Time to Review Your Financial Situation
For lots of individuals 09 was a yr we’d rather forget. A international setback, stock Exchange set backs and a general opinion of uneasiness have left a lot of people feeling quite uncertain about next year.
Hopefully the next year will be a more satisfactory year. Still there are measures we can implement to improve our finances.
One thing we can do to get the position into perspective is to re-examine our financial situation. Whether it is your mortgages, outstanding loans, investment funds, your income or spending patterns need to be re-examined regularly.
Carrying out a review will help you to discover where your finances can be amended and where you might make improvements.
It is essential to re assess your savings and investments, to ascertain they are suitable to the level of risk you are willing to accept. It is also worthwhile reviewing your credit cards such as Amex, Visa, electricity & gas as well as household insurance to see if you could get a better deal. Even a small saving could make a difference to your regular budget.
Making the most of your annual tax allowances such as mini and maxi ISAs, capital gains tax allowances and pension planning are also ways of reducing the level of taxation you could pay.
Whilst income and capital gains tax are significant, the result of IHT (Inheritance Tax) should too be considered.
Many individuals and parents hold assets over the value of the IHT Nil Rate band. Efficient tax advice can be used to reduce the overall amount of IHT their estates might have to pay.
For many individuals, the services supplied by Financial Advisers allow them to re-examine and implement amendments to their finances and savings.
If you believe that you would benefit from independent and impartial financial advice please call us on 01454 321511.
Consilium Asset Management
