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Contact us | www.future-financial.co.uk | E-mail your comments | Archive | |
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Planning for a prosperous 2010 It is, perhaps, hard to believe that only a decade ago we were celebrating the start of a new millennium … and how much has happened since then?
Not least is that there has been a banking crisis and a recession of historic proportions. Yet here we are at the start of a New Year with everything to look forward to. A new decade brings new hope Whatever the statistics may say and despite the prospect of further stockmarket reversals (these are bound to come from time to time) there is currently a real sense of optimism, even though there is an uphill battle to be fought in repaying massive government borrowing, that we have turned the corner and that we can look forward to a brighter future. But this will not happen on its own … Personal financial success is not an accident, it is the result of taking time to understand your goals, review your resources and then undertake careful planning and implementation to ensure that you can achieve your personal financial aims. New Year is traditionally a time when we take stock of our lives. From a financial perspective, this should include looking at our borrowings, savings/investments and family protection arrangements to ensure that plans already in place are ‘on track’ and to consider whether there are additional areas for action during the forthcoming year. As we mention inside, one change could be to increase your Individual Savings Account investment to reflect the higher limits (either before or after April, depending on your age) although you should make sure you have already invested up to the existing limit, whatever your age, before the 5th April 2010. State retirement age is also set to rise soon. What else should you watch out for? You need also to be aware that there are likely to be tax increases over the next few years. These have already started, with the VAT rate having increased in January and the national insurance contribution rate rising by 1% for both employers and employees on 6th April 2011. While neither of these can be avoided as such, it is worth considering that income (and growth) within both ISAs and pension schemes are generally free of tax (except for the 10% tax withheld on dividends from UK companies, which can no longer be recovered). What is more, many people could save on national insurance contributions by ‘sacrificing’ part of their income, in return for pension contributions (this is not universally appropriate and you should consult us before making any decisions). Your employer can also benefit from saving NI contributions, in this case. Nobody knows what else is hidden over the horizon, in terms of new or increased taxes. You may rest assured, however, that as your independent financial advisers and planners we will make every effort to ensure that you are informed whenever new opportunities arise. A Happy New Year to all our readers Whatever 2010 brings to you, we will be here to help you with all aspects of your personal and Business financial planning. |
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©futurefinancial This publication represents our understanding of law and Inland Revenue practice as at the date of publication. It does not provide individual tailored investment advice and is for guidance only. Rules may vary for Scotland and Northern Ireland. We cannot assume legal liability for any errors or omissions it might contain. Levels and bases of, and reliefs from taxation are those currently applying or proposed and are subject to change; their value depends on the individual circumstances of the investor. The value of land and buildings is generally a matter of a valuer’s opinion rather than fact. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Your home may be repossessed if you do not keep up repayments on your mortgage. Loans are subject to status and written details are available on request. Always seek independent advice from a qualified financial adviser. Think carefully before securing other debts against your home. Fees for mortgage advice maybe charged and for details of these please contact us. The Financial Services Authority does not regulate all the activities undertaken by the company, including taxation advice and overseas mortgages. |
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