President Donald Trump announced sweeping tariffs that will reshape trade relations with the United States. The new tariff regime is more severe than expected, and extraordinary both in terms of scale and how they were calculated.
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SPRING STATEMENT UPDATE – THE KEY NEWS FROM THE CHANCELLOR’S SPEECH
After Rachel Reeves’ first Budget in autumn 2024, you might have been concerned about the announcements that would be included in her Spring Statement on 26th March 2025. Thankfully, the major headline from this year’s springtime fiscal event is that Reeves made few announcements that are likely to directly affect you and your personal finances.
THE FINANCIAL GIFT THAT WILL KEEP ON GIVING
Fancy slipping a little monetary something into a loved one’s stocking this holiday season? Stop right there! However well-intentioned the gesture, there are plenty of factors you should consider beforehand to make sure you’re giving in a tax-efficient way that will help you as well as them.
THE BUDGET – OCTOBER 2024
I am sure that you will have followed the news closely in the last couple of days and there will be a lot of comment about the changes announced in the Budget. As financial planners, It is important to be up to date about any changes in the Budget.
THE POSSIBLE IMPACT OF THE AUTUMN BUDGET 2024
There has been a lot of comment in the press about the possible changes in the Autumn (end of October) including the potential impact on the ability to withdraw money from a pension completely free of tax (Tax Free Cash).
WHY IS IT IMPORTANT TO SAVE FOR RETIREMENT?
Saving for retirement is crucial. With inflation and living costs ever rising, the UK state pension alone is becoming less and less likely to cover your living expenses. The current £11,962.60 a year, while a helpful safety net, typically provides only a basic income that may not meet the needs of many retirees.
SHOULD WE CONSIDER THE POTENTIAL FOR A CHANGE IN THE WAY THE UK TAXES PENSIONS?
The Labour Government has indicated its desire to fill a fiscal black hole and of course there is only one viable way to do this in the short term…increase taxation. They could rely on economic growth but that comes with some financial risk and significant uncertainty.
ARE ANNUITIES BACK & WHEN SHOULD YOU CONSIDER BUYING ONE?
In some ways annuities are more attractive than they have been for over 15 years as we are in a period of higher interest rates, but the idea of being able to leave a pension pot behind to protect a loved one or pass to the family still has significant appeal. There are lots of reasons to consider an annuity but the biggest pull of all is the ability to purchase a guaranteed income for life.
POLITICS & INVESTMENT – FOCUS ON EUROPE
At the moment elections and politics are in the mind of the investment community and investors alike. It is natural for all parties to have some concern about the impact of a change in government. In the UK it seems likely that we will see a big shift towards Labour but in Europe the shift is in the opposite direction.
THE QUESTION TODAY IS ‘WHEN’?
We have been weighing up when interest rates will actually start to come down and wanted to write about this and why it is important. The direction of interest rates has been the main focus of financial commentators and expectations have shifted significantly since the Pandemic.
LAST MINUTE CHECKLIST BEFORE THE END OF THE TAX YEAR
As the end of the UK tax year approaches, it’s time for a dive into your finances to make sure you’ve taken advantage of all the available opportunities as well as fulfilling your obligations. Here’s an easy comprehensive list of 20 things to check for personal and business taxes as April approaches.
SPRING BUDGET HIGHLIGHTS
There has been plenty of press coverage on the various aspects of the budget that affects individuals. What does seem to be missing is any coverage of the 8.5% increase to state pensions in April. Please read the article that highlights what has been announced.
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THOUGHTS ON THE IMPACT OF THE BUDGET
In the weeks leading up to the UK Budget, the industry has struggled to read the signs from the Treasury as to what was most likely to happen in the Autumn Statement and what new taxes were to be introduced – we just knew that tax would rise.
IS IT ALL DOOM & GLOOM?
If you watch or read the news at the moment, it’s easy to think the world is falling apart. Political tensions, elections, and talk of global conflict seem to dominate every headline. It can all feel a bit bleak – and when you’re also hearing that some professional investors are ‘turning cautious,’ it’s natural to wonder whether it’s time to be worried. Yet, strangely, the investment markets don’t appear to agree with the headlines.
THE GROWING PROBLEM OF CAPITAL GAINS TAX & INDIVIDUAL SAVINGS ACCOUNTS
Over the past few years, one of the quietest but most significant shifts in personal taxation has been the steady tightening of Capital Gains Tax (CGT) allowances. What was once a generous £12,300 annual exemption has been reduced to just £3,000 for the 2024/25 tax year – and there’s every chance that future Budgets or the forthcoming Autumn Statement could push rates higher still.
TAXING PREVIOUSLY TAX-FREE LUMP SUMS – WHAT’S ON THE TABLE FOR THE AUTUMN STATEMENT
Plenty of speculation about the taxes that the Government might introduce – and there is lots of choice but let’s examine the potential for a change to the tax free cash sum that clients normally access on retirement.