Time to Reassess Your Finances
For numerous individuals 09 was a year of pain and hardship. A world depression, stock Exchange turbulence and a general impression of unease have left a great deal of individuals feeling quite unsure about next year.
Hopefully Two Thousand and Ten will be a different year. Still there are steps we can take to improve our financial wellbeing.
1 thing we can do to get the situation into perspective is to look over our financial status. Whether it is your home lending, outstanding loans, investment funds, income or purchasing habits need to be surveyed on a regular basis.
Carrying out a review will help you to identify where your finances can be amended and if you might make alterations.
It is fundamental to re assess your Investments, to check they are suited to the level of risk you are ready to take. It is also worth looking at your credit cards such as Amex, Visa, gas & electricity as well as house and car insurance to see if you could get an improved deal. Even a little improvement could make a difference to your regular budget.
Making the most of your annual taxation allowances such as ISAs, CGT allowances and retirement planning are also ways of reducing the level of taxation you might pay.
Whilst income and capital gains tax are significant, the impact of IHT should likewise be considered.
Many individuals and parents possess assets in excess of the value of the Inheritance Tax Nil Rate band. Effective tax planning can be used to cut the amount of inheritance tax their estates might have to pay.
For many people, the services provided by Financial Advisers assist them to re-examine and implement changes to their finances and savings.
If you believe that you would gain from independent and impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
