Personal Finance

An area that affects us all !

Retirement Planning, Savings Schemes,  Divorce, Inheritance Tax Planning
 
So many different areas affect our finances. Allow us to listen to your needs and offer you clear  advice on the most suitable financial products for your personal circumstances.
 

Personal Pensions - What are your expectations for retirement? 

Do you like the idea of living on about £100 per week when you retire; without making additional pension arrangements, that just may be your future prospect!   

If your employer does not provide a company scheme, consideration may be given to commencing either a Personal Pension or a Stakeholder Pension

One of the greatest attractions of pension schemes as a method of saving for your future is that there is tax relief on contributions  up to the Government’s limit.

  • Individual Personal Pensions provide a huge variety of investment funds to choose from, whilst allowing  tax payers to receive 22% or 40% tax relief  on contributions, depending on the highest rate of tax paid.
  • Stakeholder Pensions introduced by the Government in 2001 were designed to offer a low cost means of providing income in retirement.  They can also provide the ideal start for your children.

We aim to show you how to get tax relief at source and build an income for yourself or your children’s future or we can regularly review your pension options and expectations to ensure your retirement plans are on track. Please contact us for further information.

Savings Plans - Which ones are right for you?

There are many different types of savings and investment schemes available on the market place making it  wise to seek advice.  Thought must be given as to whether you are seeking short term savings plans or whether you are keen to invest for long term future growth and/or income. Please contact us for further information.

Some of the ways to invest are through Unit Trusts, Bonds, Offshore Funds, OIECs (Open Ended Investment Company)  but there are also

  • Individual Savings Plans (ISAs): ISAs represent a tax-efficient container into which to place cash savings and investments in equities, bonds and insurance policies.  These plans can be complicated and a helping hand could guide you around the best options and most suitable funds for your current needs and circumstances.  With effect from 6 April 2008, the terms MINI ISA and MAXI ISA disappear and the choice will be to subscribe to etiher a Cash ISA or a Stocks and Shares ISA, enabling existing Cash ISAs to be transferred to a Stocks and Shares ISA without affecting that particular year's allowance.
  • Personal Equity Plans (PEPS): For some time now  PEPS have no longer been available for new investment  and with effect from 6 April 2008 existing PEP accounts will automatically become Stocks and Shares ISAs, subject to ISA rules.  This will allow the saver to have the option to subscribe to the revised status "ISA" account if they so wish. 

And of course there are:

National Savings products: Some of the least risky of investment options are those offered by National Savings, which raises money on behalf of the UK Government. Whilst investment returns are not necessarily spectacular and some involve tying your money up for long periods of time, they are nevertheless stable and in some cases tax-free. They include National Savings Bank accounts and Savings Certificates and various forms of Savings and Income Bonds.

Divorce

The loss of death in service benefits and private medical insurance are just two types of benefit that may be lost following divorce.  We could help you to replace those lost benefits at competitive rates.  

In addition, you may now be able to protect your ex spouse's maintenance payments should they be unable to pay due to severe ill health. We could design a maintenance protection plan to suit your current needs and requirements. Please contact us for further information.

Loan Protection

We could help you provide protection for your loan repayments in the event of incapacity through accident or illness. Please contact us for further information.

Wills/ InheritanceTax

At its simplest, Inheritance Tax is the tax payable on your estate when you die if the value of your estate exceeds £312,000 (threshold for 2008/09 tax year). Currently, inheritance tax is charged at 40% on the value of estates above the threshold (nil-rate band) of £312,000, subject to any exemptions and relief that may be available. Your estate is basically the net value of everything you own - all your assets minus any debts.

Why do you need to plan?

Doing nothing is not an option if your estate exceeds the current threshold. Without proper tax planning, many people could end up leaving a substantial tax liability on their death, considerably reducing the value of the estate passing to chosen beneficiaries.  With a little forethought, we could help to reduce this liability and could assist you in obtaining expert advice on your options.



The Financial Services Authority does not regulate taxation and trust advice, will writing and National Savings & Investment (NS & I) products.  The levels, bases and reliefs from taxation are subject to change. The value of an investment can go down as well as up. Past performance is not a guide to future performance.