Retirement Planning
Retirement planning is crucial for financial security in later years. Here are ten tips to help you plan for a comfortable retirement: Start Early The earlier you begin saving for retirement, the more time your investments have to grow. Even small contributions can accumulate significantly over time. Set Clear Goals Define your retirement […]
ISAs
Individual Savings Accounts (ISAs) are popular tax-efficient savings and investment vehicles. Here are ten tips to make the most of your ISA: Maximise Your Allowance Take full advantage of your annual ISA allowance – £20,000. This allowance is per person, so couples can potentially invest £40,000 collectively. Understand the Types of ISAs Explore […]
Inheritance Tax Planning
Inheritance Tax (IHT) planning is essential to help mitigate the potential tax liabilities on your estate. Here are ten tips for effective inheritance tax planning: Understand the Nil Rate Band and Residence Nil Rate Band Be aware of the standard Nil Rate Band and the Residence Nil Rate Band, which can be applied to […]
Life Assurance Tips
When considering life assurance to cover your family, loans, mortgages and children, it’s essential to make informed decisions to protect your loved ones financially. Here are some tips: Assess Your Needs Evaluate your financial responsibilities, including outstanding loans, mortgages, and future education expenses for children. Determine the amount of coverage needed to safeguard your […]
Inflation pledge met, but what’s next?
The Prime Minister has met his pledge of halving inflation, but we’re not out of the woods yet. Source: ONS, Ofgem. In the first week of 2023, the then still new Prime Minister, Rishi Sunak, set out “five immediate priorities” for his government. The first of these was: “We will halve inflation this year to […]
Financial Christmas gifts for children
It’s that time of year again when financial gifts may be given… and HMRC is watching. Tax is never far away from anything you do and making gifts to children at Christmas is no exception. There are a few key tax areas you should bear in mind. Inheritance tax (IHT) As with any gift you […]
Getting a head start: retirement planning attitudes in 2023
A survey of 6,000 people, aged 18 to 80, revealed starkly different views on retirement across the generations. According to the Office for National Statistics, the median age of the UK population in mid-2021 was 40.7 years, up from 39.6 in mid-2011. Perhaps that gradual ageing and the impact of Covid-19 on working patterns explains […]
Magnificent Seven 2.0 rides again
Forget Yul Brynner, Steve McQueen et al. There is another more significant septet in the United States these days. The original version of ‘The Magnificent Seven’ was released in 1960 and remains to this day an iconic Western film. However, the term ‘Magnificent Seven’ now has a very different meaning for many in the US. […]
The Autumn Statement give and take
The Chancellor’s national insurance contribution (NICs) ‘giveaway’ is no match for his income tax ‘takeaway’. The central surprise in Jeremy Hunt’s second Autumn Statement was a major reduction in NICs. For employees From 6 January 2024, the main class 1 contribution rate on earnings between £12,570 and £50,270 will be reduced from 12% to 10%. […]
