For numerous individuals 09 was a yr of pain and hardship. An international recession, stock market turbulence and an overall opinion of unease have left a great deal of individuals feeling doubtful about next year.
Hopefully 10 will be a better year. Nonetheless there are measures we can put into place to improve our finances.
One thing we can do to get the situation into perspective is to re-examine our financial status. Whether it is your mortgages, outstanding borrowing, investment funds, income or purchasing patterns need to be re-examined on a regular basis.
Taking out a review will assist you to identify where your finances can be amended and if you need to make alterations.
It is important to re-examine your investments and savings, to ascertain they are acceptable to the level of risk you are inclined to accept. It is also worth reviewing your credit cards such as Amex, Visa, gas & electricity as well as household and car insurance to see if you could get an improved deal. Even a little saving could make a big difference to your regular budget.
Making the most of your annual taxation allowances such as ISAs, CGT allowances and retirement planning are also ways of shrinking the level of taxation you could pay.
Whilst income and capital gains tax are significant, the impact of inheritance Tax (IHT) should too be considered.
Many people have assets in excess of the value of the IHT Nil Rate band. Good tax planning can be used to reduce the total amount of IHT their estates might have to pay.
For many people, the services provided by Financial Advisers allow them to re-examine and put into place changes to their finances.
If you believe that you would gain from independent financial advice please call us on 01454 321511.
Consilium Asset Management
