The financial implications of care in later life are often underestimated, leaving many unprepared for the substantial costs associated with care homes. Establishing a thorough wealth strategy is key to ensuring financial readiness for long-term care needs.
Beginning on 6 April 2024, a pivotal shift in pension benefit taxation commenced. The Lifetime Allowance (LTA) was replaced by a new structure comprising three distinct allowances: the Lump Sum Allowance (LSA), Lump Sum and Death Benefit Allowance (LSDBA), and Overseas Transfer Allowance (OTA).
Individual Savings Accounts (ISAs) offer a versatile and tax-efficient way to save for the future, whether for yourself, your children or grandchildren. Now that we have entered the new financial year, on 6 April 2024, significant changes to ISAs have been introduced.
Effective Inheritance Tax planning is a careful balancing act, essential for ensuring financial comfort in life and tax-efficient wealth transfer after death. With rising property values and unchanged tax thresholds, many families face significant IHT liabilities. Strategic planning, including prudent gifting and understanding tax implications, can help navigate these complexities and safeguard your estate.
In today’s competitive job market, the role of employee benefits has never been more crucial. Companies across the UK are re-evaluating their benefits packages to attract and retain top talent, responding to changing employee expectations and the evolving nature of work. In this blog, I take a look into some of the hot employee topics that should be on the radar of any business looking to stay ‘on point’ to meet the needs of their talent.
Why does this matter? Because for businesses in the UK company size thresholds drive compliance requirements, financial reporting obligations and eligibility for various schemes and incentives. As with everything it would seem, these thresholds have become increasingly complicated and so hard to navigate. In this blog we will explain what you need to know, but first why you should want to know.
Distributing assets or cash strategically can reduce your estate’s Inheritance Tax (IHT) liability. Utilising gift allowances and exemptions, such as the annual exemption and wedding gifts, helps minimise your taxable estate. Proper planning ensures more wealth is passed to your beneficiaries rather than being taxed.
