Have you sorted your LPAs?
A legal power of attorney (LPA) allows you to appoint someone you trust to make decisions on your behalf if you become unable to do so. It is a really important piece of financial planning, as it should provide continuity in the event that you are unable to make important decisions. We’ve summarized below the key reasons for creating a POA and the main types available. Reasons to Create…
What is Fiscal Drag?
It’s never been more important to use all of your tax allowances. The latest data from HMRC shows that their total revenues from tax receipts and National Insurance Contributions were £827.7bn from April 2023 to March 2024, up £39.1bn on the previous year. It has increased by a striking 83% since the Conservatives came into government in 2010, when it was £453bn. Inflation over the same period has only…
What might the Labour Government mean for your Finances?
Now we know that Labour will be in government for the next five years, we’ve reviewed their Manifesto promises to see what might be in store from a personal and business finance perspective. How closely they stick to it and what else might be in store will only be revealed in the forthcoming months, but we’ve checked what was published just weeks before they came into power. In May,…
Pensions and Politics
Pensions have been a big topic in UK politics for some time, nevermore so than in an election year. That’s no surprise to us given their crucial role in the financial security of millions of citizens, but not everyone is as interested and engaged in pensions as we are! Here’s a quick summary of why pensions have been at the forefront of UK politics in recent years. The UK…
How to Protect yourself from Financial Crime
As the world becomes more and more interconnected and we routinely use digital means of making payments, it is more important than ever to be aware of the risks this can present. From identity theft and fraud to cybercrime and money laundering, criminals have many different ways of targeting unsuspecting victims and obtaining their hard-earned cash. So, what can you do to be more resilient in the face of…
Things are looking up!
We’ve been through a difficult period in the last few years, to say the least. Thanks to factors ranging from the Covid-19 pandemic to Liz Truss’s catastrophic Mini-Budget, along with soaring interest rates and inflation rising to a 40-year high, people in the UK have been put under unprecedented and sustained financial pressure. But interest rates have been left on hold in the last few months and whilst the…
Is this the Peak for Savings Rates?
This month, the Office for National Statistics (ONS) reported that inflation had fallen to 3.4% in the twelve months to February 2024. This is down from 4% in January and means that inflation is at its lowest point in two and a half years. The impact of getting closer to the Government’s 2% inflation target could then mean the Bank of England’s MPC (Monetary Policy Committee) decide to reduce…
Use your Capital Gains Allowance
The 2023/24 tax year is coming to an end on April 5th, so you don’t have long left to use your various allowances – in particular your Capital Gains Tax allowance. This is especially important this year as your Capital Gains Tax allowance is being cut from £6,000 to £3,000 from April 6th. That means that now is the time to cash in on the bigger allowance, so if you…
Outcomes of the Spring Budget 2024
Jeremy Hunt, the Chancellor of the Exchequer, has delivered his Spring Budget, and we wanted to keep you informed about what has just been announced. Taxes Employee National Insurance to be cut from 10% to 8% from April. Self-Employed National Insurance to be cut from 8% to 6% from April. Non-dom tax regime to be scrapped and reformed, with new rules being introduced in April 2025. Under the new…
What is the Future of the State Pension?
Currently, the age at which you are entitled to claim the State Pension is 66. This is expected to rise to age 67 in 2036, and then to 68 in 2046. A think-tank has recently floated the idea that, in order to make the State Pension sustainable, pensionable age needs to be increased to 71 by 2050. A falling birth rate, combined with an increase in life expectancy means…
