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Articles of interest

This time next year we’ll be ‘million-heirs’
This time next year we’ll be ‘million-heirs’ Larger individual wealth and expectation of substantial inheritances Put simply, Inheritance Tax is a tax charged on your estate when you die. The Government set a tax-free allowance called the ‘nil-rate band’, which is currently £325,000. Any amount above this level is taxed at 40%. Your estate is the value of everything you own, such as your house, car, investments, life assurance policies and the contents of your home. UK’s massive wealth increase

Making the most of your pensions
Making the most of your pensions Have you accumulated multiple plans that need reviewing? Consolidating your pensions means bringing them together into a new plan, so you can manage your retirement saving in one place. It can be a complex decision to work out whether you would be better or worse off combining your pensions, but by making the most of your pensions now, this could have a significant impact on your retirement. Retirement savings in one place Whenever you

Guide to New Tax Year Planning 2018/19
Guide to New Tax Year Planning 2018/19 Time to take a tax wealth check? Now that we’ve entered the 2018/19 tax year, a number of key changes have taken place to existing policies, along with some newly introduced initiatives. It’s important to consider these tax implications when making financial decisions. The key changes to existing policies and newly introduced initiatives To help you navigate your way through the main changes that could have an impact on your financial situation, we’ve

Generous grandparents
Generous grandparents The bank that likes to say ‘yes’ Forget the Lamborghini – 2.4 million UK grandparents[1] have either raided their pension to support their grandchildren or plan to in the future. According to research from LV=, a quarter of generous grandparents (25%) who have already given away money to their grandchildren[2] have taken the funds from their pension. A further one in six (16%) plan to use their pension for this reason once they reach retirement age. Substantial amounts

Tax relief and pensions
Tax relief and pensions Annual and lifetime limits When it comes to managing money, one of the things some people find most difficult to understand is the tax relief they receive on payments into their pension. Tax relief means some of your money that would have gone to the Government as tax goes into your pension instead. You can put as much as you want into your pension, but there are annual and lifetime limits on how much tax relief

Inheritance Tax
Inheritance Tax Reducing the amount of money beneficiaries have to pay IHT is usually payable on death. When a person dies, their assets form their estate. Any part of an estate that is left to a spouse or registered civil partner will be exempt from IHT. The exception is if a spouse or registered civil partner is domiciled outside the UK. The maximum a person can give them before IHT may need to be paid is £325,000. Unmarried partners, no

2018/19 tax changes
2018/19 tax changes New initiatives you need to know Here’s what you need to know about the 2018/19 tax year changes and new initiatives. Personal Allowance The tax-free Personal Allowance is the amount of income you can earn before you have to start paying Income Tax. All individuals are entitled to the same Personal Allowance, regardless of their date of birth. In the 2017/18 tax year, the Personal Allowance was £11,500, and it rises to £11,850 in the 2018/19 tax

Is inflation back? Don’t panic!
Is inflation back? Don’t panic! How to protect the value of your money from its effects The BOE forecasts that consumer price inflation will remain above 2% in each year until 2021. While nowhere close to historic highs, higher inflation stands in contrast to near record low interest rates offered on cash savings. To protect your purchasing power over time, your savings need to grow at least as quickly as prices are rising. So how can savers and investors protect

Your money, your choice
Your money, your choice Supporting your future financial requirements Building up a substantial pension pot The term ‘private pension’ covers both workplace pensions and personal pensions. The UK Government currently places no restrictions on the number of different pension schemes you can be a member of. So, even if you already have a workplace pension, you can have a personal pension too, or even multiple personal pensions. These can be a useful alternative to workplace pensions if you’re self-employed or

Make it a date
Make it a date Keeping your target retirement plans on track Over half (56%) don’t have a clear idea when they want to retire, and only one in ten (10%) have worked out how much income they’ll need when they decide to stop working. The study also reveals it doesn’t get much clearer as you go up the generations: less than a fifth (17%) of those aged between 55 and 64 have recently checked to see if the retirement date

Market matters
Market matters Don’t let current global uncertainties affect your financial planning It’s important to stick to your strategy and keep moving ahead consistently by spreading risk and growing your wealth for the long term. Higher inflation and faster interest rate rises At the time of writing this article in February, markets had reacted to the signs of faster wage growth and a strengthening US economy that may lead to higher inflation and faster interest rate rises. The global sell-off began

How to make the most of your retirement
How to make the most of your retirement Steps you could take to increase your eventual income We’ve provided some areas to consider that you may wish to discuss with us to help you to meet your retirement goals. Make sure you have details for all your pension pots Locate pension pots that you may have forgotten about. The Pension Advisory Service and the Pension Tracing Service can help you to trace forgotten pension pots. Remember to take your State