Don`t get caught out by Making Tax Digital
Making Tax Digital (MTD) has been a topic of concern for many self-employed individuals since the government announced its launch in the 2024 Budget. The new regime requires landlords, sole traders, and freelancers to submit quarterly updates to HMRC in addition to their annual tax return. In order to comply with MTD, individuals must also […]
How to make your finances redundancy-proof
The rise of Artificial Intelligence (AI) has sparked concerns about job losses, but so far, a full-blown ‘job apocalypse’ has not materialized. However, economic conditions in the UK have been challenging, with redundancy rates on the increase in recent years. This trend has left many employees feeling anxious about the security of their jobs. Losing […]
Does it still make sense to buy a house?
The British Social Attitudes survey has been a key insight into the thoughts of the nation for over four decades. Recently, a question arose about whether newly-weds should be advised to buy a home as soon as possible. The survey revealed that baby boomers overwhelmingly support the idea of buying a property early on. As […]
How to stop tax from eroding your retirement income
When it comes to planning for retirement, the level of income needed is a highly personal matter that can vary greatly depending on your lifestyle and financial goals. According to the Pensions and Lifetime Savings Association, a single person aiming for a ‘comfortable’ standard of living should budget around £45,400 per year to cover basic […]
How to manage your parents’ money
As parents age, the role reversal that often occurs can be a challenging transition for both parties involved. From practical tasks like driving to doctor’s appointments to managing finances, the responsibilities can be emotionally fraught but require rational decision-making. Having a solid financial plan and investment strategy in place can alleviate some of the burdens […]
The inheritance tax refund executors keep missing
House prices in the UK have remained stagnant over the past year, with some areas experiencing even worse conditions. In London, for example, the average price dropped by 3.7 per cent according to data from the Land Registry. For executors dealing with inheritance tax (IHT) returns, this poses a challenge. When filling out an IHT […]
‘I’m inheriting £350,000 – should I overhaul my investments?’
Jerome, a 67-year-old man, is facing the prospect of receiving a significant inheritance from his 90-year-old mother’s estate. With careful planning and consideration, he wants to ensure that he is prepared for when the time comes to manage this windfall effectively. As the lead executor of his mother’s estate, Jerome is aware that he will […]
Extreme weather could make you a ‘mortgage prisoner’
The impact of extreme weather events on British homeowners is becoming increasingly evident, as human-made climate change and El Niño weather patterns have caused unprecedented heat and drought across the country. With wildfires ravaging various regions, including Stourbridge, Dunwich Heath, and the Cairngorms, homeowners are facing new challenges in protecting their properties. A recent study […]
The tax rules to consider before spending your pension
With the constant changes in pension rules, it can be challenging to navigate what you can and cannot do with your pension pot. One crucial area to be aware of is triggering the money purchase annual allowance (MPAA), which can limit your ability to make tax-free contributions to your pension. The MPAA is triggered when […]
‘How should I invest my £400,000 inheritance?’
Tim, a 32-year-old individual, recently inherited £400,000 from his grandparents as part of the ongoing great wealth transfer that is taking place in the UK. With the prediction that £7tn of intergenerational wealth will be passed on by 2050, Tim finds himself in a fortunate position but also facing a unique set of challenges when […]