News - Year: 2022

Keeping you posted

Tax year end planning after the Autumn Statement

With the tax framework for the next few years now clear, your year end tax planning comes into even sharper focus.

Double down with double digit inflation

The ‘triple lock’ increase to State pensions offers two important lessons.

Still time to increase your state pension

A deadline is approaching to boost pension benefits by closing any national insurance contribution (NIC) gaps. Were you in full time employment or self-employment between 2006/07 and 2015/16? If the answer is either ‘no’ or ‘not sure’, time is running out for you to pay any missing NICs for that period.

Steer clear of the scammers

Scammers and fraudsters conned people in the UK out of £1.3 billion last year, according to official figures. The banking industry group UK Finance pointed out that many frauds were online scams, with victims often left out of pocket as they had seemingly ‘authorised’ fake payments.

What price pension freedom?

Inflation is driving many to raid their ‘rainy day funds’ to cover rising energy and fuel bills. But there are particular concerns that some older savers are also cashing in pension funds early to help make ends meet in the short term, with potentially long-term consequences.

How much ready cash is enough?

As the economic strain ratchets up, what level of cash savings should you aim to keep to hand?

Buy-to-let facing headwinds

Some buy-to-let (BTL) investors are facing a costly future. In the post-election Budget of 2015, the then Chancellor announced a change to the tax treatment of interest paid on BTL residential mortgages.

Interest rate rises lift annuities

It is not only bank interest rates which are on the up. So far 2022 has been a year of rising interest rates in most of the developed world. The central banks of the UK, US and Eurozone all began the year with their main rates close to zero, and it seems likely that they will still be on an upward trajectory into 2023.

Growth Plan Statement summary

Kwasi Kwarteng’s first set piece as Chancellor of the Exchequer was never going to be easy, even before the 0.5% increase in interest rates the day before. The new Prime Minister Liz Truss revealed much of what we might expect before Mr Kwarteng spoke a word.

Government energy costs statement

After a prolonged period of speculation, the new Prime Minister Liz Truss has announced preliminary details of how the government plans to deal with the energy price crisis.

Charitable giving – doing it right

The war in Ukraine has prompted many people to donate to charities helping those affected. Various schemes are available to boost the value of your charitable donations.

What I wish I’d known – lessons from the other side of 50

Many younger people now rely on the bank of Mum and Dad to help get them on the housing ladder. But as well as being a useful source of funds, they may also have some important life lessons to impart when it comes to saving towards a more secure financial future.

Could you join the one in five?

If you are not a higher rate taxpayer now, you may be soon. The combination of high inflation and frozen tax thresholds is a toxic mix for taxpayers but provides comforting liquidity for HM Treasury.

Are you facing a retirement challenge?

With double digit inflation on the horizon, you may need to reassess your plans. In May 2022, a report from the Bank of England’s Monetary Policy Committee bleakly predicted “We expect inflation to rise to around 10% this year”.

Cashing in on savings?

The era of near zero interest rates is ending, but are your savings benefiting? The Bank of England raised its base rate for the fifth time in six months at its June meeting, pushing the figure up to 1.25%, and it has since increased to 2.25%.

Are you a trustee?

A new measure to prevent money laundering means trustees must now register with HMRC. The government has introduced a new requirement for trustees to register details of their trust(s) with HMRC as part of its continuing anti-fraud strategy.

Holiday costs checklist

Many Brits will take their first holiday to Europe this summer since Covid and the implementation of Brexit. Be aware of extra costs and additional paperwork requirements.

Declare your side hustle

Do you have earnings beyond your main job? One side effect of the pandemic has been an increase in people creating other sources of income to supplement their earnings.

Who gets to choose when you retire?

The government’s recognised retirement age is moving further away from public perceptions of the ideal point to stop work. Recent research by Aviva revealed that 60 is the most popular target age for early retirement.

Counting the cost of the frozen tax landscape

The cost of living squeeze looks likely to be further constricted from April as rising taxes bite. How can you plan for the effect? The biggest change to come is to National Insurance contributions (NICs).

Why do people approach us for advice?

We recently ran a poll on LinkedIn asking “When you’re looking for a financial adviser, what are you looking for help with the most?”.  At the same time, we ran some analysis on the enquiries that we have received over the last year from individuals looking for our help.

The only way is up: handling inflation

After years of slumber, the inflation dragon is stirring. Are you prepared to meet the challenge? Source: Office for National Statistics In mid-January the Office

Gifting from income and other estate planning options

The question marks hanging over inheritance tax (IHT) have disappeared, but as the impact of the tax on individuals and families is growing, there are

Mearns & Company Board Appointment

We are delighted to announce that Graeme McInally has been appointed to the Mearns & Company Board of Directors. Since joining the firm in 2012

Personal finance myth-busters

Like many areas of life, personal finance has plenty of myths that somehow survive as ‘facts’. Since spring is traditionally a time for sweeping out

Financial planning – looking ahead into 2022

Christmas and New Year were largely reinstated this year and, despite the surge in Omicron variant cases, many restrictions have been lifted. However, cases are

Keeping up with powers of attorney

The number of people registering a power of attorney dropped by 30% during the first year of the Covid-19 pandemic. A power of attorney is

Taking your pension lump sum?

Just because you can take out a tax-free lump sum from your pension, doesn’t mean you necessarily should. Removing this money at an early age

The cost of retirement: setting your own standard

New research confirms many people are experiencing the growing gap between what the State pension provides and a comfortable retirement. In April 2022, all state

Set the clock for year-end planning

There will be no Budget in spring 2022, leaving the path clear for your year-end tax planning. The two Budgets of 2021 delivered a substantial

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