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Latest financial planning and wealth management news.

Who are the Rich?

Thursday 1st June 2017

In a provocative column in the Financial Times, Paul Johnson, head of the independent think-tank the Institute for Fiscal Studies, asked: Who are the rich? Once you get past the 1,000 people on the Sunday Times Rich List (average assets £134 million), who make up  0.00002 per cent of the UK population, who else is […]

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Pension Saving – Don’t Delay!

Monday 29th May 2017

The Sunday Times highlights the cost of putting off saving towards your pension. Taking into account the flat rate state pension (just under £160 per week), you need to amass a fund of £360,000 by age 68 in order to have a retirement income of around the national average of £27,000 per year. To accumulate […]

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Manifesto Key Points

Friday 26th May 2017

This week the three main parties have all published their manifestos. This has not proved as straightforward as normal because the Labour Party issued three complementary documents: A 124 page manifesto, with few explicit tax details; An 8 page “Funding Britain’s Future” breakdown of planned increases to current spending and taxes, with matching annual totals […]

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Company problems for BTL owners

Friday 19th May 2017

Owners of Buy-to-Let (BTL) properties need to think carefully about changing to a company ownership structure,  says the Financial Times. Most of those who do this are trying to avoid the restriction on mortgage interest deductions – from April 2017, tax deductibility of interest at 40 per cent is being phased out and by 2020, […]

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Taxing the 5%

Friday 19th May 2017

The shadow chancellor has said that the Labour Party would finance its policies by increasing income tax on the top 5%, were it to win the election. So how do the numbers stack up?   According to the ever-useful oddschecker.com, you can get 17:1 on Labour forming the next government. Thus, it might seem that […]

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The year of the switch

Wednesday 17th May 2017

The number of people switching providers of their bank current account has risen by almost 50 per cent in the first few months of 2017, says the Independent. It says that after many years in which inertia ruled in the world of bank accounts, 2017 could see an upsurge in switching as new banks offer […]

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Give millennials a leg up

Monday 15th May 2017

Financial planners are urging grandparents to give grandchildren enough capital for the deposit on a home, says the Times. The 4.5 million Britons aged over 65 collectively own over £1.07 trillion worth of property and most say they are worried about financial prospects for the younger generation. Already, over 30 per cent of first-time buyers receive […]

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Despite average annual fees of £14,100, a record number of children are in private education, says the Telegraph. But the cost pressure means more families can only afford a shorter period of private schooling, with the pupil numbers rising sharply from year 7 (the start of secondary schooling). Save early, says the Telegraph – £200 […]

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Too much tax on pension withdrawals

Wednesday 10th May 2017

Up to 800,000 pensioners could be paying too much tax on their pension income, says the Telegraph. This is because the wrong tax codes are being used by HMRC, usually because the individual has more than one source of income. In this case, if the first – say a part-time job – is regarded as […]

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Cohabitees win Pension rights

Friday 24th February 2017

A Court of Appeal case has hugely improved the rights of cohabitees, says the Independent. In a recent judgment, the Court held that a cohabitee was entitled to their partner’s employer scheme pension, even though they had not filled in a form the scheme administrators said was essential. With as many as 6 million people […]

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