Welcome to our July/August 2024 Newsletter.

Nobody wants to consider what would happen if they became too ill to support their family financially. Financial protection is essential to creating a secure future for your loved ones, but understanding what cover you may need can be confusing.

On page 8, we discuss whether you have considered the implications financially if you or someone in your family were unable to earn money, became ill or were to die prematurely. It’s not something we like to think about, but if you have left regular employment and are now either retired or have become self-employed, then any previous protection you received from an employer becomes your responsibility. On page 05, we delve into a new analysis of FCA figures. Since 2015, individuals over the age of 55 with defined contribution (DC) pension pots have enjoyed full freedom to decide how to manage their pensions; purchasing an annuity (a guaranteed income for life) is no longer mandatory. We examine how people have utilised these newfound freedoms and the tax implications that have followed.

On page 10, we look at ways to potentially reduce a Capital Gains Tax (CGT) liability. Cuts to the CGT exemption mean that arranging your investments as tax-efficiently as possible is more important than ever.

Trusts are a powerful tool for estate planning, providing flexibility and control over asset distribution. Properly structured, they can address various scenarios and requirements, ensuring that your legacy is managed according to your wishes long into the future. Read the full article on page 06.

A complete list of the articles featured in this issue appears on pages 02​

As the cost of living continues to soar, with inflation reaching a 40-year high, the impact on household finances is taking its toll. But it is essential to try to maintain a savings habit even in the current climate. Among several topics, on page 10 we look at the impact breaks in pension contributions could mean to savers by missing out on thousands of pounds in future that will mean less income during retirement.

It’s not surprising that the world of investing can seem complex, especially in the current global economic climate. Investors face an endless supply of market news, many investment choices and often-changing market conditions. There are a number of key principles that every investor should follow with the aim of building an effective long-term strategy designed to achieve their financial goals.

On page 6 we look at ten principles that every investor needs to know. A full list of articles featured in this issue appears on Page 2.

There are many factors that can influence when someone decides to retire. Please see inside for more on this.

Most taxpayers started to see their tax bills increase from April 2022.

As we move into the new 2022/23 tax year, now is the time to review your tax affairs to ensure that you have taken advantage of all reliefs available and have considered some planning opportunities to help reduce your tax liabilities.

Inside, we look at New Year’s tax saving resolutions to make sure you are fully utilising your relevant tax planning opportunities.

With the tax year end (5 April) on the horizon, taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions.

Inside, we look at how having a financial plan in place early on can make it easier to manage your money further down the line.

Whether you are clear on your financial priorities or feel you need to be pointed in the right direction, we’ll work with you on your financial plans and help you to realise your wealth and lifestyle ambitions.

I hope you are managing well given recent changes in the way we live and work. In this newsletter we look at a number of areas to consider during this difficult time.

How can we help you further plan, grow, protect and preserve your wealth?

Prior to the Budget on 11th March next week, here are a few things to consider before the tax year end.

Some light summer reading regarding tax on a part of your savings, the economy, passing on wealth, and retirement longevity.
How can we help you further plan, grow, protect and preserve your wealth?

With all the recent Brexit developments your attention may have been diverted from the Spring Statement made by the Chancellor on Wednesday!

Given the tax year end (5th April) is approaching you may want to check you have used any Allowances and Planning opportunities. If you would like to have a chat please get in touch before it's too late.