Financial Planning Consultant, Marcus Dodds, looks at the consequences of making early pension withdrawals during these unsettled and challenging times.
The number of people paying higher rate is rising sharply. If that’s you, then independent financial advice could be more important and valuable now than ever.
Once thought of as a tax for only extremely wealthy people to worry about, rising property prices have meant more estates than ever are likely to face an inheritance tax bill. HMRC collected £6.1 billion from thousands of bereaved families in 2021/22.In fact, the amount of inheritance tax collected currently is expected to reach £6.9 billion by 2023-24, an increase of £1.5 billion in just five years (OBR forecast March 2022).
Passing on your wealth - A recent survey from investment manager Abrdn has provided a snapshot of people who have or plan to retire in 2022. Whatever stage you are at in your retirement planning, the research offers an interesting insight.
Many people accessed the financial support from The Government through furlough, temporary changes to Statutory Sick Pay or bounce back loans and financing, however, with this safety net removed, a substantial number are now faced with rebuilding savings and making repayments to borrowings, all coming at a time of huge rising living costs.
The Chancellor confirmed that from 6th July he will raise the NIC threshold for employees and the self-employed, so that it matches the £12,570 income tax personal allowance, which will help many taxpayers who are currently facing a cost-of-living squeeze.
Covid-19 has forced us all to think about our own financial situation. The need for financial resilience, stability and control has become front of mind for many when faced with job insecurity or the possibility of falling ill and becoming incapable of working. Furlough is now a thing of the past we hope as we move out of the pandemic to the endemic phase, Omicron notwithstanding.