To reach your financial goals you need a realistic and comprehensive plan.
We’re here to help create that vision and to put it into action. Our aim is to give you objective advice about the choices available to you so that you can make informed decisions.
We work in the following areas to make a lasting, positive impact on your financial future:
When it comes to investing, it’s as much about managing the potential downside as it is about targeting potential gains. Generally, higher returns come with higher risk, and professional financial advice can help you think about your attitude to risk before making any recommendations. It’s also important to make sure your portfolio has the right balance for your risk profile by diversifying across asset classes, regions, providers and products as applicable.
It is also likely that the balance of the investments in your portfolio will need to evolve, not only in line with changing market conditions, but also with factors such as your investment goals, your personal circumstances and perhaps most notably your age.
To discover how we can help you build a long-term strategy for your investments, please contact us – we look forward to hearing from you.
Please note that as is the case with all investments, your investment may fall in value and you may get back less than you invested.
1. MAKE A WILL
A vital element of effective estate planning is to make a Will which ensures your assets are distributed in accordance with your wishes. This is particularly important if you have a spouse or partner, as there is no Inheritance Tax payable between the two of you, but there could be tax payable if you die without a Will and assets end up going to other relatives.
2. MAKE ALLLOWABLE GIFTS
You can give cash or gifts worth up to £3,000 in total each tax year, and these will be exempt from Inheritance Tax when you die. To find out more about other gifts you can make, call us for an informal discussion.
3. GIVE AWAY YOUR ASSETS
Parents are increasingly providing children with funds to help them buy their own home. This can be done through a gift, and, provided the parents survive for seven years after making it, the money automatically ends up outside their estate for Inheritance Tax calculations – irrespective of size.
4. MAKE USE OF TRUSTS
Assets can be put in trust, thereby no longer forming part of the estate. There are many types of trust available and whilst it can seem daunting to put money away in this way, they can be unwound in the event of a family crisis and monies returned to you via the beneficiaries.
5. THE INCOME OVER EXPENDITURE RULE
As well as putting lump sums into a trust, you can also make monthly contributions into certain savings or insurance policies and put them in trust. The monthly contributions are potentially subject to Inheritance Tax, but, if you can prove that these payments are not compromising your standard of living, they are exempt.
Will and Trusts are a particular area of expertise for us, and if you’d like to know more about how and why they are a good idea, and how we can help to protect your assets, call on 01446 771949. We’ll be happy to discuss your requirements.
Please note that Will and Trusts are not regulated by the Financial Conduct Authority.
Don’t miss out on the
benefits of Wills &Trusts
The key concern is, of course, how you structure your financial affairs to make sure you will have sufficient money if and when you stop working. Retirement can be an exciting time in life as you look forward to spending more time doing the things you enjoy with the people who are most important to you, but this can only happen if you plan in advance. We can help you make sense of the pension options available to you and advise you on how to achieve certainty for your financial future.
If you’re already approaching retirement age, we can help you decide what to do with your pension savings. Following changes introduced in April 2015, you now have more choice and flexibility than ever before over how and when you can take money from your pension pot, and sound financial advice can help you to make the right decisions.
To find out more, call us for an informal discussion about how we can help.
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Welcome to our latest issue.
Robert Kiyosaki, the American businessman and author of the best-selling book Rich Dad, Poor Dad, once remarked, ‘Making money is common sense. It’s not rocket science. But unfortunately, when it comes to money, common sense is uncommon.’
As we continue into 2019 with the uncertainties surrounding Brexit, we look to de-mystify the ever-changing landscape of the financial world. What better place to start off than tax-efficient investing? Each tax year, we are each given an annual Individual Savings Account (ISA) allowance. The ISA limit or 2018/19 is £20,000, and anyone wishing to utilise their allowance should do so before the deadline at midnight on Friday 5 April 2019. The date marks the end of the 2018/19 tax year. It is a ‘use it or lose it’ allowance, meaning that if you don’t use all or part of it in one tax year, you cannot take that allowance over to the next year. T
o find out more about your ISA options, turn to page 06. Over time, with life expectancy and the cost of living rising, it could mean that some retirees are at risk of running out of pension income in later life.
On page 04, we consider what you can do to make sure that you have a big enough pension to meet your needs for your entire retirement. This time of year is your last chance to get your tax affairs in order before the end of the 2018/19 tax year. On page 12, we’ve provided a summary of some key tax and financial planning areas which may be appropriate to certain taxpayers and should be considered prior to the end of the tax year. Some people may believe that since they have reached their 60s and ‘retired’, the hard work is over. But there are probably another three or four decades ahead, so it’s not the time to be without expert professional financial advice.
At the time of writing, the UK Government is still in negotiations with the European Union over the terms of its planned withdrawal on 29 March 2019. The challenges facing the UK economy are unclear. On page 10, we look at some potential financial scenarios.
We hope you enjoy this issue and find it valuable.
Harries Powell & Price are authorised and regulated by the Financial Conduct Authority (FCA No 588442)
You are also covered by the Financial Ombudsman Service www.fscs.org.uk