Wise Tax Error: 4,000 Investors Sent Wrong Tax Statements
Wise sent about 4,000 investment users wrong tax statements and will cover the shortfall itself. Plus fuel prices in Google Maps and a cash machine merger.
A money app owning up to a tax mistake, live fuel prices arriving in the most used map app in the country, a merger that would put more than half of UK cash machines under one owner, and fraud victims getting money back. If you hold money in Wise’s investment products, the first item is the one to read.
Wise sent about 4,000 investment users the wrong tax statements
Finextra reported on 8 October, citing the Financial Times, that Wise contacted around 4,000 users of its investment service to tell them they had been given incorrect tax statements between 2021 and 2025. The error came from software run by a third-party provider, which miscalculated earnings and the resulting capital gains, so the figures users carried into their Self Assessment returns were wrong. Wise has proposed a “bulk settlement” to HMRC to cover the shortfalls at its own expense, and has offered to compensate customers who overpaid. In a statement, Wise said it has fixed the issue and issued corrected statements to affected customers.
If you used Wise’s interest or stocks products and file a tax return, check whether you have had a corrected statement, and keep it with your records. The wider lesson is that an app’s annual tax summary is a convenience, not a guarantee: you are still responsible for what you put on your return. Do you pay tax on savings app interest explains how interest is taxed and when you need to report it, and best multi-currency apps covers Wise’s main account. Source: Finextra.
Near real-time fuel prices are now in Google Maps
From 8 October, Google Maps shows near real-time petrol and diesel prices for UK forecourts, using data from the government’s Fuel Finder scheme. Since February, petrol stations have had to report a price change within 30 minutes or risk a fine, and the government says about 99 per cent of fuel sold on UK roads is now covered. The same data already feeds Waze, Petrol Prices, the AA, Confused.com and RAC Fuel Watch.
The government’s estimate is that comparing prices saves a household with a car around £40 a year. That is modest, but it costs nothing if you already have the app open for directions, and it is the kind of small saving that budgeting apps then make visible. How to save £1,000 with apps and apps to save money without noticing cover the rest of the list. Source: GOV.UK.
Brink’s offers to sell NoteMachine to win approval for a cash machine merger
The Competition and Markets Authority said on 8 October that it is considering an offer from Brink’s to sell two UK businesses, NoteMachine and the UK arm of ATM parts supplier TestLink, to resolve its concerns about Brink’s buying NCR Atleos. Together the two companies operate more than 50 per cent of UK cash machines. Without remedies, the CMA said, the deal could mean fewer options for businesses that host ATMs and, ultimately, higher fees for people who rely on them. It will consult before deciding.
Nothing changes at the machine yet. If you bank through an app and still use cash, the fee is set by whoever runs the ATM, not your bank, so a free-to-use machine is worth a short walk. Some app accounts also cap free withdrawals each month; best banking apps and best bank accounts for travelling compare those limits. Source: GOV.UK.
Victims of a £1.5m crypto fraud will get money back
The FCA said on 28 September that Southwark Crown Court had ordered Raymondip Bedi to pay £603,404.28 and Patrick Mavanga £247,997.99 under confiscation orders. Between 2017 and 2019 the pair cold-called people and talked them into fake crypto investments through companies including CCX Capital and Astaria Group LLP; at least 65 investors lost £1,541,799. The FCA has contacted the victims and will return the money recovered.
Getting anything back is unusual in crypto fraud, and it took seven years from the end of the scheme. The approach was a cold call, which is still how most investment scams start. A genuine firm will not mind you hanging up and checking it on the FCA register first. Fake banking app scams covers the warning signs, and is my money safe in an investing app explains what protection applies to crypto (none from the FSCS). Source: FCA.
