Tag Archive for: financial services

November issue of Inspire Cheshire is now out

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The November edition of Inspire Cheshire is now live on the website with lots of interesting articles, competitions and news stories.
This month, we’ve got an interview with the The Sandbar Seafood Shack Chester chef who is serving the freshest and most exciting seafood in Chester Market – and we’re offering a prize to dine there for Inspire Cheshire readers.
We talk to Bense Burnett about the oH Collective and the foundation’s creative vision for Chester.
And we find out what kept Chester RUFC’s Guy Ford going during his epic 114 mile fund-raising run from the city to Abersoch.
As ever, we’ve also got lots of ideas for things to do in the region over the coming weeks.
There are also details about the next Inspire Cheshire Luncheon Club which is being held on December 5th at The Forge Restaurant in Chester, which has just won 2 AA Rosettes for Culinary Excellence. Book your place now!
Sign up for free at www.inspirecheshire.co.uk

We’ve expanded our Wills, Trusts & Estates team

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We’re delighted to welcome Georgina Roberts to our growing Wills, Trusts & Estates team.

Georgina, who grew up on the Wirral, joined us in September and specialises in all aspects of private client work.

She said: “Private Client is an interesting area of the law and I really enjoy helping people at what can sometimes be a difficult and stressful time of their lives.”

Georgina is also a full member of Solicitors for the Elderly, which means she is trained to work with older and more vulnerable clients.

You can find out more here about our Wills, Trusts & Estates work which includes the creation of wills, trusts and inheritance tax planning, Powers of Attorney, administration of estates and Court of Protection work.

Read the October issue of Inspire Cheshire

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The October edition of Inspire Cheshire is now live on the website with lots more interesting articles, competitions and reader offers.

This month, we tell the story of Cheshire business woman Geraldine Marks who has created her own range of amazing seasonings called Herby Hog. Geraldine is offering two prizes for Inspire Cheshire readers.

We chat to permanent make-up artist Charlene Baker about her business and how she is seeing an increase in the number of men seeking aesthetic treatments.

We profile Great British Bake Off contestant Dan, who lives in Cheshire with his wife and two children, and is proving a big hit on this year’s show.

Cathy Pettingale, Director of Operations for KidsBank, spoke at the latest Inspire Cheshire Luncheon Club where she asked for your help to collect toys, clothes and toiletries for children living in poverty in Cheshire this Christmas.

Retirement Planning: Are you avoiding the conversation?

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By Dom Richmond, Head of Financial Services at Cullimore Dutton

I spend a lot of my time advising couples on their retirement planning.

Sometimes, couples arrive for their first meeting having given the subject plenty of thought and agree as to how they would like their later years to pan out.

It doesn’t follow that they have the means to fulfil their retirement dreams, but at least they have a joint plan.

But more often than you would think, couples have spent years avoiding the subject of retirement and what emerges at their first session with me or one of my colleagues can come as a surprise to one or both partners.

In fact, it is often the case that couples have invested more time in choosing their pet dog than how they would like to live between the ages of 65 and 90.

This can be as simple as one partner telling me that they would like to spend a few months of the year living abroad, only for the other partner to reveal that they would never countenance this because they would miss their social life at home.

The difference between getting your financial planning right for retirement or failing to plan can be stark.

People often make assumptions that they will be able to enjoy a certain lifestyle upon retirement, but that can be fraught with danger.

Clients will come to us for the first time at different ages, but commonly they will be in their 50s.

We will always spend time at the first meeting trying to understand what their retirement aspirations are and how they will be able to achieve these, whether that is from savings, pensions, property or other assets.

Our team has a range of tools that enable us to model what a couple’s retirement will look like based on the various elements outlined above. These are the same for most clients.

Sometimes, we will start the conversation about the ‘R-word’ at the first meeting and then ask our clients to do a little bit of homework before returning for the next meeting. Occasionally, if it is a clear a couple are not on the same page regarding the kind of retirement they want, we will have separate discussions and then bring the couple back again to try and find common ground.

Our job is to help our clients put in place the right financial plan for them, one that is aspirational but achievable and that will enable them, at the right point, to enjoy the retirement that they want.

Every client’s retirement plan is different due to their means and also how they want to spend their later years. Some clients want to be able to enjoy multiple holidays abroad, while others prefer to be more UK based but have the financial freedom to be able to travel across the country seeing their children and grandchildren.

If you would like a free initial consultation with a member of the Financial Services team simply click on the “Speak to Our Experts” button on this page, call us on 01244 729 073 or email info@cullimoredutton.co.uk

Please note: This is not legal advice; it is intended to provide information of general interest about current legal issues.

Sign up to read the new issue of Inspire Cheshire

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In this month’s Inspire Cheshire, we tell the story of Cheshire paratriathlete Lizzie Tench who recently battled gale force winds to climb Yr Wyddfa (formerly Snowdon) in her wheelchair.

We’re tickled by a new exhibition in Liverpool celebrating the life of Sir Ken Dodd and we have a profile on TV anchor Clive Myrie who will be appearing at Chester Cathedral tomorrow to talk about his journey from a paperboy to a BBC star.

We talk to Jeremy Jordan, a director at Changing Home, one of the best-known estate agents in Chester. Changing Home is offering readers of Inspire Cheshire the chance to win two £50 vouchers for a meal at the popular Italian family restaurant La Fattoria, which is very close to their office in Lower Bridge Street.

We’re also giving you the chance to win a pair of tickets to listen to Countryfile star Julia Bradbury talking about the power of nature following her treatment for breast cancer. She’ll be appearing at Birkenhead School in Oxton, Wirral, on Wednesday.

There are also details about the next Inspire Cheshire Luncheon Club which is being held on October 3rd at Brasserie Abode in Chester.

Dominic Richmond

The Spring Budget 2023

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A “Budget for Growth” is how Jeremy Hunt chose to describe the Spring Budget. How much do you think it will help you?

Some of the announcements…

Pensions
The biggest headline was probably the changes announced to pensions with the annual pension input allowance being increased by 50% up to £60,000 per tax tear. Alongside this, in a move targeted mainly at high earning NHS staff, the Chancellor also abolished the pension lifetime allowance. Meaning that instead of the limit of a person being able to save just over £1M in their pension before facing some hefty tax charges, there is now no limit. It may not be time to crack open the Champagne just yet though, as Labour have suggested that they’ll look to reverse these measures if/when they get into power after the next General Election. A less talked about limit, the Money Purchase Annual Allowance is also increasing from £4,000 to £10,000 per year.

Corporation Tax
There were no new announcements in terms of tax rates or thresholds. The widely unpopular decision to increase Corporation Tax to 25% is still going ahead.

Energy Price Guarantee
The planned increase of the Energy Price Guarantee is being delayed until July, meaning that the based on current prices the energy cost for the “average home” will remain at the bargain price of £2,500 per year as opposed to £3,000.

Free childcare
Free childcare for 1 and 2 year olds will also be phased in over the next 2 years. The hope being that this will bolster the economy by allowing more parents of infants back into work if they no longer have to pay exorbitant childcare costs with up to 30 hours of free childcare being announced.

Fuel and alcohol duty
Good news for anybody driving to the off-licence as fuel duty and alcohol duty have both been frozen for the next 12 months.

Potholes
The wheels of our cars were no doubt delighted to hear of a further £200M being earmarked to tackle the potholes on our roads. By my reckoning, that’s £1 to fix each pothole in my home County of Shropshire.

 

Did anything in the budget, particularly around pensions raise any questions for you?
If so why not book a free initial consultation with one of our truly independent Financial Services team, simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

 

In case you missed it – Investment update: Current markets and what we can expect in 2023

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Investment update

In case you missed it we are please to share this recording of our joint webinar with Tatton Investment Management.

Lothar Mentel, Tatton Investment Management’s Chief Investment Officer presents a detailed investment update in which he reviews the recent performance of the equity and bond markets, analyses the impact on the markets of recent world events such as the war in Ukraine, and provides an overview of what those with pensions or invested portfolios can expect in 2023.

We have worked with Tatton Investment Management for many years and value the professional investment approach they bring to our clients, from well researched and diversified portfolios to excellent ongoing oversight and rebalancing.  We look forward to working with Tatton more closely over the coming years.

 

 Recorded 2/2/23

Please note: This content is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Dominic Richmond

Tax year end – five ways to make the most use of your annual allowances

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One of the foundations of financial planning is to make use of your annual tax allowances. It’s even more important now as these allowances seem to be getting squeezed more and more, increasing our tax burden.

As tax year end (5th April) approaches, there are still opportunities for some prudent financial housekeeping, here we share our best five strategies.

 

ISAs can be a great way of making your money work harder for you, as any money you put in to them is free of any further liability to Income Tax or Capital Gains Tax – so no tax on your interest, no tax on withdrawals and no tax on the profits. You can put up to £20,000 per person into an ISA this tax year (ending 5 April).

One of the few downsides is you can’t carry forwards any ISA allowance you don’t use in a single tax year – so use it or lose it before 5 April.

Generally speaking, a pension is a tax-efficient way of saving for your retirement and due to greater choice and flexibility, it’s a more attractive option for retirement savers than ever before.

It’s worth thinking about topping up your pension as much as you can before the end of this tax year (5 April) and making use of any unused allowances from previous tax years. It is possible the Government might change the tax allowances available to you – so use them whilst you can.

Inheritance tax is a whopping 40%. As there is going to be the biggest ever intergenerational transfer of wealth over the coming years, it’s likely that the Treasury will be rubbing its hands. One of the easiest, and potentially most rewarding, ways to reduce a future Inheritance Tax (IHT) bill, is to give some of your wealth away during your lifetime and use your gifting allowance before 5 April.

Both you and your partner or spouse can each pay your children or grandchildren up to £3,000 a year and it will be deducted from your total estate if you die. As an added bonus, if you didn’t use your entire allowance last year you would be allowed to carry it forward and gift a maximum of £6,000 each (presuming you didn’t use any of your allowance last tax year).

Capital Gains Tax (or CGT) is one of the most complex taxes to understand, so it’s no wonder that people fall into the trap of paying unnecessarily or end up being fined for not paying when they should. This is also made worse by the myth that only the very wealthy are likely to have to pay it.

You’re liable for CGT when you sell an asset at a profit. This could be anything from a second home to stocks and shares. There’s a tax-free allowance of £12,300 for this year, then after that the rate is dependent on the level of income tax you pay – 10% for basic-rate taxpayers and 20% for higher-rate payers (and 18% and 28% respectively if you’re selling a property).

The Government has already reduced the tax-free allowance for individuals to £6,000 for tax year 23/24, reducing further to £3,000 in 24/25 – so it’s worth making the most of this year’s allowances and current rates if you can.

Pension contributions are a hugely tax efficient method of extracting money from your business. If you make an Employer contribution to your pension, they are treated as an expense to your business. So not only are you benefitting your future self by putting aside money for your retirement, you will also save on Corporation tax. Of course, your own company year end may not be aligned with tax year end so please be aware of this. Similarly, it is also very tax friendly to make pension contributions if you are self employed as you will also receive tax relief on your contributions.

For a free initial consultation to discuss making the most use of your annual tax allowances, simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Dominic Richmond

Retirement: The cost of living or existing crisis?

/ , , Independent Financial Adviser/ /by

We’re all well acquainted with the cost-of-living crisis by now. Whether it’s filling up the car or your shopping trolley, the cost of the basics has rocketed lately with inflation levels higher than any seen in my lifetime.

The interesting part is that inflation is a year-on-year measure so for example your bottle of milk may have risen by circa 27% in the past 12 months compared with this time last year.

Will the price ever go back down now we’re used to paying it? Even if inflation on your milk is zero over the next 12 months, you’ll still be paying the inflated price this time next year. Then there’s energy, when we will see stability in the energy market is anyone’s guess. Will we see a return to “normal” living costs?

My question is this: Based on your current pension planning, would your retirement be best described as “on the beach” or “on the breadline” or do you simply not know?

State pension: The full new State Pension (35 years National Insurance contributions) is currently £185.15 per week (£9,627.80 per annum). This is due for a 10.1% uplift next tax year due to the triple lock which is good news. That said, if you feel that the triple lock will be retained in the long term, you’re more optimistic than I.

Final Salary/Defined Benefit pensions: These pensions also have an element of inflation proofing built in but again I wouldn’t be holding my breath waiting for good news on the future generosity of these schemes whether they be public or private sector.

Defined contribution pensions: How much will you have saved in your pot by the time you retire? The main variables here are how much do you wish to spend per year from your pot and how long will you live? Of course, the latter is a bit of a tricky one which only further demonstrates the need to plan as early as possible to reduce the chance of running out of money.

The amount of income needed in retirement of course varies greatly from person to person depending on their circumstances and lifestyle. This is all without potential care costs of course but that’s a subject for another day. I think that one thing is for sure though, minimizing your reliance on the future generosity of the State is definitely a wise move.

It’s never too early or too late to get a plan in place for your finances, so, If you’re keen to get into a more informed position regarding your retirement and how the future may look, it may be worth speaking to our expert team to review your current pensions/retirement savings.

For a free initial consultation to discuss how we may be able to help you plan your finances for the future  simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email info@cullimoredutton.co.uk

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.

Bank of Mum & dad

The Bank of Mum and Dad

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With inflation at over 10% we are experiencing unprecedented financial pressure on our day to day lives. Our food and energy bills are rising and those of us with mortgages have seen a sharp increase in our monthly payments.

Against this backdrop how do we support our family members who are not yet financially established and enable them to achieve the goals that we had previously taken for granted.

As financial security is established it is common for parents to want to support their children and to help them through major life events. Indeed this often extends to grandchildren, potentially putting greater pressure on our own later life and retirement.

So, what questions should parents be asking?
The list below is not exhaustive but any parent looking to support their next generation should consider:

  • How best can I financially support my children’s future house purchases?
  • How do we pass our wealth down to our loved ones, and what are the barriers?
  • What can I do for my grandchildren, and is it worth it?
  • Having provided support how do I ensure that (in the event of a relationship breakdown) the family wealth is not diluted?
  • How do I know that I will have enough money for my retirement if I gift money to my children?

All of these questions and more will be addressed at our Bank of Mum & Dad Seminar on Thursday 15 December from 5:30pm.

Why not join us for this informal event where we will share how parents can best plan for and support their children and grandchildren through life’s major events.

To reserve your place simply click here and complete the form.