Tag: Manchester
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
Striking a balance
While recent financial challenges have taken their toll on everyone’s pockets, it comes as no surprise that parents are putting concerns about their children’s finances above their own, as highlighted in a recent survey of advisers. Continue reading
Are you a wealth accumulator?
Having your finances in order brings tremendous peace of mind. Financial wellbeing varies from person to person but fundamentally encompasses having security around money, now and in the future, plus knowing what makes us happy, and having money goals in place to achieve this happiness. Continue reading
Land driving surge in UK’s net worth
Recent data from the Office for National Statistics (ONS) shows that the UK’s net worth rose by £1trn in 2021, to total £11.8trn, the largest annual increase on record (9.2%). This rise can be attributed to the increasing value of land, accounting for over 60% of net worth. 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
Are you a financial secret keeper?
Research has shown that nearly two in five people in a relationship in the UK are committing ‘financial infidelity’ which includes ‘deceptions’ such as having secret credit cards or savings accounts and hiding purchases from partners. Continue reading
Digital pound likely this decade
The Treasury and the Bank of England have started consultations on a potential digital pound, or central bank digital currency (CBDC), that could be used by households and businesses instead of cash for everyday payments in-store and online. 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
Rising prices add almost 20% to retirement costs
It can be difficult to understand what funds you’ll need to finance the retirement you dream about and how this compares to your projected pensions income. It’s even harder to keep track when the cost of living is spiralling. Continue reading
House prices hit record highs
Investing in bricks and mortar has always been attractive, even during economic downturns. We all need somewhere to live, and in October house prices hit record highs. Continue reading