The start of the New Year is rapidly approaching and for many this is a time to start setting financial goals. But before you contemplate the important factors in achieving your financial success, follow our New Year wealth check and start by making sure you keep your tax bills to a minimum and protect your wealth from increasing taxation.
If you’re a business owner there are many different pension options available both to you and to your employees. We can help you navigate this complex area and advise you on how to make sure that you choose the most suitable pension schemes available for your particular requirements.
Choosing the right life assurance will enable you to protect your family’s lifestyle in the event of your premature death, help them cope financially and protect them from financial hardship.
From April 2011, company car tax is to be reformed to encourage drivers to choose cleaner and more efficient cars. The threshold for the 15 per cent rate of tax will be reduced by 5g/km of CO2 – so it will apply to cleaner cars emitting between 121g/km and 129g/km of CO2.
The time when an elderly person needs to go into residential care is often a huge strain on family members. Illness or infirmity may have forced a sudden change in circumstances and time may be short.
Findings from a study published in September by Aviva, in conjunction with accountants Deloitte, are a wake-up call for individuals and governments across Europe. The study concluded that the UK has the largest pensions gap per person in the whole of Europe and UK adults now need to save an average of £10,300 every year to catch up. Europe’s annual pensions gap now stands at £1.6 trillion.
The cost of tax relief on pension contributions doubled under the previous government to an annual cost of around £19bn by 2008/09. The government confirmed in the Coalition Budget that it is committed to reform of pensions tax relief and would continue with plans that it inherited to raise revenues from restricting pensions tax relief from April 2011.
Q: Why is the government planning to end the default fixed retirement age?
A: Many people are not saving enough for retirement and risk not having the income they would hope for if they retire at the ‘traditional’ age of 65.
These are some of the most commonly asked questions we receive from clients.
If you suffer from certain medical conditions, or if you smoke, an impaired-life or enhanced annuity could significantly increase your income in retirement.