Understanding inflation is an important factor when it comes to your financial success. If you don’t factor inflation in when deciding where to put your money – whether that’s savings accounts or investing – you could find your wealth shrinks over the years.
With many of us living longer, you may be thinking about how you can support your family at the moments that matter. Sharing your wealth during your lifetime – especially with younger generations facing the pressures of rising house prices and university fees – can really make a difference and bring you great joy too.
Inheritance Tax can cost families thousands of pounds but there are various ways to legally avoid paying this tax. Without making suitable plans, your loved ones could face a tax bill of 40% on the value of everything you own above a certain threshold.
By maintaining proper portfolio diversification and avoiding the pitfalls of market timing, you’ll have the foundation needed to help manage your overall exposure to market volatility. Historically, the stock market has been up more than down.
Tax planning should enable you to arrange your affairs in ways that postpone or legally avoid taxes. No one likes to pay tax on their hard-earned money, so by employing effective tax planning strategies you could have more money to save and invest or more money to spend. Or both. Your choice.
The rules around Capital Gains Tax (CGT) are complex and they differ depending on your financial situation. It’s a complicated tax and, as a result, some people may get confused about how much they should expect to pay. WHAT IS CAPITAL GAINS TAX? Capital Gains Tax is a tax payable on the profits (or ‘capital gains’) you make from selling certain assets. These assets include some property, items of value such as art, jewellery or collectables, company shares or other investments, and businesses or business assets.
If you are approaching retirement age, it’s important to know your pension is going to finance your plans. Pension legislation is extremely complex and it’s not realistic to expect everyone to understand it completely. But, since we all hope to retire one day, it is important to get to grips with some of the basics.
Whatever stage of life you’ve reached and whatever plans you may have for the future, you want your money to earn the best return possible without taking undue risk. That’s why it’s important to invest in a way that’s right for you and that will meet your goals. Creating and maintaining the right investment strategy plays a vital role in securing your financial future. How much control do you want over your investments? Investing can seem daunting but you don’t have to do it all on your own.
The operational demands of running a family business or other closely held enterprise can be all- consuming, but it’s vital that business leaders take the time needed to assess their organisation’s business succession planning.
Whatever age you are, wherever you are on life’s journey, it’s human nature to live in the moment and cope with whatever challenges life throws at you. Selecting the most appropriate investments to align with your values and life goals requires undertaking the right planning to accumulate wealth over the long term.
No one likes to pay tax on their hard-earned money. But due to the complexities of the tax system, without expert professional financial advice, some individuals could be paying more tax than necessary. Before the end of every tax year on 5 April, you have the opportunity to save money on taxes and plan for the year ahead.
Even those who believe they have moderate wealth levels may still need to take action to minimise Inheritance Tax, particularly if they own property and have savings and investments. Naturally, you’ll want to pass on as much as possible to your loved ones, rather than paying 40% to HM Revenue & Customs (HMRC). Are you worried your family could be left with an Inheritance Tax bill after you’re gone?
While the Chancellor of the Exchequer Rishi Sunak, is looking to reduce the tax gap, there are nonetheless still opportunities to review your financial arrangements for saving tax throughout the tax year. Taking action now will give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions before the end of the 2020/21 tax year on 5 April.
Tax never requires a one-size-fits-all approach. Each taxpayer and each year will be different. And with the end of the current 2020/21 tax year approaching on Monday 5 April 2021, now is the time to carry out a tax health check and implement any planning opportunities.
Everyone has different goals in life. But whatever your goals, receiving advice can help bring you closer to achieving them. When it comes to managing your money, trying to build wealth, securing your future and drawing up an effective plan for fulfilling your financial objectives, professional financial advice is essential.
We recently announced in our November team news blog that having successfully passed his ER1: Equity Release exam, our very own Financial Planner James Blackham has now obtained the final credits required to achieve the coveted Chartered Financial Planner status. So, it is with great pride, we congratulate James as he becomes one of the new breed of young Chartered Financial Planners in the UK.