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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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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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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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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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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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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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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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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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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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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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