Individual Savings Accounts (ISAs) come in many forms and different benefits. How can you use these best to your advantage – maximising your returns and tax-savings? In this article, our financial planning team at Elmfield here in Padiham, Burnley, Lancashire offers this round-up of answers to commonly-asked…
The UK Government’s “Build Back Better” plan has specified that a £86,000 cap on personal care costs will be introduced in England from October 2023. These plans have divided both the media and politicians, as the Government states its goal to eradicate unlimited, unpredictable care costs – and the possibility of…
Even astute, wealthy people can make big mistakes with their money. Many of these can be attributed to a failure to plan effectively. In this guide, our team at Elmfield Financial Planning in Padiham, Burnley wanted to offer an overview of common financial planning mistakes we have seen…
Steve Jobs once said: “If you really look closely, most overnight successes took a long time.” This grates with our digital culture where we expect everything to happen now, or quickly. Yet the greatest monuments, companies and life stories have involved building over the long term – repeating efforts day after day…
It is common for people to assume that they can only access cash from their property if they sell it or downsize. There is, however, another option – equity release, which allows homeowners to access a lump sum from your property’s value whilst continuing to live in it. This can sound ideal and certainly is a…
As a person approaches retirement it is common for them to have a wide range of investments, pensions and savings. These might include capital in ISAs (individual savings accounts), SIPPs (self-invested personal pensions), regular savings, various defined contribution pension pots and maybe even a…
The long-awaited March 2021 Budget has now been revealed, with its details still being pored over by media pundits. As financial planners here in Padiham, Burnley, Lancashire, our team at Elmfield are keen to communicate how the new budget may affect your wealth and finances in the coming months and years…
The end of tax year is fast approaching (April 5th 2021) and marks an important moment when various tax allowances refresh. Failing to make the most of them could represent hundreds – if not thousands – of lost pounds, so it’s worth taking stock of your own case. In particular, are you making the most of your ISAs (individual savings accounts)? In 2020-21…
Inflation is sometimes known as the “silent killer” of savings. Your bank statement, for instance, will likely show the interest generated from your regular savings account (e.g. 0.5%) – yet it will probably not tell you the rate of inflation during that period. Inflation refers to the rising cost of living – i.e. goods and services – and thus gradually reduces the spending power…
What’s the difference between a financial planner and an accountant? Why might you use one over the other? In short, the latter helps with auditing and financial statements – such as your tax self-assessment leading up to the financial year (April in the UK). The former helps you with the big questions of how to build and protect your wealth, covering areas such as…
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