The headline rate for the Consumer Prices Index inflation increased to 5.4% in December, a rise from 5.1% in November, and the highest rate in 30 years. With the Bank of England seeming more hawkish on inflation, interest rates have risen again to 0.5%, at this month’s Monetary Policy Committee meeting. This rise to 0.5%,
Individual Savings Accounts (ISA) were introduced over 20 years ago, in the last millennium even, and have always been a very tax-efficient way of investing, with no liability to either Income Tax or Capital Gains Tax on the invested funds. These days ISAs offer the opportunity to invest up to £20,000 annually per person. Unlike
We are firmly within the tax season and, as the 31st of January tax return deadline looms, we thought it would be worth a look at five tax tips to make your life easier. The first one is your Unique Taxpayer Reference (UTR) number. Your UTR number will have been sent to you when you
The Pensions and Lifetime Savings Association (PLSA) has warned that the cost of retirement has risen substantially – seeing an increase in the cost of 4.9% since 2019. The latest PLSA report predicts an extra £40,000 is needed to fund a comfortable 20-year retirement. They break down their calculations into three tiers – minimum, moderate,
Divorce is never easy, but it can be far more complicated when you are a business owner. The divorce process is not designed to damage a business. Indeed, the income produced by the business is usually the main source of income and is needed to fund child maintenance and spousal maintenance payments, so damaging the
If you had invested in a UK Index fund from 1980-2009 you would have achieved a return of some 700% on your investment. However, if you had missed just the best 20 days of stock market performance during that period, that return would have been reduced to just 240%. Getting market timing right is a
Many people will have come across the headline-grabbing interest rate of 5.6% per annum on some student loans. Many people rightly believe that we should pay off all our debts where possible and should never take out a loan that we know we cannot repay. However, with the average starting salary of graduates stagnant at
Before we begin any discussion, let us be quite clear – both property and pensions can deliver long-term growth, both can be used to fund retirement, and both can play an important role in savings. In the UK, property has long been seen as a good investment, with house prices beating inflation by 3% per
A client once remarked that it would be good if we had a crystal ball for their finances. A good point well made, so we went and bought one from Amazon, which still sits on a windowsill in the office. It looks good but has never proved to be entirely reliable. Cashflow forecasting, on the
Each year around 25,000 estates in the UK have to pay Inheritance Tax (IHT), but a further 250,000 also have to jump through onerous and time-consuming hoops to establish that they do not. The job of gathering every last detail of a friend or relative’s financial affairs, requiring as many as 25 different forms to be completed, is a real labour of love. However,
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