Time to Review Your Finances
For many individuals 2009 was a year to forget. A worldwide recession, stock Exchange upheaval plus a general feeling of uneasiness have left lots of people unsure about next year.
Hopefully the next year will be a different year. Nonetheless there are steps we can implement to help our financial situation.
A small thing we can do to get the situation into perspective is to look over our financial situation. Whether it is your home finance, borrowing, investment funds, income or purchasing patterns need to be re-examined on a regular basis.
Taking out a review will assist you to discover where your finances can be improved and where you might make alterations.
It is essential to review your Savings & Investments, to verify they are suitable to the amount of risk you are able to bear. It is also worthwhile reviewing your credit cards, gas and electricity as well as household and car insurance to see if you could get an improved deal. Even a little saving could make a difference to your regular budget.
Making the most of your yearly tax allowances such as mini and maxi ISAs, capital gains tax allowances and pension planning are also ways of cutting the level of taxation you could pay.
Whilst income and capital gains tax are significant, the result of IHT should likewise be considered.
Many people have assets over the value of the Inheritance Tax Nil Rate band. Competent tax advice can be used to shrink the amount of tax their beneficiaries might have to pay.
For lots of individuals, the functions offered by Financial Advisers allow them to review and implement amendments to their finances.
If you believe that you would benefit from impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
