News Year’s Resolutions? Gone, but not forgotten.01 March 2016
Spring is nearly upon us and it is easy to forget that 2016 is approximately just 9 weeks old and seems to have gone in the blink of an eye. One question we have for you is did your New Year's resolutions disappear in the blink of an eye as well?
Many people aim to put their financial planning and money in order at the start of the year and with the rigours of life, the best laid plans disappear as the nights get shorter. With this year's Budget due on the 16th March and UK fiscal deficits already being widely discussed, we do not anticipate it's going to be a generous document. Indeed, we have noted some of the current speculation in our February blog here: http://www.chaptersfinancial.com/news/pensions-speculation-the-withdrawal-of-higher-rate-tax-relief
There is never a right time to plan your money and finances, and if you have not achieved this for a while then we would advocate a prompt start to ensure that your future years are comfortable.
Regular reviews of your financial planning are also recommended and with the end of the tax year some 5-6 weeks away/05th April 2016 (or less time if you allow for the enjoyable distraction of Easter to get in the way), then revisiting those forgotten New Year's Resolutions now is probably good timing.
Your annual tax allowances, such as ISA and capital gains tax allowances are on a use it lose it basis. This means that your tax allowance if not used cannot be carried forward into the next tax year. Therefore, using any unused allowances now, where you can, is worthwhile. Death and taxes are the only two certainties in life according to Daniel Defoe, and with some careful planning at least one of these can be controlled in part.
We will write a further Blog at the Mid-March Budget announcements, if not before. In the meantime, if you would like to review your financial planning and maybe start to implement some of those delayed New Year's Resolutions then please contact the team at Chapters Financial in Guilford or Woking.
No individual advice is contained within this note and it is important that you seek individual advice promptly as we start to approach the end of the tax year.
Keith G Churchouse FPFS, CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899.