The election is finally over. Labour won convincingly on 4 July with a large majority, unseating the incumbents after 14 years of power. Pundits are now exploring how the new government might change key policy areas in the coming weeks and months. In particular, are any taxes set to change…
The new tax year (2024-25) started on 6 April 2024. This brings a fresh opportunity to get the most out of your allowances and put more hard-earned money back into your pocket. Below, we discuss some key changes to know about in the new tax year, offering ideas about how to maximise your financial…
Are you set to keep as much income as possible in 2024? With the end of the financial (tax) year looming in April, January is a great time to get your affairs in order – avoiding the last-minute panic that can arrive in February and March (when accountants get swamped!). Fortunately, optimising your tax plan…
Do you dream of owning a second home, perhaps to let out or occasionally use for holidays? Maybe you already hold such a property. In any case, being a second homeowner carries risks as well as opportunities. Tax erosion, in particular, can be an example of the former. In this guide, our Padiham…
Do you like the idea of selling something for more than you originally bought it? This is known as a “capital gain” and it is a great way to grow long-term wealth. However, there is often a government not too far away looking to tax it! Whilst we all should pay our fair share to society, there is little sense in paying…
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…
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…
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…
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…
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