Experts forecast a recession in 2023. Here’s why and what it means for your investments Investments 21/12/2022 Experts are predicting that the UK will face a recession in 2023. While it can be tempting to react to this news by changing your investment strategy, sticking to your long-term plan makes sense for most investors. Read on to find out why. Several factors are contributing to economic uncertainty, including high inflation and concerns about energy supply. The long-term effects of the Covid-19 pandemic and the ongoing war in Ukraine are two of the reasons for these challenges. In its November report, the Bank of England said the economic outlook was “very challenging”. It expects the economy to be in “recession for a prolonged period”, adding that inflation was forecast to remain high until mid-2023 when it is expected to fall sharply. Other predictions also paint a gloomy picture of the UK economy. According to the EY ITEM Club, the economy will contract by around 0.2% each quarter from the final quarter of 2022 until the second quarter of 2023.
The 2022/23 end of tax year guide: 7 allowances to make use of before 5 April 2023 Guides 20/12/2022 The 2022/23 tax year ends on Wednesday 5 April. After this date, many allowances reset, and it could be your last chance to use some of them. Allowances can help your money go further by reducing your tax liability. Reviewing your finances before the deadline could help you identify some allowances that could be right for you. This guide explains how seven useful allowances work: Marriage Allowance ISA allowance Dividend Allowance Capital Gains Tax annual exempt amount Pension Annual Allowance Inheritance Tax annual exemption Gifts from your income. Download your copy of ‘The 2022/23 end of tax year guide: 7 allowances to make use of before 5 April 2023’ to find out more. If you have any questions about your financial plan and which allowances make sense for you, please get in touch.
Soaring inflation means tax breaks are less valuable. Find out why here Lifestyle 07/12/2022 While many tax allowances haven’t fallen, they haven’t increased in line with inflation either. In real terms, that means they’re less valuable than they once were. It could affect your income, long-term wealth, and what you leave behind for loved ones. As the cost of living and the value of some assets rises, the tax breaks you use may not be stretching as far. It means your tax liability may have increased or that you need to review your financial plan. As potential Inheritance Tax (IHT) bills consider the total value of your estate, the associated allowances can really highlight the effect of inflation. The nil-rate band would have increased by more than £135,000 if it matched inflation The nil-rate band is the threshold for paying IHT. If the total value of your estate is below this, no IHT will be due.
Guide: 10 new year resolutions that could boost your financial wellbeing Guides 27/11/2022 At the start of a new year, it’s common to reflect on what you want to achieve over the next 12 months and to set out some goals. It’s the perfect time to think about how you could improve your financial wellbeing too. Around a third of Brits setting a new year resolution want to save more money. As well as boosting your savings account, there are other positive steps you can take to improve your financial wellbeing, such as: Reviewing your current mortgage deal Creating a plan to invest regularly Increasing your pension contributions Getting your estate plan in order. Download your copy of “10 new year resolutions that could boost your financial wellbeing” to start thinking about how the financial decisions you make in 2023 could help you meet long-term goals.
The cost of living crisis is giving scammers more opportunities. Here are 3 scams to watch out for Lifestyle 18/11/2022 Scammers are taking advantage of financial worries as the cost of living rises. It’s more important than ever that you remain alert to potential fraud. According to Citizens Advice, scammers have targeted more than three-quarters of adults this year – a 14% increase when compared to this time last year. The Financial Conduct Authority (FCA) also warned that financial crime is to become “even more prolific” due to rising costs, MoneyAge reports. Fraudsters are adept at using circumstances to make you more likely to overlook red flags. From offering “guaranteed high-return investments” when investors are worried about getting the most out of their money, to taking advantage of Covid concerns to charge for fake tests during the pandemic, scams evolve to prey on vulnerabilities. Now, some criminals are using cost of living concerns to scam more people.
