Tag: Money
Income Protection Insurance
When life throws unexpected challenges our way, such as severe illness or injury, the impact can be emotionally and financially overwhelming. While it's never pleasant to contemplate misfortune, it's crucial to consider how you would cope if a severe health issue left you unable to work.
Autumn Budget 2024 Preparation
On 30 October, Chancellor of the Exchequer Rachel Reeves will deliver the Autumn Budget Statement 2024, accompanied by a comprehensive fiscal statement from the Office for Budget Responsibility (OBR). This significant event comes as the new government, elected to boost economic stability and growth, takes its first important step in addressing the nation's financial health.
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.
ISAs: End of Tax Year Reminder
This time of year presents an opportune moment to examine both your personal and business finances to ensure they are structured to optimise your tax efficiency. Despite the ongoing freeze on many tax rates and thresholds, numerous strategies remain for organising your financial matters tax-efficiently. We've outlined some of the key areas in which you are able to make the most of tax-saving measures before the deadline arrives:
Spring budget 2024
Jeremy Hunt delivered his fourth statement as Chancellor of the Exchequer with a Budget focused on long-term growth and improving domestic prospects. The biggest issues that he looked at addressing included productivity, taxation and domestic market support.
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.
Vizion Wealth named one of the UK’s Top Rated Firms 2024
We're thrilled to announce that Vizion Wealth has been named one of the UK’s Top Rated Firms 2024 by VouchedFor. This recognition highlights our dedication to providing our clients with the highest quality financial advice and support.
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.
Our Guide to Making A Will
We often avoid thinking about the inevitable, but planning ahead is crucial, especially when it comes to securing your loved ones’ futures. Writing a Will isn’t just a legal formality; it’s a way to ensure your assets are distributed per your wishes and your family is cared for even when you’re not around.