For many people was a year to forget. A worldwide depression, stock market turbulence plus an overall opinion of unease have left a lot of people feeling quite doubtful about next year.
Hopefully the next year will be a more acceptable year. Even So there are steps we can put into place to improve our finances.
1 thing we can do to put the situation into perspective is to look over our finances. Whether it is your mortgage, loans, investments, your income or purchasing patterns need to be re-examined on a regular basis.
Taking out a review will assist you to discover where your finances can be amended and if you might make improvements.
It is fundamental to re-examine your Investments, to ascertain they are suited to the level of risk you are ready to take. It is also worthwhile reviewing your MasterCard and visa, electricity & gas as well as household and car insurance to see if you could get a better deal. Even a little improvement could make a difference to your regular budget.
Making the most of your annual tax allowances such as Isa’s, capital gains tax allowances and retirement planning are also ways of cutting the level of taxation you might pay.
Whilst income and capital gains tax are significant, the result of IHT (Inheritance Tax) should too be considered.
Many individuals and parents hold assets over the value of the IHT Nil Rate band. Competent tax advice can be used to cut back the total amount of IHT their beneficiaries might have to pay.
For numerous individuals, the functions provided by Financial Advisers allow them to re-examine and put into place amendments to their finances.
If you think that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
