For numerous individuals 09 was a yr we’d rather forget. A world-wide setback, stock market upheaval plus a general feeling of uneasiness have left a lot of individuals feeling quite unsettled about the future.
Hopefully Two Thousand and Ten will be a happier year. Yet there are steps we can put into place to help our financial situation.
1 thing we can do to get the situation into perspective is to review our finances. Whether it is your home lending, loans, investment funds, income or spending patterns need to be reviewed on a regular basis.
Taking out a review will assist you to identify where your finances can be improved and where you need to make changes.
It is essential to re assess your investments and savings, to ensure they are acceptable to the level of risk you are prepared to bear. It is also worth looking at your store cards, gas and electricity as well as insurance to see if you could get a better deal. Even a little saving could make a massive difference to your monthly budget.
Making the most of your yearly tax allowances such as Isa’s, capital gains tax allowances and pension planning are also ways of reducing the level of taxation you could pay.
Whilst income and capital gains tax are important, the impact of IHT should too be considered.
Many people hold assets over the value of the IHT Nil Rate band. Efficient tax planning can be used to cut back the total amount of inheritance tax their estates might have to pay.
For many individuals, the functions provided by Financial Advisers assist them to review and put into place changes to their finances.
If you think that you would gain from independent financial advice please call us on 01454 321511.
Consilium Asset Management
