When Did You Last Review Your Financial Situation
For many people 09 was a year of pain and hardship. A global recession, stock Exchange set backs plus an overall belief of uneasiness have left lots of people feeling quite unsure about the future.
Hopefully 2010 will be a more restorative year. Still there are measures we can put into place to help our financial situation.
1 thing we can do to put the situation into perspective is to review our financial situation. Whether it s your mortgage, outstanding loans, investments, you income or purchasing habits need to be surveyed on a regular basis.
Taking out a review will help you to discover where your finances can be bettered and where you should make changes.
It is essential to review your Savings & Investments, to ensure they are suitable to the level of risk you are prepared to take on. It is also worth reviewing your credit cards such as Amex, Visa, as well as house and car insurance to see if you could get a better deal. Even a small improvement could make a big difference to your monthly budget.
Making the most of your annual tax allowances such as individual savings accounts, CGT allowances and pension planning are also ways of cutting the level of taxation you could pay.
Whilst income and capital gains tax are important, the effect of inheritance tax should also be considered.
Many people hold assets over the value of the Inheritance Tax Nil Rate band. Efficient tax planning can be used to shrink the overall amount of IHT their beneficiaries might have to pay.
For numerous individuals, the functions provided by ifa’s allow them to reexamine and implement changes to their finances.
If you believe that you would benefit from our help please call us on 01454 321511.
Consilium Asset Management