Time to Reassess Your Financial Situation
For many people 09 was a yr of pain and hardship. A world recession, stock Exchange turbulence plus a general belief of unease have left a lot of individuals unsure about the future.
Hopefully Two Thousand and Ten will be a more restorative year. Yet there are measures we can put into place to improve our financial wellbeing.
One thing we can do to put the situation into perspective is to re-examine our financial status. Whether it is your home lending, borrowing, savings, your income or spending patterns need to be surveyed on a regular basis.
Carrying out a review will help you to discover where your finances can be improved and where you should make changes.
It is important to review your Savings & Investments, to verify they are suited to the amount of risk you are happy to take. It is also worth looking at your store cards, gas and electricity as well as house and car insurance to see if you could get an improved deal. Even a small saving could make a difference to your monthly budget.
Making the most of your yearly taxation allowances such as ISAs, CGT allowances and pension planning are also ways of keeping down the level of taxation you might pay.
Whilst income and capital gains tax are significant, the impact of IHT (Inheritance Tax) should also be considered.
Many own assets in excess of the value of the Inheritance Tax Nil Rate band. Competent tax advice can be used to cut back the amount of IHT their beneficiaries might have to pay.
For numerous people, the services offered by Financial Advisers assist them to review and implement amendments to their finances.
If you think that you would gain from impartial financial advice please call us on 01454 321511.
Consilium Asset Management
