How to protect wealth during rising inflation

| Savings & Investments | No Comments

The UK’s inflation surge in 2022 is persisting, despite efforts by the Bank of England (BoE) to bring it down to more “normal” levels (closer to 2%). Presently, inflation stands at 9.4% and could reach 10% or more by the end of the year. This is bad news for households, since the higher inflation goes, the less “buying power”…

A short guide to NHS worker pensions

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Do you – or someone you know – work for the NHS? When you start working for the NHS, you should be automatically enrolled onto the NHS Pension Scheme. Yet what is it, exactly, and how does it work? Does it offer good value for retirement planning and are there better alternatives…

What taxes do you pay on UK property?

| Tax Planning | No Comments

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…

How to start sorting out your finances

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The rising cost of living is giving many households much pause for thought in 2022. More than 50% of UK homes have reduced their gas and electricity consumption as energy costs spiral, and 1.66m video streaming subscriptions have been cancelled (mostly by young people) in the second quarter…

Should I consolidate my pensions?

| Pensions | No Comments

UK residents now change jobs 17 times, on average, across their working lives. With each new job that you take, moreover, your employer is obliged to sign you up to the organisation’s pension scheme under UK auto-enrolment rules. As such, you could end up with over a dozen pension pots from your career…

6 ideas to reduce inheritance tax

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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…

A guide to income protection for the self-employed

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Many self-employed people struggled during the COVID-19 pandemic. With the onset of social distancing restrictions, quarantine and work-from-home orders, several businesses struggled to keep going. Hairdressers, tattoo artists, photographers and others could not meet their clients…

Should I get private health insurance, or use the NHS?

| Protection | No Comments

The NHS is under great strain at the moment. A&Es are turning away ambulances, with over a quarter of ambulances waiting 30 minutes (or more) to deliver patients to hospitals. Partly, the situation has been driven by surging hospitalisations from COVID-19 – which has also caused thousands of…

Are Premium Bonds a good cash alternative in 2022?

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With inflation running at 9% (the highest since 1982), many people are wondering how to keep their savings growing, in real terms. Interest rates from regular accounts rarely beat 1%, so a 9% inflation rate could represent more than 8% loss – even if your bank statement says you have earned more interest…

What rising interest rates mean for shares

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The Bank of England (BoE) has raised the base rate four times in six months. With inflation now standing at 9%, some analysts believe further rises may be on the horizon. Rising interest rates have multiple effects on the economy and household finances. However, they can also have an impact on stock markets…

October energy price cap rise: some FAQs, answered

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Households are facing increasing pressure from the rising cost of gas and electricity. In 2021, the average annual gas bill was £575 (£47.92 per month) and electricity was £764 per year (consumption of 3,600 kWh/year) – bringing the total to £1,339. At the time of writing in June 2022, however, the energy price…

Is it better to have a public pension, or private one?

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Some recent headlines have argued that public sector pensions (civil servants, doctors etc.) offer the best deal. Yet is this truly the case? This is important to address, as it may affect your future career choices. Below, our team at Elmfield Financial Planning in Padiham, Burnley, puts forward some…

Cost of living crisis: scam warning, 2022

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The UK’s specialist police unit for tackling fraud has warned that the rise in living costs in 2022 may encourage more scammers to target people’s finances. DCI Gary Robinson, head of the Dedicated Card and Payment Crime Unit (DCPCU), has said that criminals are likely to “use the cost of living crisis…

Why should you invest in different global markets?

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Investors can, of course, invest in companies and assets in their home countries. However, can you invest overseas – and should you? As financial planners, we believe there is a strong case for “global diversification” (spreading your investments across different countries). However, why is this often…

How to get the most from a teacher’s pension

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Some key changes came to the teachers’ pension scheme from April 2022. Depending on the time you qualify to receive a teachers’ pension, it may no longer be possible for you to access a “final salary pension” (i.e. where you receive a guaranteed, lifetime income in retirement based on what you earned near…

A short guide to investing your business money

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As a business owner or director, a big question you face is how to invest your profits. What are ideal corporate (or sole trader) investments, and how can you invest in the most tax-efficient manner? In this guide, our financial planning team at Elmfield here in Padiham, Burnley offers ideas for how…

How and why should couples plan their finances?

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Deciding how to manage wealth as a couple can be challenging. Perhaps you both have different ideas about what money is for, how much you should spend and how everything should be organised. Yet finding ways to work together on a financial plan can bring extra success, contentment and peace of mind…

Company share schemes: a short guide

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Have you been offered shares in your employer’s business? Employee share schemes can be attractive to prospective staff. After all, they are presented as an opportunity to share in the company’s profits. Yet how do these schemes work, exactly? Are they always a good idea to sign up to?…

What is power of attorney and do I need it?

| Wills & Estate Planning | No Comments

What would happen if you could no longer make decisions about your own finances? The case of Kate Garraway’s husband still hangs prominently in public consciousness. After he contracted COVID-19 in March 2020, Derek Draper became seriously ill and suffered severe internal organ damage…

Navigating tax when retiring abroad

| Tax Planning | No Comments

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…