Don’t get caught out by the lifetime allowance rule change
The total tax paid by those exceeding their lifetime pension allowance amounted to £36 million in 2014/15, climbing steeply from £20 million in 2014/15 and equating to an 80% rise. The figure has climbed in recent years from £12 million in 2012/13 to £19 million in 2013/14 and up again to £20 million in the following year. The increased revenue has been generated through more stringent rules introduced last year regarding the lifetime allowance (LTA), the highest amount of money a person is allowed to save in their pension pot and benefit from tax relief at their marginal rate.
People who get financial advice are £40k better off
A recent study has revealed that people who seek the advice from an independent financial adviser (IFA) are on average £40,000 better off than those who don’t do this. The research has come from leading think-tank the International Longevity Centre, who have stated that both the ‘affluent’ group – wealthier people more likely to own their own homes and have degree-level education – and the ‘just getting by’ group – less wealthy people likely to be living in rented accommodation and have lower levels of education – benefit similarly from the financial advice they seek.
What is the skills shortage costing British business?
New research by the Open University has found that the cost of Britain’s skills shortages amounts to more than £2 billion annually due to higher salaries, temporary staffing bills and recruitment costs. The survey of 400 firms found that nine in ten respondents reported struggling to recruit workers with the correct skills within the last year. This is likely to exacerbate concerns over employers experiencing difficulties in filling key jobs, a situation many predict will be worsened after Brexit and a subsequent immigration clampdown.
Court departs from the ‘sharing principle’ in a divorce settlement
In a ruling in the June of 2017, the courts followed an increasing trend for financial settlements of divorcing couples to reflect more accurately the contributions that each partner made to the marriage.
Why children come first in a divorce
During a break up, being fair and civilised to each other is often the best you can hope for, but when there are children involved emotions need to be set aside.
5 steps to a simple house move
Practical Advice - Taking Children Abroad After Separation
Planning ahead is important for most family holidays, but if you are looking to take your children abroad and you have separated or divorced, then the sooner you prepare this, the better.
The impact of Brexit on the UK’s Employment Law
As the Nation waits with baited breath to discover what the Government’s strategy for leaving the EU will be, when it will happen and whether it will be a ‘hard’ or ‘soft’ Brexit, many employers are, unsurprisingly, concerned about what the future of employment law will look like. How quickly will it change, what will their obligations be, and what steps will they need to take to ensure compliance?
Giving Away Your Home
If you are thinking of giving away your home or other assets you must read this. Download our free guide today.
Is Downsizing Right For you?
There are several reasons why downsizing your home may become a serious consideration for you in the future.
Why retirement is worrying millennials and what steps they are taking
Is uncertainty becoming the new norm? (archived)
No matter how often we might have heard soundbites such as ‘strong and stable’ and ‘Brexit means Brexit’ which are intended to reassure us, it seems that every major political event of the past twelve months has delivered an unexpected result and an uncertain future. June’s general election was no different: Theresa May began streets ahead in the polls, and ended up scoring a political own goal in reducing the parliamentary majority she intended to increase, resulting in a hung parliament. You might expect the business world’s reaction to reflect the apparent turmoil in Westminster, but it’s relatively muted response perhaps suggests that those in business now see uncertainty as something to simply accept as part of daily life.
The steps cohabiting couples should take when drawing up a will
There’s no denying the huge steps forward seen in creating equality for same-sex couples in the UK during the 21st Century, first with the Civil Partnership Act 2004 and then the Marriage (Same Sex Couples) Act 2013. However, as heterosexual couples have marriage as the only option open to them to make their relationship formal, there have been suggestions of a new inequality having now been created. A legal challenge by mixed-sex couple Rebecca Steinfield and Charles Keidan to be able to enter into a civil partnership instead of a marriage was unsuccessful earlier this year, meaning it’s unlikely the situation will change for heterosexual couples in the near future.
Proposed increase on probate fees scrapped
Following the announcement of the snap general election to take place on 8th June, the government has decided to scrap its plans to increase the legal fees due after a person has died. Having proposed a rise in probate fees in England and Wales to come into effect in May, which would have seen an increase from the current flat figures of £155 or £215 to as much as £20,000 for the most valuable estates, the Ministry of Justice announced in the second half of April that there was too little time for the legislation to go through parliament before the election.
