Are you getting caught by the Inheritance Tax threshold?
Average house prices in the UK rose by 5.5% in the year to February 2023, according to the latest official figures, taking the average price of a property to £288,000 across the UK. That is £16,000 higher than it had been a year earlier – and this surge in house prices has had wide-ranging consequences, most notably, pricing many people out of buying a property. This is even more…
The Importance of Writing a Will
If you have not arranged a Will, you will not have control over what happens to your assets and property after you pass away. That could mean that what you leave behind may not go to your chosen beneficiaries and could cause lengthy and costly legal issues for the loved ones you leave behind. This can become contentious and even cause family disputes. If you die without a valid…
How to set a household budget
To work out a household budget, it is important to know exactly how much money you have coming in. Calculate what you have left from your salary once you factor in tax deductions, National Insurance and pension contributions, alongside other possible sources of income, such as investments that generate returns. You should do this for at least the previous three months, as your income may vary slightly from month…
Teach your children good financial habits
Wanting to look after your family is one of the most natural impulses in the world, and that is one reason why you will want to make sure your finances are in order, so you can provide for them after you are gone. But another way to help your loved ones is to instill good financial habits into them early on in life, so they are in a stronger…
How to avoid arguing about money
As soaring energy and food prices put pressure on your household budget, you do not want money to become a source of tension at home. So how can you make sure you and your partner do not spend all your time in conflict over financial matters? Set goals together If you are one half of a couple, you need to involve your partner in making major life decisions and…
Get ready for the end of the tax year
The end of the tax year is fast approaching and little time remains. So in the weeks ahead of the April 5th deadline, what steps should you be taking to make the most of your money and reduce your tax bill? Here are just a few areas you could look at. Use your ISA allowance You can save or invest up to £20,000 per year with a cash ISA,…
Could you afford to retire early?
Early retirement – retiring any time before state pension age – is the dream for many. The pandemic focused many people’s minds; making them think about what they want out of life – and for many in a position to make big changes, early retirement was the big one. The House of Lords Economic Affairs Committee has recently been looking into what’s driven an increase in economic inactivity over…
Why Young Adults Need Professional Financial Advice
If you want answers to any questions, chances are you simply pick up your phone and look online. But there are many questions in life that are simply too big for the internet to answer, ones that require specialist knowledge, insight and expertise. For example, you can not just Google how you should personally manage your investments, your pension planning or preparing your inheritance. How can the first page…
Take a long-term view of your investments
Investments go up as well as down. It is one of the most basic principles of investing that we are told early on in the process. So why do so many of us panic when conditions in the market are less than ideal? In a climate of high inflation, soaring energy prices, war in Europe and looming recession in the UK, you might be thinking of cutting your losses.…
Is recession inevitable following surprise economic growth?
The word “recession” hasn’t been far from the headlines for quite a while now, as the economy struggles to bounce back from the pandemic and soaring inflation hits consumer confidence. But the latest figures have raised some eyebrows. According to the latest official data, the UK economy shrank by 0.3 per cent in the three months to November 2022. But the economy also saw unexpected growth of 0.1 per…
