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.
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.
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.
As coronavirus (COVID-19) leaves many of us working from home surrounded by our families and loved ones, it is inevitable that we start to think about how well we are prepared for our futures. Wills and estate planning more broadly is a sensitive subject for households across the UK, and is often thought of as a bit of a taboo subject. However, the global pandemic has focused minds and given us space to think.
We can’t foresee what is waiting around the corner, but we can ensure that we’re financially prepared to protect what are the most important things in life should the worst happen. This means protecting what matters most, whether it’s our family, our income, our mortgage or our health, should the unexpected happen.
There is a growing unease about the economic fallout of coronavirus (COVID-19), with many businesses laying off contractors and putting staff on extended leave, as well as natural worries about contacting the disease. What this crisis has shown is that being unable to work can quickly turn our world upside down. No one likes to think that something bad will happen to them, but if you can’t work due to a serious illness, how would you manage financially?
Everyone should consider protection, even those who don’t have a family or a mortgage! Unless they have substantial savings or inherited wealth, most people rely on their salary to pay for everything. Over the years, you may have taken out a number of different insurance policies to give you and your family financial security. Perhaps this may have been when you started a family, took out a mortgage or became self-employed...
If something should happen to you, the last thing you want is for you or your family to be worrying about money. One of the most important aspects of your financial planning strategy should be to ensure that you’ve made provisions for your family and any dependants in the event of a serious illness, injury, bening unable to work or an untimely death...
We all intend that our plans will come good. But making sure that you and your family can cope if you fall ill or die prematurely is something we can too easily put to one side. In particular, a recent study identified that financial protection is something that millions of fathers in the UK, and their families, could benefit from...
Is inflation back? After two years when consumer prices in the UK barely rose, the annual rate of inflation has risen above the Bank of England’s (BoE) target of 2% in 2017. The combination of high inflation and limited wage growth – as well as uncertainty about the terms on which Britain will leave the European union in 2019...