Welcome to our latest edition of Smart Money. We aim to help you create the lifestyle you want and believe that anything is possible if you manage your finances in the right way.
Inside this issue, we look at why it’s important to consider the tax implications of making financial decisions. The 2018/19 tax year is now upon us, and a raft of new changes have come into force. The good news is that there is little change in the overall tax burden for basic-rate taxpayers. However, there are number of areas that have changed that should be taken note of. On page 08, we look at what you need to know about the 2018/19 tax year changes and new initiatives.
By the time we have been working for a decade or two, it is not uncommon to have accumulated multiple pension plans. There’s no wrong time to start thinking about pension consolidation, but you might find yourself thinking about it if you’re starting a new job or nearing retirement. Turn to page 12 to read the full article.
If you struggle to navigate the UK’s Inheritance Tax regime, you are not alone. Whether you are setting up your estate planning or sorting out the estate of a departed family member, the system can be hard to follow. On page 04, we look at how getting your planning wrong could also mean your family is faced with an unexpectedly high Inheritance Tax bill.
Forget the Lamborghini – 2.4 million UK grandparents have either raided their pension to support their grandchildren, or plan to in the future. On page 11, we look at research that shows a quarter of generous grandparents have already given away money to their grandchildren and have taken the funds from their pension.
A full list of the articles featured appears on Page 02 – we hope you enjoy this issue.
If you would like to discuss or review any area of your financial plans, whether or not we’ve featured the topic, please contact us – we look forward to hearing from you.