Did you know that there was a “cap” on how much value you could hold in the pension, tax-free, in 2022? This was called the Lifetime Allowance and, as of 6 April 2023, the charge has been abolished by the Chancellor. In the 2023-24 tax year, you can now take pension benefits in excess of…
The UK economy has certainly been through a lot since 2020. COVID-19 led to widespread lockdowns, a short market crash and a shift to remote working. GDP grew by 7.5% in 2021, rebounding from a 9.4% plunge the previous year, but a reckoning was soon coming. Inflation rose in 2022…
Tax planning can make a huge difference to your income and wealth – especially in 2023, with the cost of living crisis putting pressure on real household finances. Optimising your affairs could save you £100s – perhaps £1,000s – each year, so it is worth taking time to do it. Below, our Lancashire financial planners offer some general ideas on how to mitigate…
Running a family business can be a mixed blessing. One benefit is that you get to work with loved ones and build a legacy together. However, family dynamics can be complicated and this can make it difficult to set boundaries. There are 3 million family businesses in the UK employing 9.4 million jobs…
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