For people 2009 was a yr of pain and hardship. A world recession, stock Exchange upheaval and an overall belief of uneasiness have left a lot of individuals feeling quite uncertain about next year.
Hopefully the next year will be a more acceptable year. Yet there are steps we can take to improve our finances.
A small thing we can do to put the position into perspective is to re-examine our financial status. Whether it is your home lending, borrowing, investment funds, income or spending patterns need to be surveyed regularly.
Carrying out a review will assist you to identify where your finances can be bettered and maybe where you might make changes.
It is important to re assess your investments and savings, to ensure they are suitable to the amount of risk you are inclined to take. It is also worthwhile reviewing your store cards, electricity and gas as well as house and car insurance to see if you could get an improved deal. Even a little improvement could make a big difference to your regular budget.
Making the most of your yearly taxation allowances such as Isa’s, CGT allowances and retirement planning are also ways of keeping down the level of tax you might pay.
Whilst income and capital gains tax are significant, the result of IHT (Inheritance Tax) should likewise be considered.
Many individuals and parents own assets over the value of the Inheritance Tax Nil Rate band. Good tax advice can be used to cut the overall amount of inheritance tax their beneficiaries might have to pay.
For many people, the functions supplied by Financial Advisers help them to review and put into place changes to their finances and savings.
If you think that you would benefit from independent and impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
