Making sure you use up any allowances you are entitled to is the first step to reducing the amount of tax you may be liable to pay. We’ve provided our ‘Top 5’ list of planning areas to consider before 5 April 2020, the end of the 2019/20 tax year. The rates given are correct for the 2019/20 tax year.
Turning on the taps for an extra income stream to help you realise your ambitions
The best time to start investing was 20 years ago. The second best time to start investing is now. But as you have been building up your investment wealth over the decades, in all likelihood you’ve probably pursued growth above all else, looking to maximising the value of your savings.
For those parents who have spare cash, putting money into their children’s pension will boost the retirement prospects of their offspring. The money will be topped up by the addition of tax relief and could also earn their children a tax refund if they are higher-rate taxpayers and reduce the penalty they face if they are a higher earner receiving child benefit.
Divorced Britons regret splitting after new financial pressures hit home
The pain of regret after divorce can be long-lasting, especially when you consider the life-long impact divorce has on your children, your finances and your emotions. All the problems, the arguing, the unhappiness, it is all over now that the divorce is final. Right? Not always.
Creating plans of action to ensure you reach your financial goals
To be prepared for the road ahead, it’s critical to think about having a plan. For many people it’s not clear where their money will come from when they no longer receive a salary. And that can be stressful. When you add in the pressures of today’s bills and basic living costs, not to mention the nice things like holidays, the thought of the future can seem a bit overwhelming.
Releasing money from your home without having to move
Equity release is a way of releasing money from your home without having to move, either by taking out a type of loan secured against your home or by selling all or part of your home to a home reversion company. Currently 1 in 51 people take out equity release loans to bolster their day-to-day retirement finances. The findings from a new survey underscore the growing use of the loans to fulfil retirement plans.
One of the golden rules of investing is to spread your money across a range of different asset classes. We’ve all heard the expression, ‘Don’t put all your eggs in one basket’. This approach means that if one or more of your investments rise you will benefit but, if they fall, there should be a degree of protection because, hopefully, some of your other holdings in different asset classes will be going up in value.
Helping you realise your long-term financial goals
So you’re looking to accumulate a sum of money by investing. You may have a specific amount in mind. This could be to go towards helping to fund your child’s university fees or to pay for a trip of a lifetime.
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