The Money Podcast Mark Homer: How to Fix Your Finances (Business Partner Take Over)
Mark is joined by finance expert Shaz Nawaz where they discuss the benefits of the government's latest scheme to help people during the pandemic. They cover topics from Furlough to repayment holidays, the rights of the employer and the employee and discuss how local governments are dealing with COVID-19. Now is a perfect time to sort out your finances and save money. Tune in to find out more.
KEY TAKEAWAYS:
- Previously an employee has to have been off work for 4 days to claim statutory sick pay, however, what the government has decided to do is reimburse the employer for the first two weeks of sickness. The employee can continue to claim themselves for up to 28 weeks.
- The government furlough scheme is allowing companies to claim their employee’s salaries from the government, they will pay up to 80% of a salary with a limit of 2500 pounds back, as well as claiming National insurance and the 3% pension schemes.
- If you have monies owed on a credit card during this period, there are repayment holidays for up to three months available as well as on general loan repayments. Overdraft and overdraft interest fees waived up to 500 pounds, many banks are automatically waiving these fees. If you don’t have an overdraft you can apply for one up to 500 pounds.
- Local governments are advising that the impact of COVID-19 will last approximately 12 months. However this does not mean there will be a lockdown until then, this should be lifted in May or June starting off by opening schools and small businesses and gradually increasing events whilst implementing social distancing measures, all the while monitoring public health.
- Investing in bonds is a secure place for your money. Bonds are loans issued by governments. The UK government issues something called guilts which are bonds that you make to the UK government which attract a very low rate of interest, sometimes negative. In terms of security and getting your money back, they are about as good as it gets because the UK government is an issuer of its own currency, meaning it in theory cant go bust.
BEST MOMENTS
“It is really important for people to be focused on their finances like they are looking after their personal health”
“In terms of getting back to normal, we won't be getting back to normal like we were in March, until next March”
“This is going to continue beyond the lockdown period”
ABOUT THE HOST
Mark Homer is an entrepreneur investor. He has worked with investment since he was 15 years old using the laws of wealth! He is a spreadsheet analyst with an impressive following from major publications including BBC Radio, The Wall Street Journal, The Independent, and co-authoring the UK’s best-selling property books. Mark has always looked for the best investment vehicle, and at the end of 2007 with Rob Moore the co-founder of Progressive Property his joint portfolio produced more profit than any of the other investments he’d tried in the last ten years, combined.
CONTACT METHOD
Email: Markhomer@progressiveproperty.co.uk
LinkedIn: https://www.linkedin.com/in/markhomer1
Facebook: https://www.facebook.com/markprogressive
Twitter: https://twitter.com/markprogressive
ABOUT THE GUEST
Shaz Nawaz, is a chattered account tax advisor and industry expert whose knowledge has often been featured in well-established national publications, and he insists on ensuring that his team is just as dedicated to the industry as he is. Shaz believes in motivating you to do better for your business as well as your finances.