Financial Planning

This service looks at where you are, where you want to get to, the gaps and helps to produce a plan on how to get there.

The aim is to achieve your goals in the most tax efficient way within your risk / reward parameters.

We use all the investment tools that we have at our disposal and blend them to support you in achieving your objectives.

This section provides a summary of the products available to help you in achieving your goals.

Pensions

If you have a company pensions scheme and your employer has a scheme where they match your contributions, it is sensible to utilise the benefit.

Investments

Investing regularly into a stocks and shares ISA can build up a pot to cater for larger expenditure, e.g. a deposit on a home.

General Investment account

If your ISA allowance has been utilised or maybe you have received an inheritance a GIA could be used to invest. You can mitigate CGT on your GIA by moving your ISA allowance from your GIA to your ISA each year. This is called bed-and-ISA.

Onshore Bond

The onshore bond pays 'composite' tax of approximately 20%, so could be suitable for a basic rate tax payer.

Offshore Bond

If you are lucky enough to have a reasonable amount available for investment, then an offshore bond could be useful and the gains role up tax free.

Trusts

A bare trust can be useful to place funds outside your estate; you can make a transfer (known as a Potentially Exempt Transfer) to the bare trust and use income from the Trust for the benefit of the beneficiary. If you survive 7 years from the date of the transfer the value of the Trust will be free from Inheritance Tax.

A loan trust could be effective as it gives away any gains to your beneficiaries but you still have access to the capital.

A discounted gift trust is normally used to provide an income to the settlor and to reduce IHT.

A reversionary interest trust has the characteristics of both the loan and the discounted gift trusts.

QROPS

If you are thinking of retiring abroad it might be worthwhile to review whether an international pension might be advantageous.

Tax efficient investing

If you have utilised your pension allowance for the year and wish to save 30% income tax then an EIS or VCT might be beneficial. SEIS is riskier but you can save 50% income tax.

Wills

It is imperative to keep your will up to date as the rules of intestate may not be how you want your estate to be shared out. Also if you wish to share out your estate where there may be disagreement it is prudent to include an "expression of wishes" with the will.