July 2018

US Economy Growth Fastest Since 2014

Donald Trump tweeted earlier last week that the US has “the best financial numbers on the Planet”. That’s not quite the case and it should be said that these first estimates of economic growth are based on skimpy data. However, last Friday’s economic data showing 2.2% growth is certainly good, and the president can take some of the credit. His large package of tax cuts has boosted growth. Perversely,...

Retirement Planning Traps To Avoid

An article published by Charles Stanley Wealth Managers highlights eight retirement planning traps and how to avoid them. It points out that while there have never been more options in terms of retirement planning, arguably there have never been greater challenges. 1. Not reviewing your pensions It is important to review your pension situation regularly. If you find you have a shortfall, you may still be able to take...

Odd Celebrity Will Requests

Let’s face it. We’re all a bit nosey and like to look at celebrity Wills. Here is a list of some of the strange requests some of the most famous people have included in their Last Will and Testament.  Janis Joplin Recording artist and songwriter Janis Joplin was famous for her work in the 60s and 70s. She sadly met a tragic death in 1970. Joplin’s Will included a...

So, Who Inherits my Business?

Failure to have the appropriate Business Succession strategies in place before you die could mean;   Your spouse/partner and children may not inherit your share of a business The business may have to be sold, with any proceeds liable to Inheritance Tax Business partners may not be able to buy out the deceased’s share An inexperienced beneficiary could end up making decisions that ultimately have a negative effect on...

Banks May Be Force To Offer Minimum Interest Rates

Banks could be forced to set a minimum interest rate on their savings accounts, the Financial Conduct Authority (FCA) has suggested. Following attempts over many years by the Financial Conduct Authority (FCA) to force banks to tell their customers how to switch accounts, it has grown increasingly frustrated that its policy of at naming and shaming the ones paying the worst rates, has shown no clear signs of having any real impact. So...

A Softer Autumn Budget Possible?

Government borrowing in the April-to-June period fell to its lowest level since 2007, official figures show. The news could mean that  Chancellor Philip Hammond has room to change course in the Autumn Budget and issue a softer budget for the UK. Borrowing for the financial year so far has reached £16.8bn, £5.4bn less than in the same period in 2017, the Office for National Statistics said. June’s borrowing figure fell to...

Lenders Value Houses Below Market Value

The UK’s largest mortgage advisers have reported a “significant” rise in homes being valued at less than the price buyers have agreed to pay. Emoov, one of the UK’s largest digital estate agents, said one in five of its sales now resulted in a down valuation. Two years ago, it was fewer than one in 20, it added. Emoov said they believed the trend reflected surveyors predicting a financial crash....

Estate Administration and Probate: What’s The Difference?

To conveniently sum up the difference between probate and estate administration; probate is just one part of the wider estate administration process. Probate provides you with the legal right to carry out the estate administration, including dealing with property, money and personal possessions.   What is Probate? Probate may be required when someone passes away. It refers to the ‘grant of probate’, officially known as the ‘grant of representation’...

Pension Tax to Fund NHS

The Treasury is considering whether to introduce a flat-rate of pension tax relief to help fund the National Health Service.   According to a report in The Times, the Treasury has started to investigate the flat-rate proposal and says it could raise an additional £4bn in revenues. In June, the government promised to increase spending on the NHS by £20bn a year and a flat rate could help chancellor Philip...

Pension Freedom: Successful But Be Careful

Three years ago, the Government revolutionised the retirement market by scrapping the rules that compelled many people to buy an annuity. Since then, consumers have embraced their new freedom, with twice as many people now putting their pension into drawdown, as buying annuities. However, while an increasing number of people are moving into drawdown, little is known about how it is working for the first wave of pension freedom retirees...