COVID-19 has hugely damaged the UK economy, adding over £400bn in public debt over a 12 month period. For some time now, many commentators have anticipated the announcement of tax rises to help address this. One of the big surprises of March 2021, therefore, was that these failed to materialise…
Capital gains tax refers to the levy on certain investments, property or possessions when you sell them for a profit. If you buy a second house for £100,000, for instance, and later sell it for £150,000, then you have made a capital gain (profit) which will likely be taxed. Yet how does capital gains tax (CGT) work, exactly, in the UK in 2021?…
Self-employed people, contractors and freelancers deserve a lot of respect. They are seeking to build wealth and a future for themselves through their business, often without the security of an employed role. Sadly, many of these people have been especially hard-hit by the pandemic in 2020-21, receiving less UK government support (e.g. due to having insufficient…
Material gifts are often welcome at Christmas time – but what about more disposable income in your pocket, especially after a tumultuous year in 2020? Taking a few hours to check your tax plan can be the perfect opportunity to do so – especially the quieter moments of the December break. This is especially since the average UK household can expect to pay…
It’s easy to assume that financial planning is all about ourselves. Yet there is a place for giving and charity too. Moreover, engaging in generosity can also make sense from a tax perspective – both for the giver and also the recipient. In this short guide, our financial planning team here at Elmfield offer these thoughts on charitable financial planning and its tax benefits.
Some people are fortunate enough to happen upon wealth. For many of us, however, they have carefully built up their savings, investments and assets over many years and want to make good decisions about how to look after them. Especially as you look ahead into retirement where they will play an important role in sustaining your lifestyle; and then even…
This content is for information and inspiration purposes only. It should not be taken as financial or investment advice. To receive personalised, regulated financial advice please consult us here at Elmfield Financial Planning in Padiham, Burnley, Lancashire. You might have noticed some headlines and social media posts asking about what will happen to UK taxes later in 2020. This understandably…
March is often a stressful time for people as they approach the end of the tax year in April. Indeed, our financial advisers often hear regrets from people across Lancashire, wishing they’d acted sooner and maximised the tax benefits open to them. If this is the case for you, then why not start planning for the 2021 April deadline now? Your investments, savings and emotions will thank you later!…
Recent Comments