Would you agree that wealth is not about hoarding money but the flexibility and financial freedom it affordsto help us achieve our goals and passions? Essentially, wealth has the scope to create a powerful purpose in our lives. Take time to understand your ‘why’ Developing a clear understanding of what you want from life and [...]
Cost-of-living challenges look set to heap further pressure on the sandwich generation (responsible both for bringing up their own children and for the care of their ageing parents), making it vitally important to take advice before making any hasty decisions which could sacrifice their financial futures. People who provide support to adult loved ones will [...]
IHT receipts have increased for a variety of reasons, including the impact of rising property prices, meaning more families falling within the range of IHT. While thresholds remain frozen at current levels – the nil-rate band is £325,000 and the main residence nil-rate band is £175,000 – IHT can effectively be regarded as a stealth [...]
One way of ensuring that your loved ones receive assets is to pass them over while you’re still alive. However, this needs careful thought as you may not want to relinquish control and you need to make sure you keep enough yourself to live off – a difficult balancing act. The first stage As a [...]
Here are a few figures worth knowing in 2020–21 to help maximise your tax allowances and exemptions: Personal taxation The National Insurance threshold is £9,500 and the Personal Allowance remains the same as last year, at £12,500. Pensions The Annual Allowance for pensions is £40,000 and begins to taper (to a minimum of £4,000) for [...]
Coronavirus has affected every aspect of our lives, particularly our financial stability. The crisis has acted as a stress test for the nation’s finances, highlighting the fragility of many people’s financial safety nets. It has compelled individuals to take a closer look at their finances to see how they can reduce their expenses and become [...]
