For individuals was a year we’d rather forget. A world depression, stock market upheaval plus a general belief of unease have left a great deal of people feeling unsure about the future.
Hopefully 2010 will be a more acceptable year. Even So there are measures we can implement to improve our finances.
One thing we can do to get the position into perspective is to look over our finances. Whether it is your home lending, loans, investments, income or spending patterns need to be surveyed regularly.
Taking out a review will assist you to discover where your finances can be amended and maybe where you should make changes.
It is essential to re-examine your Savings, to verify they are suited to the level of risk you are inclined to take. It is also worthwhile looking at your store cards, electricity & gas 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 annual tax allowances such as ISAs, CGT allowances and retirement planning are also ways of cutting the level of tax you could pay.
Whilst income and capital gains tax are significant, the impact of inheritance tax should likewise be thought about.
Many people have assets in excess of the value of the IHT Nil Rate band. Effective tax advice can be used to cut the overall amount of inheritance tax their estates might have to pay.
For lots of individuals, the functions offered by Financial Advisers assist them to review and implement changes to their finances.
If you think that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management