Tag: financial future
Individual Savings Accounts (ISAs)
For UK residents, one of the most effective ways to minimise tax on investment returns is through an Individual Savings Account (ISA). These accounts are a 'tax-efficient wrapper', safeguarding your interest, dividends and capital gains from taxation. Whether your financial goals are short term or long term, ISAs can provide the flexibility and security you need.
Planning and Preparing for Retirement
As we navigate life, reaching our 50s and 60s often brings retirement into sharper focus. This phase heralds a well-earned respite from years of dedication and hard work. For many, retirement is envisioned as the most extended holiday of their lives, offering opportunities to travel, engage more deeply with hobbies or spend cherished moments with family and friends. However, realising this idyllic vision requires thoughtful financial planning.
Building wealth and achieving financial goals
Investing is an indispensable tool for building wealth and achieving financial goals. By allocating resources to various investments, individuals can accumulate wealth over time through capital appreciation, dividends and interest. For example, investing in a diversitied portfolio of stocks can yield significant returns, enabling you to grow your wealth far beyond what traditional savings accounts offer.
A Guide to Mastering Financial Fitness in Your 50s
Entering your 50 is not just another chapter in your life; it's a profound and exciting phase in your financial journey. By this time, life may have settled into a more predictable rhythm. Perhaps your children are financially independent, and your career is at a peak, providing a stable income.Thoughts of winding down or retiring might be dancing on the horizon. This is why it's a pivotal moment to take a comprehensive look at your financial situation and ensure you're on the right path to achieving your future goals. Here's our guide to help you focus on key areas and...
Minimise Inheritance Tax
Effective planning reduces Inheritance Tax (IHT), enabling your loved ones to benefit more from your wealth. Estates above £325,000 (2024/25 tax year) may be taxed at 40%. Strategies to manage this include using IHT allowances and more advanced options like forming a company with your heirs as shareholders.
State Pension Awareness
In April 2024, the state pension rose by 8.5% to £11,502.40 a year for post-2016 retirees. However, according to new research, one in seven (14%) retirees receive less money from the state pension than expected. This highlights the need for more information about the payments people can expect to receive from the government later in life.
The Essential Guide to Financial Protection
Nobody wants to consider what would happen if they became too ill to support their family financially. Financial protection is essential to creating peace of mind for your loved ones, but understanding what cover you may need can be confusing.
Placing Assets Into A Trust
Trusts are a powerful tool for estate planning, providing flexibility and control over asset distribution. Properly structured, they can address various scenarios and requirements, ensuring that your legacy is managed according to your wishes long into the future.
Transfers Exempt From Inheritance Tax
When contemplating estate planning, it's pivotal to grasp the nuances of lifetime transfers and the significant impact of the 7-year rule. Gifts made during one's lifetime are classified either as Potentially Exempt Transfers (PETs) or Chargeable Lifetime Transfers (CLTs), based on the nature of the gift and its recipient, unless the gift falls under an exemption. This distinction is crucial for anyone aiming to navigate the complexities of Inheritance Tax efficiently.
Establishing a Power of Attorney within your estate plan
The significance of an estate plan transcends the mere distribution of your assets after your demise. Integrating a Power of Attorney (POA) ensures that a trusted individual is empowered to make decisions reflecting your best interests when you're not in a position to do so.
Enhancing Pension Contributions For A Brighter Future
Contributing additional amounts to your pension stands to benefit you significantly in the long term. We explore in our blog different ways you can enhance your pension savings for a brighter future.
New Pension Tax Framework
The implications of these changes will largely depend on individual circumstances, such as the aggregate value of one's pension savings, any prior withdrawals from pension schemes and existing lifetime allowance protections.
What Will Your Legacy Look Like?
Effective IHT planning is a careful balancing act. It’s about ensuring you can live comfortably and meet your care needs while also considering how to pass on your wealth in the most tax-efficient way. Navigating these complexities can be challenging, but it’s entirely manageable with open communication and careful planning.
The Top 10 Fundamentals for Successful Investing
Investing serves as a mechanism for amplifying your wealth. It can assist you in expediting the repayment of your mortgage, augmenting your retirement savings or safeguarding your child’s financial future. However, before you invest your money, be ready for a long-term engagement. Read our full guide on our top 10 fundamentals for successful investing.
Our Guide to Protecting Your Family, your Biggest Asset
Life is unpredictable and filled with a multitude of potential risks. By understanding and selecting the right insurance policies, you can confidently navigate life’s uncertainties, knowing that you’ve taken steps to safeguard your and your family’s financial wellbeing. Read our full guide to protecting your family, your biggest asset.
Our Guide to Individual Savings Accounts
Investing in an Individual Savings Account (ISA) is a tax-efficient, flexible method for future planning. One of the most attractive features of an ISA is its tax benefits – it’s immune to both Income Tax and Capital Gains Tax on any growth within the fund or on income you withdraw. This makes contributing to an ISA an intelligent decision for those looking to grow their wealth while minimising tax liabilities.
Our Guide to Year-End Tax Planning
As we approach the end of the tax year on 5 April 2024, it presents an ideal opportunity to assess and leverage the various allowances and reliefs available to enhance your tax profile. Allocating time for this review can provide valuable insight into potential opportunities for you and your family.
Are you aware of the changes to the State Pension?
The State Pension is set to increase commencing on 6 April 2024 due to a mechanism known as the ‘Triple Lock’. Chancellor Jeremy Hunt has announced an increase of 8.5%, which pensioners will welcome.
Succession Planning, A Family Affair
Transferring wealth within a family is a delicate process that requires clear communication and effective planning. Otherwise, it could lead to a potentially large tax bill and bad feeling in the family.
Expanding Horizons: Tean Hatt
We’re thrilled to announce the newest addition to the Vizion Wealth family, Tean Hatt, a seasoned and highly knowledgeable financial advisor with an impressive track record in the industry. I’m personally delighted because I worked with Tean for 5 years at Hargreaves Lansdown until 2011 when i left to set up Vizion Wealth. Tean's arrival not only strengthens our advisory team but also reaffirms our commitment to providing top-notch financial advice and services to our clients nationwide.