Information in the Autumn Statement indicates that by 2020 individual taxpayers may be expected to report and pay their liabilities every quarter via their new digital tax accounts. The Chancellor promised an injection of £1.3bn to deliver, “the most digitally advanced tax administration in the world” by 2020. Requirements of Digital Tax Accounts The new… 
According to a recent article in the Daily Telegraph, drawing on data from the International Longevity Centre (ILC) and the Institute for Fiscal Studies (IFS), baby boomers are a “frugal not frivolous” generation, with the data revealing that people in their sixties and seventies are saving nearly twice as much money as thirty and forty-year…
Recent HSBC research identified four broad actions which may help today’s retirement savers to create an informal plan and work towards a better financial future for themselves. 1. Be realistic about your retirement aspirations The research indicates that more than half of retirees (53%) have been unable to realise at least one of their hopes…
Financial advice has gone through a period of change, brought on by new regulations that were in part aimed at increasing transparency for the client. The key changes were that from 31st December 2012 advisers have to be qualified to a higher level than previously required and the historical commission system was replaced with “client agreed remuneration”. One area that…
Every year thousands of teenagers up and down the country look forward to starting university in September. Their parents, however, might be gloomily looking at their bank accounts and taking a rather different view. With fees of up to £9,000 and accommodation costs of say, £5,000 per year, a student starting at university could graduate with…
It’s easy to assume that all the major changes in life – finding a job, marriage, a family – take place in the early years. In fact there are just as many major changes in later life and the need to keep on top of your financial planning is, if anything, even greater. In your…
The Panama Papers leak from offshore law firm Mossack Fonseca has thrust offshore funds back into the public spotlight. But whilst the media rails against those revealed to be profiting from such funds, there’s been little discussion of what an offshore fund actually is. As the term suggests, an offshore fund is an investment fund…
A new initiative allows people who reach the state pension age before April 2016, to top up their pension. This includes those that are already drawing the state pension. The Government is allowing retirees to buy extra state pension by paying so-called Class 3A voluntary National Insurance contributions between October 2015 and April 2017. This…
George Horace Lorimer once said: “It’s good to have money and the things that money can buy, but it’s good too, to make sure you haven’t lost the things that money can’t buy.” Creating a balance in life is important and core to this is knowing how to achieve your financial goals. With every financial…
There has rarely been a time when pensions have been so high on the political and social agenda. As we all expect to live longer than the generations that have gone before, and our general standard of living has increased, taking the time to plan your retirement and have the confidence that you will be…