Interest rates on cash savings can feel more attractive when they are going up. Yet, in the background, your money may not be growing in real terms. In fact, it could be losing value. This is because of inflation – i.e. the rising cost of goods and services in an economy over time. Below, our Burnley financial planners…
Being a UK business owner can bring lots of opportunities including more control over your working hours and the potential to grow wealth as your business expands. However, it also brings greater complexities – particularly when it comes to tax planning. Many owners and directors acknowledge…
Do you dream of retiring abroad – e.g. in Spain, Canada or even further afield? Or, you know someone who does? This guide could be for you. It is estimated that 247,000 Britons aged over 65 are living in EU countries (not Ireland or the UK). Tens of thousands more reside in other states such as Australia, India and Thailand.
How many people do you know who lived to be 100 years old? According to the Office for National Statistics (ONS), there were 15,120 centenarians in 2020 – 18% more than the previous year. Is it just luck of the draw, or do you have a say over whether you live to 100? The science suggests that we have…
Have you checked your National Insurance (NI) record lately? This summer, a key “window” will be closing for a little-known rule about State Pensions. After 31 July the chance will be gone to fill more “gaps” in certain individuals’ NI records. Missing the opportunity may lead some people to lose out on hundreds…
Few people like to see their savings eroded by inflation, fees or taxes. A cash ISA can help you protect your money from the third by allowing you to earn tax-free interest. In principle, this may sound attractive. Yet cash ISAs may not be as useful as they appear. In this article, our Burnley financial planners explore the state of cash ISAs in 2023 and how they might fit…
Inheritance tax (IHT) stands at 40% on the value of your estate over £325,000 in the 2023-24 tax year. This could significantly undermine your goal to pass down wealth to your loved ones after you die. Fortunately, IHT can be mitigated with some careful planning. In this guide, our Burnley financial planners…
Earning over £50,271 (the higher rate) or over £125,140 (the additional rate) certainly offers an attractive income. Yet the taxes at these income levels can also be punitive. In some cases, a household’s “real” income (after tax) can be lower than another household where salaries are not as high. For instance, sometimes two parents working part-time can be more tax-efficient than a household with one breadwinner…
A “mid-life crisis” is experienced by as many as 20% of UK adults between 40 and 60 years old, often triggered by events like divorce, death in the family and boredom. At its core, it is caused by a change in identity (e.g. maturation of children) and can manifest in excessive spending. As such, a mid-life crisis…
According to the 2020-21 English Housing Survey, renting in retirement (versus owning a home either outright or with a mortgage) has risen in popularity in recent years. Indeed, the number of over-65s in privately-renting housing is up by over 100,000 since a decade ago…
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