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…
A property can be a valuable asset. Yet, just like other investments, tax always lurks nearby. How can you minimise needless tax on a property and improve your “real” (after tax) returns? Below, our team at Elmfield Financial Planning in Padiham, Burnley, Lancashire shows how taxes work regarding UK property…
An inheritance tax (IHT) bill can cost families thousands of pounds if no careful planning is put in place. Fortunately, a range of tools is available in 2022-23 to help you reduce an unnecessary tax bill – leaving a more meaningful legacy for your loved ones. In this guide, we share six ideas to help you mitigate a future IHT liability…
Many people dream of retiring to Spain, France or further afield (such as southeast Asia). Yet the tax implications can be very complex, and it is wise to check the rules thoroughly – both in the UK and in your destination country – before taking the leap. It is also a good idea to check the wider implications…
COVID-19 restrictions have become a defining feature of life since early 2020. Hopefully, 2022 will witness greater normality. Yet it remains possible that, as the government seeks to control various “spikes” or “waves” of the virus, work-from-home orders…
Many people get caught off-guard by capital gains tax (CGT) – the tax on profits you make when selling (“disposing of”) assets such as shares and Buy-to-Let property. In particular, people can get hit with an unexpected CGT bill when moving house. Here at Elmfield Financial Planning, we want to help ensure that people in Padiham…
UK tax returns can be intimidating. Not only do they require you to disclose various, complex aspects of your finances (which you may have lost track of), but there are also extra sections to fill out depending on your income and situation. It can be hard to work up the motivation to face it, but fortunately…
Taxes have the potential to significantly erode your wealth and investment returns if you do not manage them effectively. We all have a duty to contribute to society, but nobody’s family or own finances should suffer from needless tax erosion. In this article, our financial planning team here at Elmfield…
When you have spent decades saving, building wealth and paying taxes along the way, it is very natural to feel that you have a right to decide what happens to your wealth after you die. This is why inheritance tax is sometimes called the UK’s “most hated tax” – or the “death tax”…
Recent Comments