Category: Tax
Check you have the right protection
Reassessing your finances carefully is really important especially if you’ve recently experienced some life changes. Make sure that a review of your protection insurance is high on your list of priorities. Continue reading
Overcome the complexities of succession planning
Succession, the hugely popular TV show, highlights the complexities of wealth transfer. There’s a lot to think about when passing on your wealth – as well as the risk of family disputes, tax implications need to be taken into consideration. Continue reading
Crafting your retirement strategy
Have you developed a retirement strategy yet? Whether you’re nearing retirement, or you still have many years of your working life ahead, careful planning is essential to secure financial stability and peace of mind when you stop working. Continue reading
How does divorce affect my mortgage?
If you divorce and both your names are on the mortgage of your home, you and your ex-spouse must both continue making mortgage repayments until you reach a financial settlement. Missing payments will harm your credit score (making it harder for you to get mortgages in the future) and at worst could lead to repossession of […] Continue reading
Sleep easy in 2024
If you’re losing sleep over your finances, you’re not the only one. According to research12, nearly half (45%) of UK adults are lying awake at night because they’re worrying about money. Continue reading
The financial pitfalls that primarily affect women
Research5 has shone a spotlight on the financial challenges that prevent women from accumulating the same wealth as their male counterparts. The report found that having children continues to have a disproportionately large impact on women’s finances, as do other life events such as the menopause. Continue reading
Powering up your pension
Paying a lump sum into a pension can be a particularly effective way to save for your future. If you have accumulated extra money from a windfall, work bonus or through saving, now could be the ideal time to power up your pension with a single contribution. Continue reading
Autumn Statement 2023
On 22 November, Chancellor of the Exchequer Jeremy Hunt unveiled the government’s latest tax and spending plans saying “we back British business” announcing 110 growth measures which he said would boost business investment by £20bn a year. The Chancellor said the government had taken difficult decisions to put the economy “back on track” and claimed, “our plan for the British economy is working.” He also stressed that “the work is not done,” before outlining his package of measures which he said would cut business taxes, raise business investment and get more people into work. Continue reading
IHT goes mainstream
Inheritance Tax (IHT) receipts have been consistently rising, with new data from HM Revenue & Customs (HMRC) showing takings for the 2022-23 tax year totalled £7.1bn, up a massive £1bn from the previous tax year (£6.1bn 2021-22). According to HMRC, this huge uplift can be attributed in part to ‘a combination of the recent rises in asset values and the government’s decision to maintain the IHT nil rate band thresholds at their 2020 to 2021 levels up to and including 2025 to 2026.’ Continue reading
Taxman on the trail of unpaid IHT
HMRC has set up a new specialist team to target estates of wealthy deceased individuals in order to check whether a greater Inheritance Tax (IHT) liability may have been due than originally calculated by estate executors. This clampdown has seen record amounts of unpaid tax being clawed back by HMRC with levels expected to rise further in the coming years. Continue reading
Taking steps to offset fiscal drag
The gradual reduction of disposable income due to inflation and changes in tax brackets, or frozen tax allowances, will weigh on your finances, causing ‘fiscal drag’. Continue reading
Spring Budget Recap
Jeremy Hunt delivered the Spring Budget on March 15th declaring it “A Budget for Growth.” The fiscal update included a range of new measures, but kicked off with the latest economic projections from the Office for Budget Responsibility (OBR) Continue reading
Take advantage of the new tax year
A new tax year has begun and with it comes the chance to start your tax planning early, but why rush when there’s almost a year to go? Here are a few reasons: Continue reading
Investment focus for the new year
By any comparison, the past 12 months have been tough for investors with a series of shocks impacting markets and, as 2023 dawns, uncertainties remain. One constant on the investment horizon, though, is the requirement to be strategic with your portfolio. A sound strategy based on careful planning; making purposeful decisions, based on thorough research […] Continue reading
Marriage tax allowance: what is it and how does it work?
Marriage tax allowance offers a couple that are married or in a civil partnership the opportunity to claim tax relief if one spouse earns less than the standard personal allowance. Here’s everything you need to know about marriage tax allowance. What is marriage tax allowance? Just as the name suggests, marriage allowance is a tax perk […] Continue reading
7 financial tips for a stress-free wedding
Getting married continues to be one of the biggest expenditures besides buying a house and the last thing you want to do as you start married life together is worry about getting into major debt. Here are seven top financial tips to help you down the aisle (number six is the one most people overlook). […] Continue reading
Logic Wealth Planning joins the Financial Vulnerability Taskforce
Vulnerability is something which can affect us all; through unexpected events such as illness, loss of employment, divorce or even the sudden acquisition of wealth through inheritance or a lottery win. While some health issues can lead to permanent vulnerability, fortunately in most cases it is a temporary phenomenon. But when it happens, you need […] Continue reading
Contributing to your pension via a limited company – explained
If you’re a director of a limited company, you can contribute pre-taxed company income to your pension pot. What’s more, because an employer contribution counts as an allowable business expense, your company will also receive tax relief against corporation tax. Our financial advisers have many years experience of giving professional advice to Business owners. If you’d […] Continue reading
Investing for children to give them a good start in life
Whether we are parents, grandparents, aunties or uncles, the children in our life are precious and it’s natural to want to give them the very best start in life. But where that means helping with private education, university fees, a first car, wedding costs or property deposits, it’s all going to cost money. To help […] Continue reading
Back in the Driving Seat!
Many people have used the last couple of years to make positive life changes. Three in five people have questioned what is important in life, while half feel their priorities have changed**. Two in five credit the pandemic with encouraging them to build more long-term savings. However, one in four now feel less comfortable about […] Continue reading