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).
NEWS
Planning
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.
COULD THE UK INHERITANCE TAX (IHT) BURDEN INCREASE UNDER LABOUR?
With the advent of a new Labour government several clients have expressed a concern about the potential for an increase in taxation. Whilst staying politically neutral (as best I can) this is one area that the Labour party might look at to raise additional revenue for their social and economic priorities.
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.
INCOME PROTECTION – THE FINANCIAL SAFETY NET YOU HOPE YOU NEVER NEED
No one likes thinking about a future where they’re ill and unable to work, whether for a few months or longer. But going through the unpleasantness of thinking about it and making plans is nothing compared to the potentially life-changing impact of finding yourself ill, unable to work, and with no income.
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.
YOUR NEW TAX YEAR FINANCES – WHAT CHANGES & WHAT STAYS THE SAME
It’s a new tax year, and there are some changes to take on board. Jeremy Hunt’s 2024 Spring Budget contained some crowd-pleasers with an eye to the General Election later this year. But what’s going to affect you?
IS INVESTING WORTHWHILE?
Investing is very much worthwhile but this statement is always subject to the usual industry caveats (see footnote) and we need to acknowledge the maxim of risk vs reward, this really is relevant.
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.
NEW YEAR RESOLUTIONS – FOR THE WHOLE OF 2024
It’s never too late to turn over a new financial leaf – whether it’s the new year or not. Reflecting on our financial goals and the habits we need to put in place to reach them should be a regular date in our yearly diary.
CATEGORIES
LATEST NEWS
UK TAX: THE PAIN DEFERRED – WHY THE REAL IMPACT COMES LATER
Financial markets were primed for sharp, immediate tax rises. Commentators warned of fiscal tightening. Yet when the Chancellor delivered the measures, the initial reaction was muted. Markets barely moved. The plaster came off—and it didn’t hurt.
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.