The Spring Budget of 2024 brought a range of key changes which bear upon UK households (not least the “headline” measure to cut National Insurance). Below, our Padiham financial advisers elaborate on our recent Budget Special newsletter to explain, in more detail, how readers’ financial plans may be impacted…
Many great stories and sagas build on the theme of an “inner battle” within the self. Great investors also experience this reality. Various “biases” try to pull them towards irrational decisions with their investments. Yet, how can you conquer the irrational assumptions, beliefs and temptations which may lead you to act…
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…
Many people dream of retiring early. The thought of enjoying more time for travel, family, and passion projects is certainly appealing. However, “early retirement” has undergone a significant generational change. In previous decades, men often retired earlier than women. There were “send off”…
In the 2023 Autumn Statement, Chancellor Hunt announced that the State Pension would receive an 8.5% increase in April 2024. By doing so, he confirmed the continuation of the “triple lock” system (which was suspended in the 2022-23 tax year), much to the relief of many pensioners. However, what will pensioners…
Investing can, admittedly, be an intimidating topic for many newcomers. The jargon can be confusing and the volume of information can be overwhelming. Fortunately, learning to invest does not need to be this way. By grasping the essentials of how to build a portfolio, you can empower yourself…
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…
A stealth tax is a clever way for the government to raise money from taxpayers without overtly calling it a “tax rise”. A direct tax rise – e.g. increasing the Basic Rate from 20% to, say, 25% – risks drawing a lot of negative headlines and potential punishment at the polls during the next election…
What is a 0% credit card and how does it work? Are they a good idea and can they have a legitimate place within a broader financial plan? Financial planners tend to encourage clients away from credit cards because the interest payments can be very punitive – eroding your income and undermining your progress…
When, exactly, should you start that next exciting stage of life – retirement? This is a very personal, often complex decision influenced by many factors. Indeed, there is no single form of retirement. It can look different from person to person. Below, our financial planners in Padiham offer some ideas…
Suppose you suddenly find yourself with a cash windfall – possibly from an inheritance or from selling your stake in a business. If you want to invest the money, how should you do this? In particular, is it best to invest everything at once; or, “drip feed” it gradually into a portfolio? There are pros and cons…
A lot of attention is given to people who want to build a financial plan for their estate. Yet what about those who potentially stand to inherit it (the “beneficiaries”)? Receiving a large sum of money and/or valuable assets could be transformative to your finances if used prudently. However, without planning…
If you have recently received a large bonus, then first of all – congratulations! It is a great feeling to be financially rewarded for hard work. However, a high tax bill on your new-found money is a less pleasant experience. Are there ways to protect your reward from the tax man? How can you invest a bonus…
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…
In 2023, there are an estimated 6,400 “gold-plated pensions” (final salary pension schemes) in the UK. Yet this figure pales in comparison to the number of schemes which are built upon pension “pots – also called defined contribution pensions. Indeed, 0nly 1,013 final salary schemes remain fully…
Do you prefer the idea of a guaranteed interest payment on savings, or the chance of winning a prize draw? The latter, in simple terms, is what Premium Bonds offer. Yet are they a good deal? Below, our Padiham financial advisers explain how this investment from NS&I works, how it compares…
The lifetime ISA (LISA) is a highly popular investment “vehicle”. Since its introduction in 2017, around 775,000 people have opened one. Yet how does it work and is it worth it? In this guide, our Burnley financial planners offer a short guide to the lifetime ISA – offering ideas about how it can be integrated…
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…
Retiring early is an ideal goal for many people – offering more opportunities to travel, volunteer or pursue other passions. Yet early retirement rarely just “happens”. Rather, it needs careful planning years in advance. In this guide, our Burnley financial planners explain some of the forms that early retirement…
With inflation still running high in 2023 (7.9% in June), many investors are looking for ways to mitigate its impact on their returns. Gold and other commodities (e.g. silver) are often touted as effective ways to hedge against inflation. Yet are they a good idea? Below, our financial planners in Padiham explain how…