Chancellor Philip Hammond’s first Autumn Statement was also his last. After two Budgets in 2017, from 2018 onwards we will have a Spring Statement and an Autumn Budget.
But he took the opportunity to make some interesting announcements: salary sacrifice schemes are going to be curbed, the pensions money purchase annual allowance is dropping, and the insurance premium tax increases again. There was the usual raft of anti-avoidance measures, including a new legal requirement to correct a past failure to pay UK tax on offshore assets. And if you pay flat-rate VAT, watch out for the change announced here. Take a look at our summary and analysis, to find out how the changes will affect you and your business. Also this month, we are delighted to announce that we are once again finalists in the prestigious Professional Adviser Awards. The winners are due to be announced in February – wish us luck! Read more here.
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Previous Hartsfield Financial Newsletters
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We’re talking this month about investments. In this edition, read about investments post-Brexit; it’s just over 100 days since the referendum – what’s the impact been?
Freshers’ week is over, and the new students are getting down to work – we hope! But tuition fees and maintenance loans make university an expensive business. How can your investments help fund your children’s education? As the baseball star Michael Jordan said: “In any investment, you expect to have fun and make money.” We can’t promise the former but at Hartsfield we have an excellent track record in the latter. Finally, with Hallowe’en around the corner, here are some fun facts about this ancient festival. Read more here.
In this newsletter we’re talking about estate planning. The late popstar Prince famously didn’t leave a will, but then neither did Abraham Lincoln, Picasso, Jimi Hendrix or Howard Hughes! Here’s why you shouldn’t aspire to join this illustrious list.Inheritance tax is a fact of life – and of death – for many people but there are ways of minimising the amount that is levied on your estate after you die, and one way is through the use of trusts. The new main residence nil rate band for inheritance tax comes into force next year – how does it affect you? And finally … people take the opportunity to leave some strange bequests in their wills. This Guardian piece looks at some of the most unusual, including an anonymous donor who left half-a-million pounds to clear the national debt!
It’s over a year since the Government changed the rules on pensions, giving us all more freedom over how to save – and how to spend. No longer tied into buying an annuity, the options have been thrown wide open. But before you can spend it, you have to save it. Read here about how to build a pension pot to meet you retirement needs. And, once you’re ready to make use of your pension, you can find out here about your options. If you have one or more pensions and want to consolidate or move to a different provider, read here about pension transfers. Finally, we all stop work eventually. Even Barack Obama is making plans for what he’s going to do after the Presidential Election in the US – take a look at his retirement video.
So much has happened since our June newsletter – Brexit, the Chilcot Report and Andy Murray winning Wimbledon – it’s hard to know where to start. So we’ll start with investments, and one of the most popular investments – the ISA. Thousands of people hold ISAs, enjoying their tax-free advantages. But do people really know how their ISAs are performing? If you have an ISA, is it the best one for you? Get the lowdown on your ISA with our FREE ISA health check.
It’s flaming June, halfway through the year, and this time we’re focusing our newsletter on protection. Not protection from the sun – although it has been hot enough to need sunblock recently. We’re looking at income protection and life assurance. Income protection – our blog busts a few myths around these policies which pay out if you are unable to work due to accident or illness. Life assurance – why taking out a relevant life policy is a wise move for business owners. Finally, this is Carers Week, which aims to raise awareness of those unpaid carers who look after a friend or family member. In Wiltshire alone, there are 47,000 carers and one in three of us is likely to become a carer. If you have to give up work to care for someone, what happens to your income? And if you’re an employer who loses good staff because they have to take on a caring role, what do you do? Food for thought …
IFAs are often asked to justify their fees. With so much free help online – comparison sites, robo advice etc – why should people pay? Our answer is, people want and deserve guidance from professional, experienced, qualified people. Hartsfield’s mission is to ‘save our clients time, money, or both’ and in this month’s newsletter, we show how we achieve this. Further testimonials and case studies are also available on our website.
In a follow-up to our first blog on investments, here we look at how asset diversification not only spreads risk but may reap bigger rewards.