The penultimate article in our series of Tax Planning Tips 2023/24. To see how we can help, please click here to get in touch. Choose the most tax-advantageous structure for your new business. When starting a new business venture, it can be difficult to predict the level of income it will generate. If losses…
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Retirement is often envisioned as a time to unwind and indulge in our passions after years of hard work. However, recent research indicates that many individuals feel apprehensive about retiring due to financial and emotional concerns[1]. The rise of ‘retirement anxiety’ The escalating cost of living is putting a strain on income and savings, leading…
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As we approach the end of the year, taxpayers should begin assessing their tax obligations. This is not a task to be left to the eleventh hour, especially considering tax changes coming into effect in 2024. This is also particularly true for 2023, a year already marked by several tax changes that impact higher rate…
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Jeremy Hunt’s second Autumn Statement was set against a much less financially turbulent background than his first. However, politics still loomed large with a likely election in the next 12 months prompting calls for tax cuts from within the Conservative party. Until recently the Chancellor had attempted to stall such demands with warnings of “difficult…
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The fifth article in our series of Tax Planning Tips 2023/24. To see how we can help, please click here to get in touch. Plan to maximise your inheritance tax (IHT) nil rate band on death. Everyone has a nil rate band of £325,000 on which no IHT is charged. If you have children,…
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In the investing world, the allure of quick profits and instant gratification often tempts some investors to employ a ‘market timing’ strategy. This method involves buying or selling financial instruments based on predictions of future market price movements. Market timing is an active investment strategy aiming to beat the traditional buy-and-hold strategy. It involves moving…
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This week Thorntons Wealth is supporting #TalkMoney Week, designed to get us all talking more about the pennies in our pocket, our thoughts and feelings around money, and how and where to get help if and when you need it. Quite often, it’s just saying the words out loud that’s the hardest part. So, we’re…
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Continuing with our Tax Planning Tips for 2023/24. To see how we can help, please click here to get in touch. Maximise tax relief on your pension contributions by using all of your annual allowance. The annual allowance for 2023/24 is £60,000, but you can also use surplus allowance from the previous three tax…
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Passing on the benefit of your experience to your children or grandchildren is crucial for their future success. However, financial planning can be complex, and even the most knowledgeable individuals may need help. Breaking down barriers around talking about family wealth takes time and patience. It requires on-going conversations and a willingness to address any…
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Tracking down a lost pension pot can be daunting, especially if you’ve switched jobs multiple times throughout your career. The good news is that resources and strategies are available to help simplify the process. According to research, one in six (16%) UK adults have attempted to trace or find a pension that has been lost…
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