Most of us recognise “traditional” taxes such as income tax or National Insurance (NI). What is less obvious, however, is how wealth (and monthly finances) can be eroded by “stealth taxes” operating in the background, often unnoticed. Below, our Padiham-based financial planners at Elmfield Financial Planning explain…
The rising cost of living (inflation) is having a big impact on household incomes in 2022. This includes pensioners, whose income might not currently stretch as far as it did last year when the UK’s inflation rate stood closer to the Bank of England’s target (2%). Yet how, exactly, is inflation affecting pensions…
Bonds are a unique asset class, offering investors returns at a lower risk level compared to stocks and shares. Yet they can be mysterious – particularly for new investors. In this guide, our Padiham financial planners explain how bonds work, their distinct features as well as their pros and cons…
With 93% of adults in Great Britain reporting a rise in their living costs in 2022, it is a good time to explore ideas to boost your finances. Is it possible, for instance, that you are one of the 22m people with “unclaimed money” sitting in dormant accounts or “lost” pensions? In this article, our Burnley financial planners…
At the end of September 2022, the British pound (GBP) hit its lowest value in 50 years. It stood at $1.03 on Monday 26th September. The last time it traded at this level was in February 1985, when the GBP fell to $1.052 (a record low that lasted 37 years). With news still pouring in about our currency and how…
The individual savings account (ISA) is one of the UK’s most powerful “vehicles” for someone to save and invest. Yet ISAs are also widely misunderstood and many people make needless mistakes with them, leading to missed opportunities for wealth growth. In this article, our team at Elmfield…
With the Bank of England (BoE) steadily raising the base rate, savers are seeing some benefits in the form of higher interest rates on their regular savings accounts and Cash ISAs. However, this could also lead some savers to pay tax on their interest, which perhaps they didn’t pay before…
An annuity is a product that gives you a guaranteed lifetime income in retirement. It can offer stability and peace of mind, providing a steadily rising income each year to help keep up with inflation. Over the last 7 years since the 2015 Pension Freedoms were introduced, however, annuities have widely fallen…
Being a grandparent brings so many joys. You get to spend more time with small children (often without so many of the responsibilities, such as the sleepless nights!). You get to be a part of fun days out and hosting big family dinners. It can be an opportunity to connect with your own child as you help…
Investing in shares, bonds and property can be rewarding – but also involves risk. How do you know what the value of your investment will be in the future? This uncertainty brings a lot of powerful human emotions into the equation like fear, excitement, apathy and overconfidence. Without careful…
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