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​

Welcome to our latest issue.

As we approach the end of the current tax year on 5 April 2024, it’s an opportune moment to examine both your personal and business finances to ensure they are structured to optimise your tax efficiency. Despite the ongoing freeze on many tax rates and thresholds, numerous strategies remain for efficiently organising your financial matters,

Investment scams are a rising concern, promising potential investors the allure of making a significant amount of money swiftly and effortlessly. These scams often involve minimal to no risk investments in various areas such as financial markets, property, cryptocurrencies and precious metals and coins.

A complete list of the articles featured in this issue appears on pages 02 and 03.

The Chancellor of the Exchequer, Jeremy Hunt, unveiled his 2023 Autumn Statement on Wednesday 22 November, alongside an updated economic forecast from the Office for Budget Responsibility.

The Statement covered a number of areas including growth, cutting National Insurance, State Pension increases, Business Capital Allowances and the Lifetime Allowance (LTA) Abolition

Our detailed Guide to Autumn Statement 2023 looks at these key announcements. If you require further information or want to discuss how the announced measures could affect your finances or business, please contact us for more details.

As we approach the end of the year, taxpayers should begin assessing their tax obligations.
By understanding your tax obligations early on, you could avoid unwelcome surprises (see Page 5). We also consider Timing the Market (see Page 10), strategies to minimise Retirement Tax (see Page 6), and to create Positive Impact on Financial Wellbeing (see Page 19).
For a full list of contents, please see Page 3. If you are sailing into your 50s, it becomes pivotal to consider your financial strategy. We understand that knowing where to begin can be daunting, whether you are aiming to maximise your earnings or lay down a robust financial plan (see Page 9). With our guidance, you can develop and adapt a strategy designed to help you achieve your financial objectives.

Our role is to remove the effort from managing wealth, allowing you and your family to enjoy it instead.

Do not hesitate to contact us for more information about how we can help you visualise your financial future.

The Budget in March brought some welcome but unexpected changes to pension tax, the most significant of which was the abolition of the pension Lifetime Allowance (LTA) charge. You could now expect significant changes that will affect your retirement savings. On page 10 we consider how these changes could impact you.

As we are already in the new tax year you may wish to consider using Investment Allowances to ensure that your money is protected from taxes and also benefits from having more time to grow. This can result in a bigger savings pot in the long run. Read the full article on page 06.

One of the most interesting announcements for our clients included the abolishing of the Lifetime Allowance on tax-free pension contributions, which was previously set at £1,073,100. This is good news for higher earners and those with large pension pots. The standard tax-free annual pension contribution amount will increase from £40,000 to £60,000 from 6th April 2023.

Changes take effect from the new tax year starting 6th April 2023 and we will be happy to discuss the implications and benefits for you.

Kwasi Kwarteng definitely hit the ground running with the largest tax cuts in a Budget since Anthony Barber 50 years ago!

He’s scrapped the 45% top rate of income tax, reduced the Basic Rate of tax (from 20% to 19% from April 2023) abolished the cap on bankers’ bonuses and reversed the recent National Insurance rise which was proposed to fund health and social care. There will also be cuts to Dividend taxes. A lot of the changes favour higher earners.

This has led to a slide in the value of the Great British Pound, and the cost of borrowing looks set to increase. The idea is that the mini-budget stimulates the economy. Let’s wait and see.

We know you’ll have different priorities for your wealth at different points in your life. Whatever your financial aims, we can help you achieve them.

In this issue we cover a number of matters – including how to navigate the higher rate tax freeze, why making plans for Inheritance Tax is so important, retirement planning, rising living costs and much more

Only by recognising and meeting your individual requirements can we have a positive impact on your life and business. This is why we provide an extensive range of services, plus the ability to tailor solutions based on your specific needs.

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.