When Did You Last Reassess Your Financial Situation
For many individuals was a yr of hardship. A world-wide recession, stock Exchange set backs and a general impression of uneasiness have left a lot of people feeling quite doubtful about next year.
Hopefully the next year will be a more acceptable year. Nonetheless there are steps we can take to help our .
A small thing we can do to get the situation into perspective is to look over our financial situation. Whether it is your home lending, outstanding borrowing, investments, income or purchasing patterns need to be surveyed regularly.
Carrying out a review will help you to identify where your finances can be amended and where you might make changes.
It is important to review your savings and investments, to verify they are suitable to the level of risk you are ready to take. It is also worthwhile reviewing your store cards, gas & electricity as well as house and car insurance to see if you could get a more acceptable deal. Even a small saving could make a big difference to your regular budget.
Making the most of your annual taxation allowances such as mini and maxi ISAs, CGT allowances and pension planning are also ways of cutting the level of tax you might pay.
Whilst income and capital gains tax are important, the result of IHT (Inheritance Tax) should also be considered.
Many individuals and parents own assets over the value of the IHT Nil Rate band. Competent tax advice can be used to reduce the amount of IHT their estates might have to pay.
For numerous individuals, the functions supplied by Financial Advisers allow them to review and put into place amendments to their finances.
If you believe that you would benefit from impartial financial advice please call us on 01454 321511.
Consilium Asset Management
