Entering the new tax year is a great time to spring clean your finances. Here’s Hamnett Wealth Management’s suggested checklist:
1. Maximise your tax-free saving allowances
If you’ve money to save, but haven’t used up your ISA allowance, make sure you take advantage of this tax-free form of investment. Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.
2. Take control of your pension arrangements
Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, review your current pension arrangements to see if they’re likely to help you achieve your retirement goals.
3. Review your investments
Last year saw increased volatility and this year could be just as interesting. This has meant that some previous flagship funds have fallen from grace. These new “Dog funds” have been named and shamed for charging high fees and delivering well below average performance. We are happy to review your funds and ensure that they are in line with your objectives and attitude to risk.
4. Plan for the future
Safeguard against unexpected future events spoiling your final wishes by setting up a trust alongside your will. Trusts come in a variety of forms and can help lower potential inheritance tax bills as well as give extra guarantees that loved ones will be looked after.
Appoint a lasting power of attorney so loved ones can act in accordance with your best interests and wishes as they are now. There are two different lasting powers of attorney to consider – one to look after your health and the other your finances.
5. Get in touch
Have you lost touch with your previous advisor? Did you use a Bank who have since withdrawn from offering advice? Has your advisor lost their Independent status and become restricted in what they can provide to you?
Hamnett Wealth Management are Chartered Independent Financial Advisers who offer unbiased, expert financial planning advice and are working towards becoming a dementia friendly business.
Jonathan Rowley, Director and Chartered Financial Planner, is also an associate member of SOLLA. SOLLA helps people and their families in finding trusted accredited financial advisers who understand financial needs in later life.
We offer a free initial face-to-face consultation where we’ll assess your needs and explain how we can help. You’re always welcome to call into our office on Baslow Road, Totley or we can visit you in the comfort of your own home. Call us now on: 0114 235 3500 or email us at: advice@email@example.com