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Changes to VAT penalties and interest from 01 January 2023

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

New VAT penalty regime and other VAT news

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

1.25% increase to NIC and dividend tax rates 

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

Budget 2021

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

COVID-19 Update 3

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

Update on Government schemes in response to COVID-19

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

COVID-19 Government schemes to help

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

Dividend 2017/18 and 2018/19

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

Autumn Budget 2017

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website

Changes to flat-rate VAT in more detail with examples

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FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA).

The research estimates that 7.8 million people were struggling to keep up with their bills - an increase of around 2.5 million people since 2020.

In addition, 60% of UK adults are estimated to be finding it a 'heavy burden' or 'somewhat of a burden' keeping up with bills.

One in four UK adults has said they were in financial difficulty or could find themselves in difficulty if they suffered a financial shock.

Some 4.2 million people have missed bills or loan payments in the six months before the survey took place.

Sheldon Mills, Executive Director of Consumer and Competition at the FCA, said:

'Our research shows that people up and down the country are struggling to keep up with their bills.

'If you are facing financial difficulty, you don't need to struggle alone. There is free debt advice available, and we have told firms that they must work with their customers to solve any problems with payment.'

Internet link: FCA website