Blog
The Money & Pensions Service (MaPS) has undertaken some research among people aged 50-70 with some pension savings besides the State Pension. The results make disturbing reading: 37% of over 50s are leaving their retirement financial planning until their final two years before retirement or won’t prepare at all 35% of retirees said they left financial
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If you were not prepared financially for the first wave, then that is understandable. However, being prepared for a second wave is critical. So, what can we do? Do not rely on the Government When the infection first reached the UK, the government was quick to step in and help people financially through various schemes.
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National Savings & Investments has significantly cut the rates it offers to savers. Savings analysts have long kept one eye on NS&I’s next move. The bank helps to fund the Government’s spending, so it has to balance the rates paid to savers with the cost to the Treasury. NS&I had planned cuts earlier this year.
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Imagine a scenario where your business partner and fellow director has died. Your business partner’s wealth, including their share of the business, passes down to their family. This poses significant potential risks to your company. They could become involved in business decisions they know nothing about. They could also sell the shares without your consent
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A few significant tax changes have been introduced affecting how residential property is taxed from 6 April 2020. Mortgage interest relief Since 2017/18, higher rate tax relief on mortgage interest has gradually been phased out. It has been replaced by a basic rate tax credit reduction from the taxpayer’s tax bill. With effect from 6
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A report claimed thousands of older women have not received their full state pension entitlement. In a follow-up report, Lane Clark Peacock LLP (LCP) summarizes their findings since then. A vital message is to encourage a much wider group of women to check their state pension is correct. Dozens of women have told LCP they
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As well as reviewing the operation of capital gains tax (CGT), the Chancellor asked the Office of Tax Simplification to consider “opportunities to simplify the tax”. What changes could emerge and what could this mean for financial planning strategies for our clients? Charging capital gains made by individuals to income tax If you are taxed
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Inheritance Tax (IHT) can affect property, money and possessions. Your pension is normally free of IHT, unlike many other investments. It is not part of your taxable estate. We say normally as a tax case has just finished concerning one of the times someone’s pension can be subject to IHT. What is the case? The
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You may have some spare money some surplus income. Either way, you might be thinking about what is best to do with this. Is it better to invest or repay your debts early? Paying off your debt could mean means reduced stress, and a greater ability to withstand personal emergencies, recessions, and depressions. Investing means
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Educated guesses are key to financial planning. No matter how diligent we are when gathering information about a client, financial planning is about the future, not the past. As such we will need to make some “guesses, or assumptions, about what will happen in the future. Whilst these guesses need to be as educated as
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