Keeping you posted
An important pension deadline has been extended to 31 July 2023. In 2013, as part of the launch of the new state pension, the government announced that until 5 April 2023 people could fill in gaps in their national insurance contribution (NIC) record between April 2006 and April 2016.
HMRC’s plans for digital tax have been delayed…again. In December 2015 HMRC published ‘Making Tax Digital’ (MTD), a paper in which it said ‘By 2020, businesses and individual taxpayers will be able to register, file, pay and update their information at any time of the day or night, and at any point in the year, to suit them. It has not quite worked out that way.
Mearns & Company was delighted to be named as a winner of the Professional Adviser Best Financial Advisers to Work for 2023 award at Professional Adviser’s annual awards ceremony held in London on Tuesday 25th April 2023.
Inflation is everywhere, but your experience of it may not match with the figures in the headlines. In 2022 four main measures of inflation published by the Office for National Statistics (ONS) ranged from 9,2% to 13.4%, with the most used, the Consumer Prices Index (CPI) registering at 10.5%.
The Financial Conduct Authority (FCA) has issued a consumer warning on an unusual form of life cover – pre-paid probate plans. Before your executors can deal with your estate, they will usually need to obtain probate (Confirmation in Scotland), even if there is no inheritance tax to pay.
The recent rise in the cost of living, alongside possible increases to the State pension age (SPA), may have pushed your previous retirement assumptions out of line. Some people may need to save more each month or postpone retirement — or possibly both — to get retirement plans back on track.
Being frank about your finances is important in any relationship. But cohabiting couples in particular, who do not have the same legal protections as those who are married or in civil partnerships, need to know where they stand should one of them die or the relationship break down.
The Spring Budget created some unexpected headlines, particularly with the surprise proposed abolition of the lifetime allowance. Taken with the announcements from the Autumn Statement, the tax planning landscape for 2023/24 is now in sharp focus.
World events in 2022 may have changed the investment landscape more than you might realise. At the start of last year the Bank of England base rate was 0.25%. Simultaneously, a 10-year government bond (gilt) offered a return for the following decade of about 1.1% a year. With hindsight those rates look pitifully low, but back then we had all become accustomed to minimal rates – the Bank of England’s rate had been below 1% for 13 years.
After presenting a Budget-in-all-but name with the Autumn Statement, the Spring Budget was delivered against the backdrop of a day of widespread industrial action. Mr Hunt focused his Spring Budget on the Prime Minister’s third objective – getting the economy going.
Mearns & Company has completed a successful management buyout, heralding a new era for the business.
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