When Did You Last Reassess Your Financial Situation
For numerous people was a year we’d rather forget. A international recession, stock Exchange upheaval plus an overall feeling of unease have left a great deal of individuals feeling unsettled about next year.
Hopefully 10 will be a more acceptable year. Still there are measures we can put into place to help our .
1 thing we can do to put the position into perspective is to look over our finances. Whether it is your home lending, outstanding borrowing, investment funds, your income or spending habits need to be reviewed regularly.
Taking out a review will help you to discover where your finances can be improved and where you need to make improvements.
It is important to re-examine your investments and savings, to check they are suitable to the level of risk you are happy to take. It is also worthwhile reviewing your MasterCard and visa, gas and electricity as well as house and car insurance to see if you could get a more acceptable deal. Even a little saving could make a massive difference to your regular budget.
Making the most of your yearly taxation allowances such as ISAs, CGT allowances and retirement planning are also ways of shrinking the level of tax you might pay.
Whilst income and capital gains tax are significant, the effect of IHT (Inheritance Tax) should likewise be considered.
Many people possess assets in excess of the value of the IHT Nil Rate band. Competent tax advice can be used to shrink the overall amount of IHT their estates might have to pay.
For lots of individuals, the services supplied by Financial Advisers allow them to review and put into place changes to their finances.
If you believe that you would gain from independent and impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
