Time to Review Your Financial Situation
For numerous individuals 09 was a year of pain and hardship. A worldwide recession, stock market set backs plus a general belief of unease have left a lot of individuals unsure about the future.
Hopefully 2010 will be a better year. Nevertheless there are measures we can implement to help our .
1 thing we can do to put the situation into perspective is to re-examine our financial situation. Whether it is your mortgage, loans, investment funds, income or spending habits need to be surveyed on a regular basis.
Taking out a review will assist you to discover where your finances can be amended and if you need to make alterations.
It is essential to re assess your savings and investments, to check they are suitable to the amount of risk you are prepared to take on. It is also worthwhile looking at your credit cards, electricity and gas as well as household insurance to see if you could get a better deal. Even a small improvement could make a massive difference to your regular budget.
Making the most of your yearly tax allowances such as Isa’s, CGT allowances and retirement planning are also ways of cutting the level of tax you might pay.
Whilst income and capital gains tax are significant, the effect of inheritance tax should likewise be considered.
Many individuals and parents hold assets over the value of the IHT Nil Rate band. Competent tax advice can be used to cut back the total amount of IHT their beneficiaries might have to pay.
For lots of people, the services supplied by Financial Advisers allow them to re-examine and implement amendments to their finances and savings.
If you think that you would gain from independent financial advice please call us on 01454 321511.
Consilium Asset Management
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