Time to Review Your Financial Situation
For many people 2009 was a yr of pain and hardship. A world-wide depression, stock Exchange turbulence plus a general opinion of uneasiness have left a lot of individuals feeling doubtful about the future.
Hopefully 2010 will be a more satisfactory year. Even So there are steps we can put into place to improve our finances.
One thing we can do to get the position into perspective is to re-examine our financial status. Whether it is your mortgage, outstanding loans, investment funds, income or purchasing patterns need to be reviewed on a regular basis.
Taking out a review will help you to identify where your finances can be amended and maybe where you need to make changes.
It is essential to re-examine your Investments, to check they are suitable to the level of risk you are prepared to take. It is also worthwhile looking at your credit cards such as Amex, Visa, gas & electricity as well as house and car insurance to see if you could get a better deal. Even a small saving could make a big difference to your regular budget.
Making the most of your annual taxation allowances such as mini and maxi ISAs, CGT allowances and pension planning are also ways of reducing the level of taxation you could pay.
Whilst income and capital gains tax are important, the impact of inheritance Tax (IHT) should also be thought about.
Many have assets in excess of the value of the Inheritance Tax Nil Rate band. Good tax planning can be used to shrink the total amount of inheritance tax their estates might have to pay.
For many people, the functions offered by Financial Advisers allow them to review and implement amendments to their finances.
If you think that you would gain from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
