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Unemployment has risen unexpectedly in the UK in the latest figures from the Office for National Statistics (ONS).For the three months to November 2024, employment fell by 47,000 sending the unemployment rate up from 4.3% to 4.4%.
The ONS has also revised its previous data to reflect 32,000 extra unemployed in the three months to October 2024.
Posted by: CamOuse Financial Management Limited
27
Jan
2025
The gap in rates between average two-year and five-year mortgages is at its narrowest since January 2023, according to data from financial data firm Moneyfacts.
The average two-year mortgage rate on the market is now 5.48% (correct as of 13 January 2025), while the average five-year fix is 5.25%, according to the Moneyfacts UK Mortgage Trends Treasury Report.
Over 12 months the gap in average rates has narrowed from 0.38% to just 0.23%.
Posted by: CamOuse Financial Management Limited
17
Jan
2025
2024 was a year of speculation and political change across the world, with President Trump and the Labour Party the key pieces from a UK investor perspective. Trump will be sworn in on 20th January 2025. Donald Trump and Keir Starmer are now faced with having to deliver on their promises, and whilst they are very different personalities, both have promised growth to their respective electorates as a way out of the inflationary pressures they have been enduring in recent years.
Posted by: CamOuse Financial Management Limited
7
Jan
2025
A survey of over 1500 investors by AJ Bell in December showed that a quarter of those surveyed had either already withdrawn money to help financially support family or friends (15%) or were thinking about it (a further 10%).
Posted by: CamOuse Financial Management Limited
7
Jan
2025
As a New Year arrives, so too do new challenges, opportunities and changes to keep in mind. Here is a guide to what to expect and other aspects to consider.
Although the New Year doesn’t in and of itself provide a legal reset of our finances (we have to wait till the end of the tax year for that), it does provide a useful starting point to consider the year ahead and what we should be doing with our money.
Posted by: CamOuse Financial Management Limited
30
Dec
2024
Chancellor Rachel Reeves was dealt a fresh blow on Friday 13th as the economy contracted in October by 0.1%. Growth of 0.1% had been predicted. Whilst the services sector held steady, manufacturing and construction declined in the month.
Posted by: CamOuse Financial Management Limited
16
Dec
2024
Whilst the interest rate cuts is generally pitched as positive news for the economy, it's worth remembering its not so great for savers in cash or savings bonds.
The government-backed NS&I will cut rates on premium bonds from 20th December. The rates on NS&I’s Direct Saver account will reduce from 3.75% to 3.5% AER, and the Income Bonds will see their interest rate cut from 3.75% to 3.49% AER. Additionally, the ‘expected prize fund’ on Premium Bonds will reduce to 4.15% in December and then to 4% in January next year.
Posted by: CamOuse Financial Management Limited
9
Dec
2024
The US election provided another definitive moment in what has been a politically charged year. With many countries holding elections in 2024, analysts have been second guessing what markets will do for some time. Whether Trump is popular outside the US is debatable, but his election victory was convincing and markets have responded positively so far.
Posted by: CamOuse Financial Management Limited
3
Dec
2024
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Approver Quilter Financial Limited May 2025
Pension arrangements must be available for all employees. There are three categories of employee:
Aged between 22 and State Pension Age (SPA) with qualifying earnings over the Auto Enrolment earnings trigger
Qualifying Earnings lower threshold |
£5,772 |
Qualifying Earnings upper threshold |
£41,865 |
Automatic Enrolment earnings trigger |
£10,000 |
8% of Qualifying Earnings of which |
3% is employer's (starting at 1%) |
9% of Basic Salary of which |
4% is employer's (starting at 2%) |
8% of Basic Salary of which |
3% is employer's (starting at 1%) |
(Where basic salary is at least 85% of total earnings) |
|
7% of gross earnings of which |
3% is employer's (starting at 1%) |
Essentially the frequency that the jobholder is paid e.g. monthly, weekly etc. but with reference to the tax month, week etc. therefore it may not be the same as the payroll period.
It is the employer who is responsible to calculate, deduct and pay all contributions to the AE scheme. NOTE – the first and last contributions are likely to be for less than a full pay reference period and should be adjusted accordingly.
It can be seen that it is very important that the payroll system synchronises with the AE scheme otherwise the employer will not be carrying out all requirements and then penalties will be incurred.
Based on the employer’s payroll size as at 1 April 2012 and can be found at www.thepensionsregulator.gov.uk/employers using your PAYE reference. The Qualifying Workplace Pension Scheme must be registered with The Pensions Regulator within 4 months of the staging date.
Auto-Enrolment can be postponed for up to 3 months:
All eligible employees must be auto-enrolled, but can, with the correct notification, opt-out within one month of joining the scheme and be treated as never having joined. They can opt back in and will automatically be auto-enrolled every 3 years in any case!
There is a wide range of information that must be provided to all employees at certain times, such as:
Contributions can be paid by effectively reducing salary, which saves on NI contributions, but employee must choose to do this – they cannot be forced, so a contractual variation will need to be implemented.
All eligible employees will be automatically invested into a default investment fund, which is a balanced risk fund that is “life styled” to account for the employees approach to retirement. They also have the option to invest in a wide range of funds of their choosing.