There are various complex risks in life that we all face, such as serious illness, an accident or death. What would happen if something were to happen to you? Would your family be able to cope financially with the impact an unexpected event might have? These are not easy questions to ask but it is important to consider what would happen if an unexpected event or accident took place, and how you could protect your family from the financial effects…
How can a limited company be used as a financial planning tool? What follows are two powerful examples of how you can use your limited company to fund your personal finances while also reduce tax: Can my limited company makes a contribution to my Pension? The short answer is yes! The contribution is transferred from the company bank account directly into your pension. There are many benefits of making pension contributions from the company: i. The pension contributions will be…
WHAT TO CONSIDER IF YOU HAVE MULTIPLE PENSION POTS The employment landscape has evolved significantly over the last few decades and changing jobs multiple times before retirement is now very much the norm. But did you know, there is an estimated £9.7 billion of unclaimed UK defined contribution pension funds?[1] Over time, it is easy to lose touch with pension savings providers as we change jobs, move home and the companies we have worked for change ownership or close down….
COST-OF-LIVING CRISIS DELAYS HOMEOWNERSHIP, HAVING CHILDREN AND RETIREMENT Rising living costs have been so significant in recent months that most UK households will have noticed a squeeze on their monthly budgets. Not only does this have a direct impact on people’s lifestyles, even though they are making every effort to cut back, but it has a knock-on effect on their lifelong goals such as owning a home or retiring comfortably. Millions of people across the UK fear that the long-term…
KEY FINANCIAL CHANGES THAT HAVE AFFECTED MILLIONS OF PEOPLE FROM APRIL Most taxpayers started to see their tax bills increase from April 2022. As we have moved into the new 2022/23 tax year, now is the time to review your tax affairs to ensure that you have taken advantage of all reliefs available and have considered some planning opportunities to help reduce your tax liabilities. Here’s what changed at the beginning of the 2022/23 tax year, and what you need…
All of your financial decisions and activities have an effect on your financial health. To help improve your financial health during this period of rising inflation and interest rates, I look at three areas that could help keep you on track to achieving your specific financial goals BEAT THE NATIONAL INSURANCE RISE The National Insurance rise from April this year is going ahead for workers and employers despite pressure to reverse the decision to increase this by 1.25%, which is…
With the tax year end (5 April) on the horizon, taking action now will give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. I have provided some key tax and financial planning tips to consider prior to the end of the tax year. Now is also an ideal opportunity to take a wider review of your circumstances and plan for the year ahead. CHECK YOUR PAYE TAX CODE It’s important to check your tax code….
Why is now the time to make sure you protect your wealth? The word ‘inflation’ had barely featured in the market’s vocabulary in the last three decades until it suddenly started to come back with a vengeance in 2021. As higher inflation looks set to persist in 2022, finding ways to generate a return on investments greater than inflation will be a key investment theme – otherwise your wealth falls in real terms. SPENDING SPREE There are two basic reasons…
Savers and investors have until 5th April to use the £20,000 they can put into their tax-efficient Individual Savings Account (ISA) before the end of the financial year. The current tax year started on 6 April 2021 and ends on 5 April 2022. ISAs enable you to minimise the amount of tax you pay on your hard-earned cash. Some ISAs give you instant access to your money and can be used to plan your finances for the short term. On…
Although I have only received contact from a very small percentage of my clients regarding the Ukraine/Russia crisis. I took the step to reach out to my clients to provide some reassurance. What follows is the e mail sent to my clients over the last few days: A lot has unfolded across the Russia-Ukraine border in the last few days. While much of the information reaching us is no doubt clouded by the fog of war, it’s saddening that so…
