Those in control of extracting money from their business have three main options. These are to withdraw the money, either as salary, dividends, or through employer pension contributions. To meet the immediate income needs of a shareholding director, the company accountant will often suggest paying a minimal salary, perhaps up to the secondary earnings limit
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The Chancellor’s Autumn Statement announced that starting in April 2027, money in a pension might be subject to Inheritance Tax (IHT). As a result, more parents are wondering if they should withdraw some tax-free cash now and give it to their children instead. If done correctly, it can be a good decision. If done incorrectly,
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Over the summer, the Government struck a landmark deal with 17 of the UK’s largest pension providers: the Mansion House Accord. By 2030, these companies plan to invest at least 10% of the money in their default workplace pension funds into private assets. This may sound complicated, but it could affect your retirement savings soon,
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Suppose your loved ones include children, adults with disabilities, or anyone who might struggle to manage money or personal decisions alone. In that case, a “standard” will could leave them exposed. The right will and, crucially, the correct supporting documents can safeguard their security, state-benefit entitlement, and long-term quality of life. Below is a practical
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Investing in gold seems attractive when news reports talk about high prices, but looks can be deceiving. In the last 18 months, gold prices have risen about 60%, reaching around £2,500 to £2,600 per ounce. However, history shows that gold does not always protect against inflation; its long-term returns are lower than stocks, and making a poor timing
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Big changes are coming for family businesses regarding inheritance tax. If you own a family business, here’s what’s changing and what you can do about it. Why does it matter? Inheritance tax (IHT) is set at 40% on anything you leave beyond the £325,000 threshold. This threshold increases to £650,000 if you pass your unused
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If you’ve followed the news or checked your pensions or investments during a market downturn, you know how chaotic it can feel. One moment everything seems fine, and the next you’re asking “What just happened?” The good news is stock market drops are normal, and financial advice can help turn them into chances for a
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When the new tax year rolls around, many of us breathe a sigh of relief; last year’s tax affairs are sorted. But this isn’t just a time to relax; it’s also the ideal moment to prepare for the tax year ahead. Being proactive at the start of the tax year can significantly reduce your tax
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If you have extra money and haven’t used your full £20,000 ISA allowance, now is a good time to think about it. There are talks about changing ISAs, possibly reducing the cash ISA limit to just £4,000. But don’t worry too much; any big changes are not expected until at least April 2026. What’s the
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Following Chancellor Rachel Reeves’ impactful Autumn Budget in 2024, anticipation was high around her recent Spring Statement. So, what’s changed, what’s staying the same, and what does it all mean for your finances? A Breath of Relief on Personal Taxes Worried about new tax increases affecting your wallet? Breathe easy! Reeves has stuck to personal
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Clarity is essential for your financial future. While Saint James Place has begun to introduce a more transparent charging structure, transparency has always been our hallmark at PWS Financial Consulting. We clearly state our fees without any hidden charges. A Comparison On a £500,000 portfolio (split 50/50 between pension and ISA), our lower costs benefit
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Investment opportunities exist worldwide. However, the unpredictability of global stock returns makes it extremely challenging to identify which markets are likely to outperform How can I deal with this kind of uncertainty? First, you should remember that it’s challenging, at best, to predict a country’s returns by looking at the past, as shown by the
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In recent years, you may have seen prices rise, whether it’s the cost of your food shop or your energy bill. Although inflation has decreased from a high of 11.1% in 2022, it remained above the Bank of England’s (BoE) target of 2% for most of 2024, ending the year at about 2.5%. This situation
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Stock markets are unfair; a few companies are responsible for most of the returns. This might seem chaotic, but it’s just how things work. What Do You Mean By Concentration? Imagine discovering that only 3.4% of all companies in the stock market have created all the wealth since 1926. This may seem unfair, but research
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Valentine’s Day isn’t just about chocolates and roses – it’s also a great reminder to think about your financial future together. Whether you’re a new couple, have been together for a while, or are preparing for retirement, making wise financial choices now can help ensure your future security. If you’re single, managing your finances is
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The relationship between America and China is significant in global finance. If recent news has you feeling uneasy, you’re not alone. The truth is, while US-China politics can affect your investments, it is vital to take a long-term view. A Rocky Romance on the Global Stage The relationship between America and China is far from
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Productivity experts suggest that sometimes you have to do less to get more. This is something that equally applies to high earners who paying for childcare. Earnings and Childcare According to the UK government, nearly one million people in the UK earn between £75,300 and £96,400, most of whom are over 35.[1] At first glance,
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If you’ve put in hard work to create wealth, it can be very frustrating to think about giving 40% of it to the taxman after you pass away. Luckily, there are ways to transfer your wealth efficiently and tax-free while you’re still alive, with one of the best methods being to give gifts from your
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Have you ever thought about a special formula that wealthy people follow? You’re not alone! Many believe they have secret knowledge. Wealthy individuals usually follow a few practical habits that anyone can adopt. If you want to start building genuine, lasting wealth, keep reading. They Focus on Equity Many people believe that a high salary
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If you’re considering estate planning, you’ve probably come across terms like “trusts” and “Inheritance Tax (IHT).“ There’s a helpful strategy using trusts that can help lower taxes called the Rysaffe Principle. Let’s see how this principle can work with trusts to protect your assets. How Do Trusts Play a Role in the Rysaffe Principle? Trusts
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The Autumn Budget updated inheritance tax (IHT), affecting how much of your estate you can pass on tax-free. Although less severe than expected, more people will likely pay IHT in the coming years. So, it’s important that you review your plans and minimise the potential tax burden. What’s Changed? Chancellor Rachel Reeves introduced three key
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Have you noticed that one investment in your portfolio performs better than the others? It’s tempting to think, “If it’s doing well now, it will continue.” Our brains expect the future to be like the past. This thought leads us to invest more in top-performing options, believing they will keep doing well. However, we often
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Teaching children about money is a vital life skill, yet many parents shy away from these conversations. A recent study revealed that 85% of parents with children aged 10-20 worry about passing on poor financial habits, leading them to avoid financial discussions altogether. Why Do Parents Hesitate? The study highlights several reasons for this reluctance:
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One of the key announcements in the recent Autumn Budget was that starting in April 2027, Inheritance Tax (IHT) will apply to pension assets. This is a significant change that could greatly affect our retirement and estate planning. Let’s explain what this means. What’s changing? Pensions have been a great way to pass on wealth
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On October 30, 2024, Chancellor Rachel Reeves announced the government’s Autumn Budget, which outlines financial plans for the next five years. The government aims to raise over £40 billion through new tax measures to fill a £22 billion gap in public finances. The goal is to restore economic stability and help people keep more money.
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You can find a guide to the Autumn 2024 Budget here, but here is a simple summary of what it could mean for you. The new Labour Chancellor, Rachel Reeves, presented this budget to address the financial gap left behind. She plans to raise taxes in areas that won’t affect everyday income taxes but will
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The Chartered Institute for Securities and Investments (CISI) holds a prestigious awards night each year. This year’s event took place on 15 October. We are excited to announce that Nicholas Grogan, a Chartered and certified financial planner, won one of the top awards of the night. He received the Certified Financial Planning Professional of the
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There’s big news on the horizon for UK pensioners as the full State Pension is set to rise by £362.65 a year starting 6 April 2025. This 4.1% increase is part of the ‘triple lock’ guarantee, which aims to keep pensions valuable over time. If you receive the full new State Pension, your increase will
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You might have heard that during October and March, there’s an initiative called Free Wills Month. If you are 55 or older, you can have a lawyer write or update your Will for free. This opportunity is funded by charities. While they hope you’ll consider leaving a gift to them in your Will, there’s absolutely
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Did you recently get a promotion or more pay? Congratulations! It’s natural to want to celebrate by buying a new gadget, booking a vacation, or just enjoying having more spending money. But before you dive into spending, it’s important to take a moment to review your finances. If you don’t, you might fall into the
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Are you someone who feels anxious when the markets are unpredictable? You may have heard about “smoothed” funds. These funds are designed to keep your investments steady, offering a way to manage market ups and downs without all the drama. But how do they work, and are they right for your retirement plan? How Do
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Don’t miss out on the chance to increase your State Pension before April 5, 2025. The government is offering a special deal that allows you to fill in any gaps in your National Insurance contributions to boost your pension. You can now go back as far as 2006 to make up for missing years, thanks
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Retirement means big changes in your life, not just stopping work. Saving money is important, but you also need to think about how retirement might make you feel. Some people find it stressful, others find it happy. Many of us worry about money, but if you understand how your money affects your happiness, retirement might
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Lately, there has been a lot of talk about tax and rule changes being announced in the budget on October 30th. You might have heard people expressing worry and making guesses, whether on the news or in conversations with friends. This has been a common topic of discussion lately. However, much of the concern comes
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A financial planner can offer valuable expertise that goes beyond just recommending financial products. This expertise can help business owners make the most of their money both in and out of their business. Let’s look at a few ways a financial planner can provide significant value. Maximising Pensions Some may be aware that when a
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When it comes to inheritance tax (IHT) planning, term assurance can be a game-changer. This life insurance product pays a lump sum if the insured person passes away during the set term. If they outlive the policy, there’s no payout. So, why consider term assurance? Affordable Family Protection Term life insurance is often the most
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How you handle your finances today might be connected to your childhood experiences. Most parents understand how important it is to teach kids about money. Nearly all parents believe that teaching personal finance to 8 to 13-year-olds would help them understand the value of money better. However, they may be starting this important education a
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In the 2021/22 tax year, the government collected £5.99 billion in Inheritance Tax (IHT), the highest amount ever recorded. This represents a 4% increase from the previous year. The rise has been attributed to various factors, including higher asset values such as property and investments. Additionally, more estates are now subject to IHT due to
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After 14 years of Conservative rule in the UK, Labour took over in July. There have been questions about potential changes to taxes since then. Labour has ruled out increasing income tax, national insurance contributions (NICs), and VAT, but they haven’t said anything about pensions, Capital Gains Tax, and inheritance tax (IHT). On the Monday
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Have you noticed higher borrowing costs or better returns on your savings recently? The Bank of England (BoE) increased the base rate 14 times from December 2021 to August 2023, keeping it at a 16-year high of 5.25%. Higher interest rates can curb inflation by encouraging saving over spending. Despite inflation hitting the government target
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The Marshmallow Test, conducted in 1972, was a famous study that looked into how well children could control their impulses. In this test, kids were given a marshmallow and told that if they could wait a short time before eating it, they would receive a second marshmallow as a reward. This study demonstrated that children
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We are now over halfway through 2024, so it’s a good time to look back at what’s been happening in the market over the past six months. Many concerns that worried investors at the start of the year, like inflation, interest rates, and the outcomes of key elections, are still not settled. There’s also ongoing
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Dealing with the loss of a loved one is already difficult without the added stress of managing inheritance tax (IHT). If you have this challenging task ahead, you don’t have to worry, we’ve broken it down into simple, manageable steps. Whether you’re managing an estate or are receiving an inheritance, understanding the process can help
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uThe Labour Party has highlighted stability as the foundation of its economic growth strategy if it were to come into power on July 4. At the party’s manifesto launch, Keir Starmer, the leader of the Labour Party, condemned years of Conservative ‘chaos’ and presented their vision for rejuvenating the economy. Addressing Economic Constraints Labour’s manifesto
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Summer is just around the corner, and with it comes an old saying in the world of finance: “Sell in May and don’t come back ’til St Leger’s Day.” This advice suggests that investors should sell their investments at the start of summer and reinvest in September. But is there any truth behind this adage,
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Investing in private equity (PE) can seem like an exclusive club for the wealthy and well-connected. Let’s talk about private equity and its relevance to your investment strategy. We will explore the advantages and disadvantages in simple terms to showcase the impact of effective financial planning. What is Private Equity? Private equity involves investing in
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Have you sold things like shares, rental property or valuable possessions and made a profit? If you sell something for more than you paid, you may need to pay Capital Gains Tax on the profit. The amount of money you can make each year before paying this tax has been reduced a lot recently. This
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“Loss aversion” is a bias that can significantly influence how you manage your money. This concept was developed by the well-known psychologist Daniel Kahneman, who, along with Amos Tversky, identified this phenomenon in 1979. Kahneman’s research has shown that people feel the pain of losses more acutely than the pleasure of equivalent gains. Understanding this
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Planning for retirement is essential but can be complicated. The key is finding the right strategy to ensure a comfortable retirement. In this post, I will look at two popular strategies for retirement planning: retirement bucketing and the standard portfolio approach. We’ll explore the pros and cons of each approach and see which might be
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As you build an investment portfolio, you probably consider your asset allocation and how that relates to your risk tolerance. But don’t confuse asset allocation with asset location, a straightforward process that could minimise taxes. It’s a simple yet powerful strategy you can easily incorporate into your investment planning. What is asset location? Different types of
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We have updated our guide to actions that could be taken to minimise taxes here. Key points include: Income Tax: Strategies are suggested to reduce taxable income, such as making pension contributions and redistributing investments between spouses to effectively use personal allowances. Capital Gains Tax: The guide discusses annual exemptions and the importance of timing
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The US Securities and Exchange Commission (SEC) recently approved a new investment fund focusing on Bitcoin, a popular digital currency. This move has sparked much discussion about investing in cryptocurrencies, known for their big price swings. What’s New? In January 2024, the SEC approved investment funds that directly follow the price of Bitcoin. These funds
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Significant changes that the Government has made to ISAs (individual savings accounts) will come into force on 6 April 2024. If you haven’t heard about the new ISA rules, we have summarised them below. So, what are the changes? The minimum age for opening an ISA will increase to 18. From then on, you will
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It’s generally not a good idea to put your home into a trust during your lifetime. Some advisors suggest transferring a share of the home to a trust to increase tax allowances. However, if the amount exceeds certain limits, this can lead to immediate inheritance tax charges. All intentionally set-up trusts need to be registered
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Last year, the government announced that they were getting rid of the Lifetime Allowance (LTA) for pensions. The LTA capped how much money you could save in your pension pot without getting hit by extra taxes. This change caused quite a stir, and not everyone was happy about it. The Labour Party, for instance, said
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The Chancellor announced some important changes in the 2024 Spring Budget that will affect UK workers, investors, and homeowners. The Chancellor has decided to reduce the National Insurance (NI) rate by 2% instead of cutting income tax as some had thought. This approach is aimed at providing workers with direct support. Income tax bands and
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Understanding why we spend money is critical to managing our finances. Research shows that our emotions, social influences, and thought patterns affect our spending habits. By knowing what drives our spending, we can make better choices and develop healthier financial behaviours. So why do we spend more than we need to? Studies have shown that
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With tax reliefs and allowances constantly changing, it is essential to ensure that you are taking full advantage of them. High inflation, freezes on allowances and tax bands, and cuts to CGT and dividend allowances mean you could be feeling the pinch more than ever. You can find our complete guide here, but here are
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A recent study by the Pensions and Lifetime Savings Association (PLSA) shows that the amount of money required to have a moderate standard of living in retirement has increased significantly. The study found that the increase is 38% or £8,000 more than the previous year. This means that for 2023 to 2024, a single person
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Financial advisors who claim to be comprehensive financial planners often provide a surface level of financial planning. Financial planning requires ongoing effort and cannot be based on incomplete data. Simplified forecasts fail to provide individuals with the comprehensive plans they need. Here are seven key indicators to look out for to gauge whether a financial
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Those in control of how to extract money from their business broadly have three main options. These are to take out the money as salary, dividends, or by making employer pension contributions. When a company director wants to extract profits, they might be advised to pay themselves a minimal salary up to a certain limit
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We have written previously about how it’s become common for employees to exchange part of their salary and/or bonus for increased pension contributions. We previously discussed how this way of saving for retirement may be more attractive than simply contributing as an employee. Attractions of salary sacrifice When an employee pays contributions from their after-tax
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Many analysts are making predictions about the markets and the economy. However, it’s essential to be aware of the limitations of these predictions before making any decisions. The Psychological Urge for Predictability: People tend to rely on market predictions because they prefer certainty over uncertainty. This desire for order and control results from our cognitive
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Since the introduction of pension freedoms in 2015, death benefits have become more generous, particularly if the member passes away before age 75. This entailed tax-free benefits and the option to keep the money in a tax-free pension wrapper. What’s changing from April 2024? Last year, draft legislation to remove the Lifetime Allowance (LTA) suggested
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At the beginning of last year, things were pretty shaky for the economy and global markets. After a rough 2022 with negative returns, the overall mood among investors wasn’t great. Now that the year is over, let’s see what we can learn from 2023. It is crucial to be patient during times when the markets
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The traditional approach for most has been to have a mix of growth assets, such as equities (stocks and shares), and defensive assets, such as bonds, within their portfolio. New research is challenging this approach. What does the research say? The research looked at the returns of various assets from 1890 to 2019. It suggests
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We sometimes receive enquiries from people seeking one-time financial planning without ongoing management. While we are passionate about helping clients plan, we focus on delivering value exceeding our fees. Unfortunately, we have found that one-off engagements don’t align with this goal. Our real value is in continuous planning and review, which is essential for staying
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Deciding to exit your business is a significant step in your journey as an entrepreneur. It is crucial to have a carefully planned exit strategy, regardless of the current stage of your business. However, given the multitude of exit options available, it can take time to determine the best course of action. In this context,
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The shake-up to pensions proposed earlier this year is finally coming to fruition. Starting from April 2024, the Lifetime Allowance (LTA) is being scrapped. That’s the limit on how much you can hold in your pension without facing extra taxes. Instead, we’re getting two new allowances to keep an eye on. These are the lump
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Yesterday, the Chancellor unveiled the Autumn Statement, packed with measures to boost the economy. There’s a lot to unpack for those managing finances or working with a financial planner. Let’s dive into the fundamental changes and see how they might affect you. National Insurance Adjustments – Potential Savings for Individuals For Employees: The Class 1
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Thinking about what happens after we’re gone isn’t fun, but it’s essential, especially for taking care of the people we love. That’s what making a Will is all about. It’s more than just a legal step; it’s how you ensure your stuff – like your house, savings, or other belongings – goes to the people
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Entering the world of financial independence may seem daunting, but you’re not alone! Many have successfully navigated this path, providing us with a map to guide you. Think of it as a marathon. Maintaining a consistent pace, being patient, and staying optimistic are crucial to achieving your goal. It’s not just about running but also
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For many people, ensuring that their loved ones are taken care of after their passing is a top priority. The Main Residence Nil Rate Band exempts those with assets below £1,000,000 from Inheritance Tax (IHT). However, some may find that their home attracts an IHT liability on death. If this applies to you, navigating the
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In a world where we are constantly bombarded with new and shiny things, it can be easy to lose sight of what truly matters: determining how much is truly enough. The question of what it means to be truly rich has been pondered for centuries. From the ancient philosopher Lao Tzu to modern-day thinkers like
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Ensuring a steady income during retirement is a paramount concern for many. There are several strategies to address this concern, each with distinct characteristics. This post will explore three popular methods: systematic withdrawal strategies, dividend investing, and annuities. Systematic Withdrawal Strategies These strategies involve withdrawing a certain percentage of your retirement savings annually to provide
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In today’s digital era, the realm of investment is at your fingertips, offering a myriad of opportunities to grow your wealth. New investment ideas can be explored and executed with just a few taps. The problem is this abundance of choices doesn’t always lead to sound financial decisions. The overabundance of information and tools available
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Every investor has worried about the next market crash at some point. But worrying too much might make you miss out on making more money. People call this being safe with money or “wealth preservation”, but it might be a myth over the long term. Why would I lose money by worrying? Equities, or shares,
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Inheritance Tax (IHT) is a topic that often sparks discussions about whether it should be abolished. According to a recent YouGov survey, many find it the least favourable tax. It revealed that 50% of respondents consider it ‘unfair’ or ‘very unfair’, while only 19% held the opposite view. Interestingly, there is a common misconception that
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Next April, the state pension is set to see a significant increase. This is thanks to a robust 8.5% wage rise over the three months leading up to July. Let’s explain how the “triple lock” system operates and whether it’s here to stay. What is the triple lock? The triple lock is a mechanism that
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Inspired by this post by the aptly titled humble dollar, let’s explore the behaviours that improve our finances. These are all achievable and, unlike stock picking, do not rely on insider knowledge or luck. Humility First off, embrace humility. The financial world is uncertain – from market changes to unexpected life events. Focus on what
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Every year, Morningstar releases a report called “Mind the Gap,” which looks at how people invest their money and how well their investments perform. The report compares the difference in returns between investment funds and the returns earned by those investing in them. The latest report shows that investors received a 7.7% return over the
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Building on the underlying concept of factor investing, we’ve already explored the Value Factor and now it’s time to look at the Size Factor. What is the Size Factor All About? Think of the investing universe as a zoo, where companies come in different shapes and sizes. Some are powerful lions, while others are nimble
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Factor investing simplifies investment decisions by following golden rules such as Value, Size, Momentum, Quality, and Volatility. Let’s focus on the Value Factor and how it helps your money grow over the long term. What is the Value Factor? When shopping, you might see two identical items priced differently. If one is £10 and the
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Back in the ’70s, an academic called Stephen A. Ross figured out a nifty way to give your returns a bit more oomph. He studied at famous schools like Caltech and Harvard and wrote a paper that changed how we invest. What did the paper say? He popularised “factor investing,” which simplifies investment decisions based
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In the 2022/23 tax year, inheritance tax receipts reached an all-time high. The trend seems to continue this year too. The government releases monthly data on tax receipts. In April, it showed that HMRC raised £7.1 billion through inheritance tax in 2022/23. Between 2013/14 and 2022/23, this represented a 108.3% increase in inheritance tax, which
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When we get older, it’s essential to prepare for things that might happen unexpectedly, like becoming sick or unable to think clearly. A Power of Attorney (PoA) lets you pick someone you trust to make decisions for you, to ensure your wishes are followed, and you’re looked after in the best way possible. Knowing that
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Investing your hard-earned money can feel overwhelming. Many choose to keep their money in the bank. With many tempting savings accounts and attractive interest rates available, some may wonder why investing matters. However, we want to explain why investing, especially in a diverse global portfolio of equities and fixed interest, is still a powerful strategy
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According to figures from Quilter, there has been a significant increase in the number of NHS employees opting out of their pensions due to financial constraints. In the last year alone, 66,749 individuals stopped contributing to their pensions, citing affordability issues or other financial priorities. Opting out of a workplace pension scheme may increase your
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Investors often lose sight of their long-term goals due to two main distractions: fear and hype. Fear, often brought on by global events or market downturns, can cause investors to focus too much on the short term. This can lead to hasty decisions that derail their long-term strategies. On the other hand, hype, which arises
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One topic on everyone’s mind is the role of Artificial Intelligence (AI). So, I’d like to dive into this fascinating topic: What exactly is the future of personal finance management in the UK with the rise of AI? What is AI? AI, or Artificial Intelligence, is the broad concept of machines being able to carry
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If you’re planning for retirement, you may be considering buying an annuity. Annuities provide a guaranteed income for life, which can be a valuable source of security in retirement. In recent years, annuity rates have been on the rise, meaning you can now get a higher income from an annuity than you could in the
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Some believe they need to invest in more complex financial instruments to get higher returns. However, it’s important to evaluate whether these investments are necessary and will help you achieve your financial goals. What are complex investments? Complex investments are financial instruments that are more intricate in nature, come with higher risks, increased costs, and
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The State Pension is as close to a guaranteed source of income as you can get. If you have paid enough National Insurance for 35 years, you will receive the full amount, which is currently £203.85 per week or £10,600 per year. This amount will likely continue rising due to the triple lock guarantee, which
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A common question from clients pertains to the importance of setting goals in financial planning. The answer is that goals play a pivotal role in financial planning. Goals provide direction to financial planning. Individuals and families need to establish precise financial objectives to determine their priorities and aspirations. These objectives may vary, from immediate ones,
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When providing investment advice, we may discuss the idea of home bias and its potential impact. Home bias describes the tendency for investors to put a larger portion of their portfolio into assets within their own country, like stocks and bonds. For example, a UK investor with a home bias would have a higher percentage
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Budgeting is often associated with financial planning, but did you know that it can also have significant benefits for your mental health? While it may seem surprising, taking control of your finances and creating a budget can help reduce stress and anxiety, improve your self-esteem, and lead to overall better mental well-being. Here are some
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One of the two limits on how much you can put into your pension each tax year is the “Annual Allowance”. This limit was £40,000, but the government increased this to £60,000 in the Spring Budget. There has been a rule that this limit is reduced if your income is too high. If your income
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We have updated our guide to actions that could be taken to minimise taxes here. For our clients, some of the key ones are making full use of the ISA and Pension allowances. The only thing we would advise against doing now is disturbing invested assets to make use of these allowances. An example of
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Many business owners have used their pension funds to buy the properties where their businesses operate. But now, people who don’t own a business are interested in purchasing a commercial property using their pensions. However, it’s important to remember that commercial property values can go up and down, and many factors can affect them. It’s
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The government has removed the limit they had on the amount of money you can save in your pension over your lifetime. This was called the Lifetime Allowance (LTA); exceeding it meant paying a tax charge. This has opened up different opportunities for different clients. Should I restart contributions? If you have stopped contributing to
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