. You have to then provide feedback about your shopping experience – both positive and negative – to help companies improve their service.

You’ll be paid for your time and reimbursed for your purchases – so it’s a great way to dine out for free, too!

Sell your crafts

If you’re a crafty person with a hobby that’s a passion, use it! Whether you’re a keen knitter or avid woodturner, there’s a market for your items out there.

Online shops like Etsy make it easy to sell your creations to a wide audience across the world. Just be sure to declare all income as you would a normal self-employed business – and make sure you’re not being stung by platform or shipping fees, too.

Sell your skills

You don’t have to make things to make money! Offer your skills as a tutor if you’ve got a knack for teaching, or take on the tasks everyone hates but you secretly love – like ironing.

The digital age means we’re all consuming more content than ever – and that means writers and graphic designers have come into their own as a freelance force. Use these skills to side hustle until you’ve built a solid customer base – then you can always launch as a full-time business!

You can earn up to £1,000 a year before declaring income from ‘ad-hoc’ jobs, too.

Register as a childminder

Many people on Universal Credit are either part-time workers or stay-at-home parents with children. If you’re already looking after your own children, consider registering as a childminder to watch other kids, too.

This is a hugely responsible role, but is ideal for parents who need to work around their young family.

Again, like any of these income-generating ideas: make sure you declare all payments (even cash ones) in your tax return and any Universal Credit assessments.

Use cashback websites

We don’t advocate shopping for the sake of ‘a good deal’ if you wouldn’t have bought something without that incredible discount!

However, websites like Quidco and Topcashback offer a great way to boost your income on things you’re planning to buy anyway. You earn a small percentage of each purchase back – which quickly adds up to hundreds of pounds each year.

Cashback is seen as a refund of your money and not income – so it’s not taxable for basic-rate taxpayers (so you don’t need to declare it as income, like you do for the above suggestions).

The post Help to Save: £1200 TAX-FREE Cash From the Government! appeared first on MoneyMagpie.

Want to make quick cash right now? Check out our ten top ways to make money fast, with the least amount of effort possible.

Perhaps you’re looking for easy ways to make money online from the comfort of your sofa, or perhaps you want to make sure your credit report is accurate and up to date so you can get the best deals.

Here are our 10 easy ways to make quick cash, and don’t forget to sign up to our newsletter for weekly quick-cash-making and money-saving ideas.

• Earn with Pawns.app
• Join inCompass
• Make Money with Toluna
• Claim Your Free Money-Making eBook
• Save on Your Energy Bills
• Get Paid for Your Opinion
• Get Paid to Use the Internet
• Have a Free Financial MOT
• Make £400 a Month Mystery Shopping

Earn an average $12 a day with Pawns.app

You might have heard of apps like Swagbucks and Toluna, well, Pawns.app is in the same vein of money making apps. However, it adds an extra competitive advantage: there’s a leaderboard where, each week, top users could win an extra $300, as well as other unique earning opportunities.

Pawns.app is available in 190 countries, including (of course) the UK, and in 2023, it paid out $3.8million to users with an average daily earning for each user of $12. You can pay out as soon as you’ve earned $5.

Pawns.app works on desktop for Windows and MacOS, as well as Android and iPhones. You can claim an additional $3 dollar bonus just for signing up via this page! 

Join inCompass and earn £20 for your first month

Make Money with Toluna

Toluna is a great site to join. You not only earn points which you can later redeem for fantastic prizes, but you also have the opportunity to get free goodies.

Click the appropriate device to complete the survey! iPhone, Android, Desktop

Claim Your FREE Money-Making Email & eBook

Sign up for FREE to our Make Money Newsletter and every Tuesday we’ll send you the inside tips YOU need to succeed.

Grab hold of our expert cash advice and run with it – it’s been created with the sole purpose of making you quick cash. What’s more, each issue also contains a lot of special bargains designed to save you cash.

You could also hop over to our eBooks section and grab a FREE copy of our ‘Make £1000 Before Christmas’ eBook.

Win £850!

Want to win a nice wad of cash?

If you’re still not sure what it’s all about, you can read our article all about it here, which tells you everything you need to know so you can start winning.

Save Money on Your Energy Bills

Now is a perfect time to fix your deal as energy prices continue to rise or fluctuate dramatically. And check out lots more ways to save on your energy bill.

If you want to find the very best deal before you fix, shop around!

Click here to use our comparison tool and find a better deal for you.

Be Paid for Your Opinion

This is a sporadic way to make quick cash and it brings in a relatively small income, but it’s low effort and you’ve nothing to lose. It’s a great way to make quick cash from the comfort of your computer but make sure you NEVER pay to join an online survey site or reveal your credit card details.

Earn money for testing apps, games and surveys – find out how here

Inside tip! Here are our favourite online survey sites. They’re completely free and have received a big thumbs-up from many of you. For maximum earnings set up a separate email account (so your personal one doesn’t get flooded with survey-related emails) and then register for free with all of them:

• Branded Surveys
• Swagbucks
• InboxPounds
• Toluna
• LifePoints

If you like the sound of making quick cash through filling out online surveys make sure you check out our full article right here on the safe way to earn money by taking paid surveys.

Earn for Using the Internet

Get a Free Financial Health Check

Sense check your finances with a free financial health check – a 30-60 minute call or meeting with a local, well-rated IFA.With more than 4,500 independent financial advisers and over 60,000 reviews, VouchedFor is home to the UK’s top advisers.Simply leave your details and VouchedFor will find the best adviser to conduct your free financial health check.Get your free financial health check here.

Make Up to £400 a Month Mystery Shopping

Fancy getting paid to eat out, shop and even go on holiday? Try mystery shopping!

Our editor Jasmine has been a mystery shopper for over five years now, earning decent money on the side while bagging brilliant freebies left, right and centre.

Now you can too! Read all about it here.

The post Easy ways to make quick cash appeared first on MoneyMagpie.

Top Easter Deals

Cheap Easter Eggs

Budget Easter Ideas

Affordable Family Activities

Shop Smart

Top Easter Deals in the UK for 2025

1. Aldi’s Easter Gonks ReturnAldi is bringing back its popular Easter-themed gonks on 3rd April. These charming gnome-like decorations are available in two designs for just £9.99 each, making them £15 cheaper than similar versions sold by Next. Given their popularity last year, it’s advisable to grab them early before they sell out.
2. Amazon’s Big Spring SaleRunning until 31st March 2025, Amazon’s Big Spring Sale offers significant discounts across various categories, including tech, beauty, fashion, and home essentials. This is an excellent opportunity to purchase gifts or essentials for your Easter celebrations at reduced prices.
3. Greggs’ Festive TreatsGreggs has introduced a range of new and seasonal items, including the Veggie Feast Pizza and festive Easter Jammy Biscuits priced at £1.30. These affordable treats can add a special touch to your Easter celebrations without straining your budget.

Cheapest Easter Eggs on the Market

Finding affordable Easter eggs can be a challenge, but several supermarkets are offering budget-friendly options:

• Aldi offers Cadbury’s chocolate eggs in the 96g size for just £1.45. Varieties include Mini Eggs, Freddo, and Buttons.
• Asda has a multi-buy deal where customers can purchase four eggs from a selected range for just £11.96.
• Sainsbury’s offers large eggs, such as Cadbury’s Mini Eggs egg and Nestle’s Munchies egg, for £2.50 each with a Nectar card, reduced from £4.

Celebrating Easter on a Tight Budget

Celebrating Easter doesn’t have to be expensive. Here are some practical tips to enjoy the festivities without overspending:

DIY Easter Egg Alternatives

With the rising cost of eggs, some parents are turning to creative alternatives like decorating and hiding potatoes for Easter egg hunts. This not only saves money but also adds a unique twist to the tradition.

Budget-Friendly Easter Feasts

Traditional Easter meals, such as lamb roasts, can be costly. Opting for more affordable cuts like lamb shoulder or breast and cooking them slowly can yield delicious results without the hefty price tag. Alternatively, consider non-traditional options like roast chicken or vegetarian dishes to keep costs down.

Budget-Friendly Easter Lunch Recipe: Roast Chicken with Seasonal Vegetables

Celebrating Easter with a delicious meal doesn’t have to be expensive. This simple roast chicken recipe, accompanied by seasonal vegetables, serves four and is both hearty and easy on the wallet.​

Ingredients:

• Whole chicken (1.5kg)
  Aldi: £3.75​

• White potatoes (2kg)
  Tesco: £0.15 with Clubcard​

• Carrots (1kg)
  Lidl: £0.33​

• Frozen peas (1kg)
  Asda: £0.61​

• Gravy granules (300g)
  Morrisons: £1.09​

• Oil (500ml)
  Sainsbury’s: £1.20​

• Salt and pepper
  

Total Estimated Cost: Approximately £7.13​

Instructions:

1. Prepare the Chicken: Preheat your oven to 190°C (170°C fan). Place the chicken in a roasting tray, drizzle with olive oil, and season with salt and pepper. Roast in the preheated oven for approximately 1 hour and 20 minutes, or until the juices run clear when the thickest part of the thigh is pierced.​

2. Roast the Potatoes: While the chicken is roasting, peel and chop the potatoes into even chunks. Parboil them in salted water for 10 minutes, then drain and shake them in the pan to roughen the edges. Transfer to a baking tray, drizzle with olive oil, and season with salt and pepper. Place in the oven with the chicken for the last 45 minutes of cooking, turning occasionally, until golden and crispy.​

3. Cook the Carrots and Peas: Peel and slice the carrots. About 15 minutes before the chicken is done, bring a pot of water to a boil. Add the carrots and cook for 5 minutes, then add the frozen peas and cook for an additional 3-4 minutes until both are tender. Drain and season to taste.​

4. Prepare the Gravy: While the vegetables are cooking, prepare the gravy according to the instructions on the granules packet.​

5. Serve: Once the chicken is cooked, remove it from the oven and let it rest for 10 minutes before carving. Serve with the roasted potatoes, carrots, peas, and gravy.​

By sourcing ingredients from various supermarkets offering the best deals, you can create a delightful Easter lunch for four at just over £7. Remember, prices and offers may vary, so it’s advisable to check the latest deals at your local stores before shopping.

Homemade Easter Treats

Instead of purchasing expensive Easter eggs, consider making your own sweet treats. Simple recipes like chocolate cornflake cakes, lemon drizzle cakes, or homemade fudge can be both fun to make and cost-effective. These homemade goodies can also serve as thoughtful gifts for friends and family.

Affordable Family Activities

Easter holidays provide an excellent opportunity for family bonding. Many local councils offer Leisure Passport cards, granting discounts or free access to sports facilities, theatres, museums, and cinemas. Additionally, organisations like the National Trust host Easter egg hunts at various locations for a small fee, offering a fun and affordable day out. If you have children, find out about school-run Easter activities, or organise an outing with several families to take advantage of a group discount.

Smart Shopping Strategies

With Easter egg prices soaring, it’s crucial to be strategic with your purchases. Shopping around for the best deals, considering supermarket own-brand products, and taking advantage of post-Easter sales can lead to significant savings.

By taking advantage of these deals and implementing budget-friendly strategies, you can enjoy a festive and memorable Easter in 2025 without straining your finances. Remember, the essence of Easter lies in spending quality time with loved ones, and with a bit of creativity, you can make the celebrations special regardless of your budget.

For more tips on managing your finances and making the most of your money, explore our other articles on MoneyMagpie:

• How to Save Money on Your Weekly Shop
• Where Kids Eat for Free Over the Easter Holidays

Happy Easter from all of us at MoneyMagpie!

The post Maximise Your Easter Celebrations in the UK: Top Deals and Budget-Friendly Tips for 2025 appeared first on MoneyMagpie.

Blow to Economic Forecast

The Office for Budget Responsibility (OBR) forecast was a big part of the Autumn Budget, where Reeves stated a mission for economic growth. It has now been revised to just 1% – half of the previous budget. Reeves says plans such as the new Heathrow runway, pensions investments, changes to planning processes, and the National Wealth Fund will help tackle this. She also pointed out that the OBR have upgraded forecasts from next year and beyond, however.

Universal Credit and Other Benefits

The announcements last week are here to stay, according to the Spring Statement. Huge cuts to social security payments is the biggest (and most unpopular) change to the budget, in an attempt to claw back just under £5bn in costs. However, the OBR has confirmed that the actual savings would be closer to £3.4bn once costs of additional spending elsewhere is taken into account.

Along with the proposed cuts to in-work benefit PIP (Personal Independent Payment), which is currently under a green paper consultation review, today we heard about additional cuts to Universal Credit for some. The standard allowance will increase from £92 a week in 25/26 to £106 a week by 2029/30 tax year. However, the health element – additional money for those too sick to work or who cannot work full time due to illness – is going to be cut by 50% and frozen for new claimants.

There was no further detail about the already-announced changes, such as migrating PIP to Universal Credit and changing Work Capability Assessments. This is because they are currently in a green paper consultation and there are no further updates following last week’s announcements.

Reduced Govt Running Costs

Reeves promised to ‘fundamentally reform the British State’. She wants to introduce ‘efficiency savings’ to reduce the running costs of Whitehall by £2bn (15%) by 2030, with some job cuts and introduction of technology. This includes a £3.25bn ‘transformation fund’ of AI software, civil service voluntary redundancies, increased support for children in foster care for support in education and ongoing work, and new computer systems for the Govt such as for the Ministry of Defence and HMRC.

Massive Defence Spending Increase

With the world changing fast around us, the Chancellor committed a further £2.2bn spending on defence this year. This includes defence manufacturing and industry, as well as training for jobs – and also improvements to housing for military families.

Taxes

Despite a record tax burden, the Chancellor confirmed no tax increases (for now). However, changes announced in the autumn, such as the increase in National Insurance for employers (and cut for workers), stamp duty rises, and frozen Income Tax thresholds, will go ahead as planned, predicted to balance around £40bn of the tax burden.

Reeves did promise a ‘crackdown’ on tax evaders, with an investment in ‘cutting edge technology’ to help recoup an extra £1bn a year in unpaid taxes.

What About Fuel, Alcohol Etc?

Because this was not technically a budget but a financial ‘realignment’ because ‘the world is changing’ since Labour came to power, there was not a full breakdown on changes that usually are announced that impact the cost of our spending, such as fuel and alcohol duty. However, forecasts suggest households will be an average of £500 better off a year in future… but that remains to be seen, as they are only forecasts.

The post Spring Statement 2025: The Key Points appeared first on MoneyMagpie.

If you’re looking for a flexible way to build your retirement pot while enjoying tax advantages, a SIPP could be a great option. In this guide, we’ll cover everything you need to know about SIPPs, including how they work, who they’re best suited for, and how to start investing.

What is a SIPP?

A Self-Invested Personal Pension (SIPP) is a type of pension wrapper that allows individuals to manage their own retirement investments. Unlike traditional personal pensions, which are often restricted to a limited selection of funds, SIPPs offer a much broader range of investment choices. This flexibility can potentially lead to greater returns over the long term—if managed wisely.

Types of Investments Allowed in a SIPP

SIPPs give investors access to a wide variety of assets, including:

• Stocks and Shares: Invest in individual company shares.
• Unit Trusts & Open-Ended Investment Companies (OEICs): Professionally managed investment funds.
• Investment Trusts: Pooled investments that are traded like shares.
• Corporate & Government Bonds: Fixed-income investments.
• Cash: Hold cash within your SIPP for flexibility.
• Commercial Property: Invest in business properties, such as offices or warehouses.

The ability to diversify across different asset types makes SIPPs an attractive choice for experienced investors looking to build a well-balanced pension portfolio.

Is a SIPP Right for You?

SIPPs are best suited for individuals who:

• Have experience with investing and are comfortable making financial decisions.
• Want greater control over their retirement savings.
• Are willing to actively manage their investments or work with an advisor.
• Have a sizable pension pot or plan to make significant contributions.

Things to Consider Before Opening a SIPP

While SIPPs offer great flexibility, they come with responsibilities:

• Investment risk: Your retirement savings depend on how well your investments perform.
• Time commitment: You’ll need to review and manage your investments regularly.
• Fees & charges: SIPPs can have higher costs than traditional pensions, so it’s essential to compare providers.

If you prefer a hands-off approach, a traditional personal pension with professionally managed funds might be a better fit.

How to Start Investing in a SIPP

Setting up and managing a SIPP isn’t as complicated as it sounds. Here’s how to get started:

1. Choose a SIPP Provider

There are many SIPP providers available, each with different fees and features. Some top providers include:

When choosing a provider, compare these key fees:

• Setup Fees: Can range from £0 to £500.
• Annual Management Charges: Either a percentage of assets or a flat fee.
• Dealing Charges: Fees for buying and selling investments.
• Admin Fees: Costs for transferring, withdrawing, or closing your SIPP.

2. Select Your Investments

Once your SIPP is open, it’s time to choose where to invest your money. Your provider will offer a range of funds, stocks, and other investment options. Be sure to diversify to reduce risk and aim for long-term growth.

3. Manage and Review Your SIPP

Regularly reviewing your SIPP is crucial to ensure your investments are performing well. If certain assets underperform, consider reallocating your funds to maximize returns.

Alternative Options to Consider

A SIPP isn’t the only way to save for retirement. Here are some alternatives:

ISAs

• A tax-efficient way to invest in stocks and shares.
• Offers investment flexibility but doesn’t provide pension tax relief.
• No requirement to lock away funds until retirement.

Read: Everything you need to know about stocks and shares ISAs

Personal Pension Schemes

• A traditional pension managed by a provider.
• Less flexibility but simpler for those who don’t want to self-manage investments.

Stakeholder Pensions

• Designed for accessibility with capped charges.
• Limited investment options but a good choice for low-maintenance savers.

If you’re unsure which option is best for you, speaking with a financial advisor can help tailor a retirement strategy that suits your needs.

Final Thoughts

A SIPP is a great option for those who want full control over their pension investments. With a broad range of investment choices and tax benefits, it can be an effective way to grow your retirement savings—provided you’re willing to put in the time and effort to manage it wisely.

If you’re new to investing, take the time to research and seek professional advice before making any decisions. With the right approach, a SIPP can be a powerful tool in securing your financial future.

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