The state of retirement in 2022

Posted by siteadmin on Wednesday 8th of June 2022

An annual survey from major investment manager abrdn has provided a snapshot of people who have or plan to retire in 2022. Wherever you are in your retirement planning, the research offers an interesting insight.

When do you plan to stop working? Whatever answer you give, the recent survey of 2,000 people who were either due to retire in the next 12 months or have retired in the past 12 month suggests the odds are that your plans may not reach fruition.

No fe ...


Higher rate taxpayers: no longer a select club

Posted by siteadmin on Thursday 26th of May 2022

Higher rate taxpayer numbers are rising sharply, and if that’s you, then professional financial advice is now more important than ever. 

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Looking after your pennies

Posted by siteadmin on Thursday 5th of May 2022

With inflation hitting 6.2% in February and outstripping wage growth, make sure you are paying attention to what’s happening to your money. We explore some ways to help keep your money where it belongs.

 

Tip 1: Make sure you have the right tax code

Now that the new tax year has started, it is worth checking your tax code if your earnings and/or pensions are taxed under PAYE. HMRC does not have an unblemished reco ...


The Price Of Surging Inflation

Posted by siteadmin on Tuesday 26th of April 2022

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At the start of 2021, inflation measured by the CPI yardstick, was running at a benign 0.7%, having been driven down by the impact of the pandemic. A year later, the rate had jumped to 5.5%, close to triple the Bank of England’s official target of 2%. It will not be stopping anywhere near there:

  • In mid-March, the Bank of England said, “Inflation is expected to in ...

Repayment of student loans: another freeze… and worse

Posted by siteadmin on Monday 4th of April 2022

The government is turning the financial screws on student loans and is set to claw back £2.3 billion under the guise of high inflation. These changes pose a significant, and potentially expensive, dilemma for those with student debt.

‘Fiscal drag’ is an unpleasant sounding economic term which you will probably experience first-hand in 2022 and beyond. It describes a Treasury tactic to raise more revenue without announcing an explicit tax increase. Instead, the Ch ...


The patchwork effect of rising inflation

Posted by siteadmin on Monday 7th of March 2022

2021 ended with inflation sitting at 5.4%, but it may not have felt like that to you.

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Source: Office for National Statistics.

You may have caught the food campaigner Jack Monroe on TV and radio interviews recently highlighting how the uneven effects of inflation on the ...


Happy New (Tax) Year?

Posted by siteadmin on Thursday 3rd of March 2022

We’re now in the year of the Tiger according to the Chinese zodiac, which can symbolise resilience and strength. That may well be required after Wednesday 6 April ushers in the new 2022/23 tax year.

New years are normally a cause – or excuse – for celebration, even if the pandemic has changed that in recent times. From a personal financial standpoint, this upcoming tax year may well offer more concern than celebration.

Income tax

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Uncertainties removed on two key personal taxes

Posted by siteadmin on Tuesday 18th of January 2022

The future of two important personal taxes – inheritance and capital gains – has finally been clarified, simplifying aspects of year-end planning. The extended wait highlights the difficulty of changing useful revenue-raising measures in uncertain times.

Four years ago, in January 2018, when there seemed to be both appetite and scope for reformation of the tax system, the then Chancellor, Philip Hammond, asked the Office of Tax Simplification (OTS) to review inher ...


Demerging China from emerging markets

Posted by siteadmin on Monday 10th of January 2022

Some investment professionals are calling for China to be removed from the main emerging markets indices.

The MSCI Emerging Markets Index is the leading emerging markets (EM) index, with over 1,400 constituents covering 26 countries. The value of investment capital either tracking or benchmarked against it measures in the trillions of dollars, a following that means any changes to the index have potentially wide implications. Likewise, large adjustments could be parti ...


Escaping the higher minimum pension age

Posted by siteadmin on Monday 13th of December 2021

A surprise change of tack on pension ages was revealed when this year’s Finance Bill was published.

In February 2021, the government confirmed that it would go ahead with a two-year increase in the normal minimum pension age (NMPA) from 55 to 57 from April 2028. The NMPA is the earliest age at which you can start to draw benefits from a pension arrangement, unless you are covered by a limited range of exemptions.

The news coincided with the publication of a ...


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