The end of 2019 is nearly here and what a year it has been. We have celebrated our 30th anniversary, launched our new website, supported various charitable events and, of course, continued to provide unbiased, reliable and trusted personal financial and investment advice to all of our clients.
afield, we’ve had a prorogued Parliament, the country feels divided, there is
slow economic growth and a General Election is imminent (result unknown at time
of print)….and we still don’t know what’s happening with Brexit!
Whilst uncertainty can create anxiety, our advice has remained the same throughout – Brace for Brexit but don’t be tempted to make any rash decisions. It’s important to remember that when the financial landscape changes, to not respond would be a missed opportunity. Whatever the result of the General Election, it is important to maximise your tax free savings, utilise all of your allowances and ensure your investments are positioned for 2020 and beyond.
We suggest taking some time over the festive period to ask yourself the following questions:
1.Are you maximising 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. Are you in control of your pension arrangements?
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
3. When was the last time you reviewed your investments?
Markets have been
volatile over the last 12 months. With fast changing political events affecting
markets, it‘s imperative that your portfolio and pensions are strategically
invested to profit from uncertainty and protect yourself from market shocks.
4. Are you prepared for the future?
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.
If you would like to review your finances, are unsure of how your portfolio is performing, are concerned that you are paying too much for a poor service or just want a second opinion, please call us on 0114 235 3500 for a free initial meeting. We can then review your current plans and discuss how we can help.
Hamnett Wealth Management would like to take this opportunity to wish all of our clients, professional connections and Westside Readers a very Merry Christmas and a Happy New Year! Our office closes at 5pm on Friday 20th December and reopens at 9.30am on Thursday 2nd January.