Month: May 2018

A Guide to New Tax Year Planning 2018/19

The key changes to existing policies and newly introduced initiatives 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. To help you navigate your way through the main changes that could have an impact on your financial situation, we’ve provided a summary of the main 2018/19 tax year …

A Guide to New Tax Year Planning 2018/19 Read More »

A Guide to Inheritance Tax

Safeguarding more of what is rightfully yours for future generations When we die, we like to imagine that we can pass on our assets to our loved ones so that they can benefit from them. In order for them to benefit fully from your assets, it is important to consider the impact of Inheritance Tax. Inheritance Tax is payable on everything you have of value when you die. This includes your home, jewellery, savings and …

A Guide to Inheritance Tax Read More »

A Guide to Retirement Planning

Creating the opportunity to enjoy your life after work Welcome to our Guide to Retirement Planning. In recent years, retirement has become more about the opportunity to enjoy your life after work. Your finances are a huge part of achieving that. With the maximum State Pension currently £8,546.20 (2018/19) a year, you’ll need to decide if this is going to be enough for you to live on when you retire. However you see your retirement, …

A Guide to Retirement Planning Read More »

Make it a date

Keeping your target retirement plans on track Most over-45s are not making plans to match their hopes for the future, according to research from Standard Life[1]. The vast majority (86%) of those aged 45 or over are already dreaming about escaping their working life for retirement, but only 8% of the same age group have recently checked the retirement date on their pension plans to make sure it is still in line with their plans. …

Make it a date Read More »

Protecting your estate for future generations

Many individuals find the Inheritance Tax rules too complicated If you struggle to navigate the UK’s Inheritance Tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. Getting your planning wrong could also mean your family is faced with an unexpectedly high Inheritance Tax bill. Reluctant to seek professional advice Findings from a recent …

Protecting your estate for future generations Read More »

Financial freedom

Deciding what to do with pension savings – even if you’re still working It might seem like a far off prospect but knowing how you can access your pension pot can help you understand how best to build for the future you want when you retire. On 6 April 2015, the Government introduced major changes to people’s defined contribution (DC) private pensions. Once you reach the age of 55 years, you now have much more …

Financial freedom Read More »

2018/19 tax changes

New initiatives you need to know It’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us, and a raft of new changes have come into force. The good news is that the overall tax burden is little changed for basic-rate taxpayers, but there are number of areas that have changed that should be taken note of. Here’s what you need to know about the 2018/19 tax …

2018/19 tax changes Read More »

Retirement wealth

What’s the right answer for you? The first increase in minimum automatic enrolment (AE) workplace pension contributions came into effect on 6 April[1]. According to research from Scottish Widows, however, one in five Britons (20%) – amounting to more than ten million people – say they’ll work until they’re physically unable to, while one in 20 (6%) – another three million people – say they expect to work until they die. While the increase in …

Retirement wealth Read More »

Your money, your choice

Supporting your future financial requirements You can pay into as many pension schemes as you want; it depends on how much money you can set aside. There are several different types of private pension to choose from, but in light of recent government changes the tax aspects can require careful planning. So what do you need to consider? Building up a substantial pension pot The term ‘private pension’ covers both workplace pensions and personal pensions. …

Your money, your choice Read More »

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 …

Generous grandparents Read More »