Spring Clean Your Finances
Entering the new tax year is a great time to spring clean your finances. Here’s Hamnett Wealth Management’s suggested checklist:
- 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.
- 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.
- Review your investments
Investment values have risen well in the last 12 months but volatility has been high. 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.
- 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.
- Question your current Advisor
Do you know what they’re charging you in fees? Recent press reports have highlighted cases of people moving their portfolios and pensions from a certain provider because they have been subjected to high fees, poor service and a lack of transparency.
Hamnett Wealth Management are Chartered Independent Financial Advisers who offer unbiased, expert financial planning advice and a 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@hamnettwealth.com
