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Are Your Funds Protected? A Simple Guide to Financial Safety in the UK

Introduction You’ve worked hard to earn your savings, and the last thing you want to worry about is whether your money is safe in the bank. Well, good news! Most UK banks and financial institutions have protection schemes to ensure your hard-earned money is safe. Let’s dive into the details and demystify the Financial Services Compensation Scheme (FSCS) and other protective measures in place. What is the Financial Services Compensation Scheme (FSCS)? Established in 2001, the FSCS is a government-backed scheme designed to protect your money if the unfortunate occurs and...

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“The Importance of a Last Will and Testament”

A Last Will and Testament, commonly known as a “will,” is a legal document of profound significance. It’s a blueprint for how your assets and possessions should be distributed after you pass away. The importance of having a will cannot be overstated; it ensures that your wishes are respected, and your loved ones are provided for when you’re no longer able to do so yourself. In this blog post, we’ll explore why having a will is crucial, with a special focus on its significance for those who are not married. Whether you’re single, in a committed relationship,...

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“Exploring the Pros and Cons of Relocating to Dubai for Work: A Financial Perspective”

In today’s globalized job market, the idea of relocating to a new country for work is becoming increasingly common. One destination that has been gaining popularity among professionals, including accountants, is Dubai. This vibrant city in the United Arab Emirates offers a unique blend of career opportunities, cultural experiences, and tax advantages. However, like any major decision, moving to Dubai comes with its own set of pros and cons, especially from a financial standpoint. In this blog, we’ll explore some key factors to consider before making the move. Here are some...

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The minimum pension age is changing

We are getting in touch to let you know about a legislation change that will impact our clients as well as the wider community The government is increasing the minimum pension age from 55 to 57. This change will be taking place on the 6th April 2028. What is minimum pension age (MPA)? The minimum pension age (MPA) refers to the earliest age at which an individual can access their pension funds without incurring substantial tax penalties. Traditionally set at 55, the MPA acts as a threshold for individuals to commence drawing benefits from their pension schemes, providing them...

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HMRC plans points based penalties for self assessment

The current standard fine of £100 will be changed to a points based system. HMRC has confirmed that the penalty system will be reformed in a bid to curb abuse of the self assessment system and support taxpayers who make occasional mistakes. The planned penalty reforms for paying tax late will be based on the length of time the tax is outstanding but will only affect the 5% of non-compliant taxpayers. An HMRC spokesperson said: ‘We are reforming penalties so taxpayers who occasionally miss the filing deadline will not face financial penalties. Instead we will focus on those who persistently...

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Power of Attorney

Why it is important, what is it, how can you get one? And more.. You may wonder what is a Power of Attorney? That would be a good starting point. A Power of Attorney is a written authorization to act on the behalf of another’s matters. This could be legal matters, financial matters or private affairs to name a few examples. Arranging a power of attorney in the UK involves the following steps: Choose an attorney:Decide on the person or people you want to appoint as your attorney. They should be someone you trust and who understands your wishes and values. Decide on the type...

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Will the budget pension lifetime and annual allowance changes help you?

The proposed change to abolish the lifetime allowance affects everyone that is not retired. The focus in the press is that this will benefit higher paid and wealthy individuals. However, whist it does help considerably, it also impacts younger people entering the pension saving area for the first time. Even with the basic auto enrolment contribution, they would be affected. Where say 21 years starts contributing even on 8% the fact of incremental earnings and the power of compound interest they would crash into the Life time Allowance. Currently the wise individuals saving for latter...

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Your State Pension

It’s easy to take your state pension for granted. But the truth is that after decades of hard work, every year people reach retirement age and then realise that gaps in their National Insurance record mean they are paid much less than expected. Time is running out to increase your state pension. The good news is that once you identify the gaps in your NI record, you can fill them in – and for the next few months there is a rare window to pay missed contributions going all the way back to 2006.  Sacrificing a bit of time to sort out this admin could add tens of thousands...

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Are you considering incorporating your property portfolio to offset the tax liability?

Beware, there are capital gains tax implications, and other issues to consider Whilst incorporation of property businesses has been increasingly popular since the restriction of tax relief on mortgage interest for higher and additional rate taxpayers, there are a number of obstacles. Is a bona fide property business being carried out? Can a tax-efficient incorporation take place without incurring a capital gains tax (CGT) charge? Is there going to be a Stamp Duty applied? This very often foxes people. Sometimes there is a need to redo any mortgage linked to the property or properties. Lenders...

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