When Did You Last Reassess Your Finances
For people was a year to forget. A world setback, stock Exchange turbulence plus a general feeling of unease have left lots of people feeling unsure about the future.
Hopefully 10 will be a happier year. However there are measures we can put into place to improve our financial wellbeing.
A small thing we can do to get the position into perspective is to look over our financial situation. Whether it is your mortgages, outstanding loans, investments, you income or purchasing patterns need to be reviewed on a regular basis.
Carrying out a review will assist you to identify where your finances can be bettered and if you should make changes.
It is important to re assess your Savings, to check they are suited to the amount of risk you are prepared to bear. It is also worthwhile reviewing your credit cards, gas & electricity as well as household insurance to see if you could get a better deal. Even a small improvement could make a big difference to your monthly budget.
Making the most of your yearly tax allowances such as individual savings accounts, CGT allowances and retirement planning are also ways of reducing the level of tax you could pay.
Whilst income and capital gains tax are significant, the impact of inheritance Tax (IHT) should also be considered.
Many people possess assets over the value of the IHT Nil Rate band. Good tax planning can be used to reduce the amount of tax their beneficiaries might have to pay.
For lots of individuals, the functions provided by Financial Advisers help them to re-examine and implement changes to their finances.
If you believe that you would benefit from independent financial advice please call us on 01454 321511.
Consilium Asset Management
