Financial advice can help you protect and build your assets and assist you in making the most of your investments and in securing your long-term future.
A financial advisers work is to find out what you want to achieve, then create and implement a plan to help you to get there, in the most tax efficient and safe way. It is worth considering that he or she will be regulated, knowledgeable about finances, will have processes and protocols in place, special deals with providers and will be someone who can be dispassionate about helping you to make better decisions which are in your long-term financial interest.
Many people have the time, knowledge and confidence to manage their own finances successfully however many people do not have the time, knowledge and confidence or more importantly the inclination to do so and many just want someone else to take care of all their financial things, so that they can get on with living and leave the tediousness of arranging and monitoring and planning to a professional.
There are many reasons why people seek financial advice – the following are the types of client we work with and why they wanted help from us…
– You may have lots of different plans with different providers which are difficult to manage and may want help to simplify the plans you have.
– You may have money in cash deposits with rates below inflation that you would like to potentially make more growth than would otherwise be available in cash accounts and to keep ahead of inflation.
– You may have money outside of a pension fund that you want to invest either for growth or for income and unsure how this might be best arranged and managed.
– You may find whilst you were happy to run your own finances previously, the amounts involved are now large enough to merit taking advice, rather than risking doing everything yourself.
– You may simply want to make sure that you are using your tax beneficial ISA and Pension annual allowances each year to the best of your ability.
– You may not have used all your previous 3 years pension allowances and want to make pension contributions above the annual permitted allowance.
– You may have children for whom you want to invest for the future either as lump sums or regular savings.
– You may be concerned that your savings are not going to be enough for later in life.
– You may be young and just starting to want to put a regular savings plan in place or start a pension plan.
– You may have reached the time when you want to start taking income or a lump sum from your pension and want help to arrange this.
– You may have gone through a divorce or in the process of divorcing and your financial position may be going through such change that you need help.
– You may have acquired wealth through inheritance which you are unsure what to do with or how to manage.
– You may be concerned about Inheritance Tax and finding ways of reducing your estate value whilst still having some control over the assets with the use of trusts.
– You or a member of your family may be reaching the point where Care such as care at home, a nursing home or a residential home is required and you need help with funding this care appropriately.
Balancing your Personal and Company needs
– You may be self-employed without access to a company pension plan
– You may be a Limited Company owner or director who wants a more flexible pension plan than that offered to the firms staff.
– You may be a Limited Company owner or director who wants to take profits, tax efficiently, from the company by using a pension fund rather than paying tax on salary or dividends
– You may be a Limited Company owner or director who wants to buy their offices with the help of their pension fund.
The benefits of making company pension payments for company directors and company owners.
A breakdown of the tax paid by the Employee and the Employer
National Insurance Rates
Employers start to pay NI at 13.80 on employees annual earnings in excess of £9,096 and continue to pay this on all earnings
Employees start to pay NI at 12.00% on annual earnings in excess of £12,576 , this rate reduces to 2.00% on earnings in excess of £50,271
Personal Income Tax Rates
Personal Allowance; Up to £12,570 = 0% Tax
Basic rate; £12,571 to £50,270 = 20% Tax
Higher rate; £50,271 to £150,000 = 40% Tax
Additional Rate; £150,000+ = 45%
Corporation Tax – 25%
Personal Nics stop at State Pension Age but Employer Nics Continue.
Director loans can be withdrawn with no Personal tax or NIC paid however this does not reduce the corporation tax.
There are so many reasons why you might consider taking financial advice, so please get in touch and have a chat with us to see whether we can help.
As Independent Pension and Investment Financial Advisers, we can offer you advice from across the whole of the market. We work with our clients in Nottingham and the East Midlands to understand their unique circumstances and find bespoke solutions to suit you. If you are looking for Independent Financial Advice please click here to get in touch with one of our advisers.