Gardner Financial Management - Blog

Pensions and Divorce Going through a divorce is a difficult time, both emotionally and financially. Good financial advice can bring benefits, not only when splitting the marital assets, but also in the future when retirement takes place. It’s important to understand the mechanics of sharing marital assets, and how tax rules and pensions legislation would apply. Some key points are: What are the options for sharing pension benefits following divorce? What are the extra considerations for pensions already in payment? What plans can be made for who will benefit from shared pension rights on death. Options for sharing pensions There are three ways pensions...

Beginning a carry forward exercise now, rather than towards the end of the tax year might be sensible The March budget saw a relaxation of the annual allowance taper rules, as widely anticipated. However, the rumours of a more radical pension tax overhaul has been left on the back burner for the time being. That does not mean the idea of reform - and all the revenue it would bring for the Exchequer has gone away. It could well reemerging the autumn budget. With that in mind starting to consider a carryforward exercise now rather than towards the end of the tax year...

10 things to do to improve your finances Have a budget: Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life ...

"As the old investment adage goes, its about time in the market - not timing the market" Is now actually a good time to invest? "As the old investment adage goes, its about time in the market - not timing the market" Global stock markets have been suffering amid the coronavirus crisis. Yet while a volatile market makes investors nervous, this could present an opportunity for those who continue to stay focused on their long-term investment goals. Of course, no-one can be certain that there won’t be further falls. Yet history shows that, over the long term, markets will recover Holding your nerve If you’re able...

We are living in unprecedented times and the coronavirus pandemic is having a massive impact on the way we live our lives. The current situation could have a massive financial impact for many families and the government has been putting in measures to try to help the British public as much as it can. One of these measures that was announced on 17th March was a Mortgage Payment Holiday.  Is a mortgage payment holiday the right option for me? It’s important to remember that a mortgage holiday is a temporary break from your mortgage payments. You will still be charged interest – but it's added to...

For the self-employed the government has announced additional measures to support them in the current crisis. If a client is self-employed or a member of partnership and Has submitted an income self-assessment for the tax year 2018-19 Traded in the year 2019-20 Are trading, or would be except for Covid-19 Intend to continue to trade in 2020-21 lost trading/partnership profits due to Covid-19 Self-Employed profits must be less than £50,000 and more than half of an individual's income must come from self-employment. This value is calculated by meeting at least one of the conditions below for an individual to Have trading profits in...

Married Tax Allowance - claim up to £1,150 There are over 2.4 million couples who may miss out on a very easy tax allowance, worth £250 this tax year.   How Does it work ? If you are married or civil partners, where one partner is a non-taxpayer and the other is a basic-rate taxpayer then you can claim the marriage tax allowance. This allows you to transfer 10% of your personal allowance (currently £1,250) to your spouse or civil partner, if they earn more than you. Example: Part-time Peter works just enough and earns £5,000 at his local fish and chip shop. His full personal allowance for the year...

Back to Basics – Pensions   For most people, pensions are the best way to save for retirement, thanks to generous tax relief and tax-free growth over the long term. You are also able to access money from your pot in a tax efficient manner. Speak to your adviser to find out how much you need to save into a pension to ensure you have enough money when you need it. However, there’s a limit to how much you can save into pensions. There is a cap on how much you can contribute to a pension in a single year (your annual allowance), and...

    The pace of news about Brexit is rapid and so any form of communication can quickly become out of date, but we have drafted the information below from data we receive from the fund manager groups that we respect and recommend to our clients. One of the key questions you might be asking yourself is “Should I stay invested?”. The key points we would like to answer to this question are; Uncertainty – we all dislike uncertainty and any negative impact this has on our lives.  Since the referendum the UK have experienced both.  Times like these can lead investors to seek protection...

This month we’re focusing on lending to professionals – a niche area for us at GFM There are lenders that can offer a maximum 40-year term and lending of up to 5.5 x income at up to 80% loan to value  and 4.5 x income above 90% loan to value. Not all lenders recognise the future earning potential of professionals. Here is a real life case that Hinckley and Rugby were able to help with. THE REQUEST: A junior doctor had requested a £140,000 residential mortgage at 85% LTV. She received banding one income on top of her basic salary in her role within an...

DOES IT MAKE SENSE TO COMBINE YOUR PENSION POTS? The days when you began your  career with one employer and stayed there until the day you retired are long gone. It’s estimated that you could  now have an average of between 6 and 8 different jobs during your career. This can mean that over the years you could end up with multiple pension pots. In certain circumstances, it could make good financial sense to consolidate your pensions into one new plan. This means you can manage all your retirement savings in one place, reducing the paperwork and administration. You might be able...

  Well the champagne corks may not be popping, but it really is important that as we all start a new financial year that we ensure that we are maximising our tax free allowances. Most allowances got better and if you maximised every allowable allowance and tax relief you could earn up to £43,250 tax free in this new tax year*  A few of these allowances are a little obscure, but as a summary the main ones that the majority of people could utilise are: The amount you can earn tax-free as an employee increased to £12,500 The dividend allowance remains at...

There’s no denying that whatever your viewpoint is on Brexit, the uncertainty around when the UK will leave the EU, and the terms under which it may happen, is causing property market jitters. EU leaders voted in the early hours of this morning to extend the UK’s Brexit deadline again, this time until 31 October. What might a no-deal Brexit mean for house prices? While MPs have repeatedly voted against the UK leaving the EU without a deal, the results are not legally binding. A no-deal Brexit remains the default position if an agreement cannot be reached between the UK and EU. Many business...

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 Automated Advice The straightforward and affordable way to invest We are all aware of the need to invest in our financial futures and we are becoming increasingly comfortable with buying products online. If you are looking for a straightforward and affordable way to invest into an ISA or a General Investment Account, then using Automated Advice is the answer. Automated Advice provides an easy to use online process to ensure your investments match your personal requirements.   A simple and straightforward way to invest This quick and easy online process allows you to invest with no initial fees. Answer a few questions about your attitude...