Time to Reassess Your Financial Situation
For individuals 2009 was a yr we’d rather forget. A worldwide depression, stock market upheaval and an overall feeling of unease have left a lot of people feeling unsure about next year.
Hopefully the next year will be a more acceptable year. Nevertheless there are steps we can take to help our finances.
1 thing we can do to get the situation into perspective is to look over our financial status. Whether it is your mortgage, outstanding borrowing, investments, income or purchasing patterns need to be re-examined regularly.
Carrying out a review will help you to discover where your finances can be bettered and where you should make alterations.
It is vital to review your investments & savings, to verify they are suitable to the amount of risk you are prepared to bear. It is also worthwhile looking at your credit cards, gas and electricity as well as house and car insurance to see if you could get a more acceptable deal. Even a little improvement could make a massive difference to your monthly budget.
Making the most of your yearly tax allowances such as ISAs, CGT allowances and retirement planning are also ways of shrinking the level of tax you could pay.
Whilst income and capital gains tax are important, the result of IHT should too be thought about.
Many people own assets in excess of the value of the Inheritance Tax Nil Rate band. Efficient tax advice can be used to reduce the total amount of tax their estates might have to pay.
For numerous people, the functions provided by Financial Advisers help them to review and implement amendments to their finances.
If you think that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
