Time to Review Your Financial Situation
January 20th, 2010For individuals 2009 was a yr of pain and hardship. A worldwide depression, stock market turbulence and an overall opinion of uneasiness have left a lot of individuals feeling quite doubtful about next year.
Hopefully Two Thousand and Ten will be a better year. Still there are steps we can put into place to improve our finances.
A small thing we can do to put the situation into perspective is to review our finances. Whether it is your mortgages, borrowing, investments, your income or spending patterns need to be surveyed regularly.
Taking out a review will help you to identify where your finances can be amended and where you need to make alterations.
It is vital to re-examine your investments & savings, to verify they are suitable to the amount of risk you are ready to take on. It is also worthwhile looking at your credit cards such as Amex, Visa, gas and electricity as well as insurances to see if you could get a better deal. Even a small saving could make a difference to your regular budget.
Making the most of your annual taxation allowances such as individual savings accounts, CGT allowances and retirement planning are also ways of shrinking the level of tax you might pay.
Whilst income and capital gains tax are significant, the result of inheritance tax should too be considered.
Many people have assets in excess of the value of the IHT Nil Rate band. Effective tax planning can be used to cut the overall amount of inheritance tax their estates might have to pay.
For numerous individuals, the services offered by Financial Advisers assist them to review and put into place changes to their finances.
If you think that you would gain from independent and impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
