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…
Since 6 April 2015, the “Pension Freedoms” have allowed UK taxpayers to withdraw up to 25% of the value of their pension pot(s), tax-free, from the age of 55. Yet is it a good idea to take this amount out of your pension? There are pros and cons to weigh up, and it often helps to get help from a financial planner…
Even the best-laid plans can flounder upon unforeseen events. Having a backup financial plan – or a financial “Plan B” – can help provide a crucial safety net if the future does not transpire as we hope. This has become even more apparent since 2020 when COVID-19, the cost of living crisis and other economic challenges…
According to one study, around two-thirds of UK parents have helped their children with a mortgage deposit, averaging at £32,440. Nearly a quarter say that, without their financial help, their children would never have made it onto the housing ladder. A third of parents also provide ongoing support with rent…
A financial plan is not just useful to households, but also for businesses (of all sizes). 2023 may be a challenging year for some business owners, especially with inflation now running at 11.1% and with warnings of a recession. Below, our Burnley financial planners offer five ideas to help business owners…
It might feel strange to talk about giving during a cost of living crisis in 2023. After all, wouldn’t your money be best spent on keeping your household afloat? Yet giving has many benefits. Not only is it a moral act in itself, but it forms part of our human nature and gives a sense of purpose and belonging…
What would happen to you (and your wealth) if you could no longer make independent choices? Power of attorney is designed to account for this scenario. As a legal document, it stipulates the conditions under which a trusted person acts on your behalf if, for instance, you lose “mental capacity”…
Recent Comments