News and Views

As we all know, most of us have managed to break our New Year’s Resolutions by the end of January, when the gym gets quieter again, but it is never too late to make sorting out your finances a priority. Below we outline 5 Financial New Year’s Resolutions for you to consider.

1. Make and update your will

Not a popular discussion but probably not as expensive as you may think, and in order to ensure your wishes are clear about who you’d like to benefit from your estate, be that family or your preferred charity, this should be the year to take advice and put an effective will in place.

2. Take charge of your pension

A good financial planner can help you plan for your retirement by giving advice on pensions and retirement income strategies, and how you can pass on you pensions to the next generations of your family. Provide advice on long term care planning and recommend ways to manage your monies in a tax efficient manner.

3. Review your income

Is it as tax efficient as it could be and are you using the relevant allowances for dividend and interest income? There may be benefits to making additional pension or gift aid contributions.

4. Tax efficient savings

Make sure that you not only save in a way that reduces your tax bill, by utilising ISA wrappers wherever possible, but also consider tax efficient initiatives such as the Enterprise Investment Scheme (EIS) and that you look at Inheritance Tax (IHT) Planning where appropriate.

5. Get the answers to the most important financial questions

When can I retire? Do I have sufficient money for my lifetime? Should I be taking more/less risk with my savings and investments? How much Inheritance Tax will I have to pay? Can I help my children or grandchildren with a deposit for a house/school fees etc.

If you need help with a specific issue, for example reviewing several pension pots or investing an inheritance, our Wealth Planning team will analyse your situation in detail and give you clear recommendations.  Please call us on 0800 877 8866.