It’s time to review your tax and financial affairs

15 Jan 2018 | Comment


The New Year is the perfect time to consider how you can prepare for the future and an excellent place to start is by making solid financial resolutions. These can help get you closer to your money goals whether it’s increasing your retirement provision, looking to mitigate a potential Inheritance Tax bill or reviewing your level of protection in the event of an unexpected event.

Retirement planning
We’ve now entered a new age of retirement planning with the introduction of pension freedoms. Thinking about pensions sooner rather than later can mean the difference between a comfortable retirement and struggling to make ends meet. On page 6 of the report we’ve uploaded below, we provide seven pension tips for nurturing your nest egg in 2018.

ISAs
A new tax year is nearly upon us and that means, for all diligent savers and investors, it’s important to make sure that you take full advantage of your current Individual Savings Account (ISA) tax-efficient allowance. The good news is you don’t even have to declare any investments held in ISAs on your tax return. This may not seem like much, but if you have to file an annual tax return, you’ll know that any way of simplifying your financial administration can be very helpful. Read the full article on page 10 of the report.

Pensions
Regardless of the life stage you are currently at, it is important to receive expert and professional advice on your pension plans and requirements. Four in ten people aged between 40 and 65 cannot accurately estimate their total pension savings for retirement. On page 8, we look at the reasons why.

Preparing for the future
Writing a will may seem daunting but writing a will is fundamental to the financial planning process. It addresses one many people’s biggest concerns; make financial provision for all those that we hold dear. Turn to page 7 to read more.

The full list of the articles featured in this issue appears on page 3. To discuss any of the articles featured, contact our Independent Financial Advisers on 029 2066 0565 or email us at ifa@hughjames.com.

 

 

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