Financial Planner

Samuel Back

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In a landmark moment for the UK's economic landscape, Chancellor Rachel Reeves has delivered her inaugural budget, bringing significant changes that could impact your financial planning and long-term goals.&nbsp; &nbsp;Some changes were expected, as we explored in our <a href="https://www.aventur.co.uk/blog/autumn-budget-2024-predictions">Autumn Budget predictions</a>, and some were more of a surprise. &nbsp;While the full details and impact of the budget are still unfolding, we've analysed and compiled the key policy announcements to explain their potential implications. &nbsp;<h2>Tax for Employees</h2> It was confirmed that in line with the manifesto promise, Labour will not raise any income tax or national insurance for employees. It was also confirmed that fuel duty was frozen, and the temporary 5p fuel duty was retained. &nbsp;Under the Tory government, personal tax thresholds were frozen until 2028 and it was confirmed that from 2028-29 personal tax thresholds will be uprated in line with inflation once again. &nbsp;<h2>Capital Gains Tax (CGT)</h2> It has long been suspected, and hinted at through the wording from the election onwards, that one of the taxes that would see a substantial rise was <a href="https://www.gov.uk/government/publications/changes-to-the-rates-of-capital-gains-tax/1cf25453-5b0c-4e7b-9165-65cf117e0af0">CGT</a>. &nbsp;The chancellor confirmed an increase in the rate paid by basic-rate taxpayers from 10% to 18% and from 20% to 24% for a higher/additional rate payer from 30th October. &nbsp;Example: If you held an investment that you had purchased for £100,000 that increased in value to £150,000, you would have a £50,000 gain. &nbsp;Individuals benefit from a capital gains allowance of £3,000, and therefore £47,000 of the gain would be subject to CGT. &nbsp;Under the previous rules, the tax on this would be £4,700 for a basic rate taxpayer or £9,400 for a higher/additional rate taxpayer. &nbsp;Following this rule change, the CGT liability would increase to £8,460 for a basic rate taxpayer or £11,280 for a higher/additional rate taxpayer. &nbsp;<h3>Potential financial planning solutions</h3> There are a number of potential planning ideas that could be utilised to mitigate CGT hikes: &nbsp;<ul><li>Timing of asset sales in line with wider plans &nbsp;</li><li>Making use of spousal allowances &nbsp;</li><li>Utilising tax-advantaged investment schemes &nbsp;</li></ul><h2>Pensions</h2><h3> Pension Tax Advantages</h3> It was pleasing to see that the tax-free cash entitlement of up to 25% was maintained and the speculation around the removal of higher rate tax relief on contributions turned out to be untrue. &nbsp;<h3>New Changes to State Pensions</h3> Basic and new state pension payments will go up by 4.1% next year as Labour have stuck to their commitment to maintain the "triple lock". This will see a full state pension entitlement increase to £11,975.60 annually, an increase of £473.<h3> Pensions and Inheritance Tax (IHT) Changes</h3> It was confirmed that pensions passed on will be subject to IHT from 2027. &nbsp;Most pensions are currently exempt from IHT and not classed as part of your estate when you die. This makes them under the previous rules, a particularly effective IHT planning vehicle. &nbsp;This is also coupled with an IHT threshold freeze until the next election. &nbsp;Example: &nbsp;This is potentially going substantially impact a lot of individuals across the UK. &nbsp;An example of a household impacted by this may be as follows: &nbsp;<ul><li>Home - £500,000 &nbsp;</li><li>Cash - £50,000 &nbsp;</li><li>Chattels - £25,000 &nbsp;</li><li>ISAs - £100,000 &nbsp;</li><li>Pensions - £500,000</li></ul> With pensions outside of the estate, there would be no IHT liability for this household assuming the family home is left to direct family members. &nbsp;As a result of the changes to the budget, the estimated impact would be an IHT bill of £70,000. &nbsp;<h3>Potential financial planning solutions</h3> There are a number of potential planning ideas that could be used in the above circumstance: &nbsp;<ul><li>Using comprehensive cashflow modelling to understand how much is ‘required capital’ and looking at how gifts can be made directly to family members &nbsp;</li><li>Looking at trust planning to reduce IHT &nbsp;</li><li>Considering Expression of Wishes and the planning opportunities for Pension &nbsp;</li><li>Death Benefit Trusts &nbsp;</li><li>Drawing monies from the pension and mitigating the resulting liability / continued IHT liability through tax-efficient investment structures &nbsp;</li><li>Taking monies from the pension scheme to fund insurance policies paid into trust &nbsp;</li></ul>The movement of pensions into the scope of IHT will undoubtedly impact the financial planning of many and will require changes to long-term financial plans. However, as shown above, there are a number of wealth management strategies that we will be able to utilise to mitigate this. &nbsp;<h2>Alternative Investment Market (AIM) shares</h2> For individuals wanting to mitigate IHT whilst retaining access to capital, especially for ISA funds, a common strategy was to invest the funds into AIM market shares, which often held a 100% exemption from IHT. As a result of the rule changes, these will now benefit from a reduced 50% discount. Whilst this remains worthwhile considering given that it takes the effective IHT rate from 40% to 20%, it certainly becomes less appealing. &nbsp;<h2>Business Asset Disposal Relief</h2> <a href="https://www.gov.uk/business-asset-disposal-relief">BADR</a> would be kept at £1m, and would remain at 10% this year, rising to 14% in April 2025 and 18% in 2026-27. For those selling businesses or liquidating their company, this could mean a potential increase in the tax liability of the business sale of £80,000.&nbsp;<h2>Continuation of VCT/EIS legislation</h2> Aventur's holistic financial planning service provides the opportunity to optimise tax advantages investments as Venture Capital Trusts (VCTs) and Enterprise Investment Schemes (EIS). &nbsp;These offer 30% tax relief on investments made and a whole host of other advantages from It was confirmed that these will remain in place until 2035. &nbsp;<h2>Private School Fees and VAT</h2>Somewhat controversially VAT is set to be introduced to private school fees from January 2025, meaning tuition and boarding fees at independent schools will be subject to a 20% VAT charge.&nbsp; For those affected, this additional expense will likely require adjustment to long-term financial plans. &nbsp;Further information about the VAT charge for Private School fees can be found <a href="https://educationhub.blog.gov.uk/2024/11/01/vat-private-schools-everything-you-need-to-know/">here</a>, with additional information likely to be released closer to the January deadline. &nbsp;<h2>Stamp Duty Increase</h2> Stamp Duty was announced to increase for second homes, from 2% to 5% from 31st October. Homes in the purchase process that are set to complete after this date will likely be subject to the new rates. Information around the new rates and who is likely to be affected can be accessed <a href="https://www.gov.uk/government/publications/stamp-duty-land-tax-increase-to-the-higher-rates-of-stamp-duty-land-tax-and-to-the-single-rate-payable-by-non-natural-persons/380cf2b3-cc05-4457-9624-224485c29fb5">here</a>. These budget announcements present both challenges and opportunities for more strategic wealth management. And while the impact of these announced changes may seem unsettling, informed planning could be the best defense for many.&nbsp; One thing is clear though, and that is that the budget's complexities will require truly personalised advice. Our team of financial experts are ready to:<ul><li>Analyse your specific financial situation</li><li>Develop tailored strategies</li><li>Mitigate potential tax impacts</li></ul> <a href="https://www.aventur.co.uk/contact">Get in touch today</a> to discuss your current financial plans or for more information about how the budget could affect your plans. &nbsp;<hr>*Information correct at the time of publishing. This article is provided for information purposes only and should not be taken as individual advice. Aventur is not responsible for the content of 3rd party websites.

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Autumn Budget Key Points: How Will your Finances be Affected?

Aventur Team

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Since taking charge in May 2024, the new Labour government have announced that there is a £22bn fiscal shortfall leftover from the previous government. Whilst there seem to be plans in place already to raise around £5.5bn in taxes this year, the new government has made it clear that there are further difficult decisions to be made at the upcoming Autumn budget.&nbsp; With the budget on 30th&nbsp;October 2024 being the first one delivered by a Labour government since 2010, there are rumours of some potentially controversial changes. Nobody knows for sure what will be included in the upcoming budget, but considering the rumours that are circulating we’ve explored below at what is possible: &nbsp;<h2>Changes to Capital gains tax (CGT)</h2> The current annual <a href="https://www.gov.uk/capital-gains-tax">CGT allowance</a> (2024/2025) is £3,000. Any gains realised above this allowance are charged 10% for basic rate taxpayers, and 20% for higher/additional rate taxpayers.&nbsp; Rates are charged slightly higher on residential property (except for your main residence) at 18% for basic rate taxpayer, and 24% for higher/additional. Changes to capital gains tax seem to be highly anticipated, with possible reforms including: &nbsp;<ul><li>A flat rate increase: Such as the flat rate of 30% that was in place from 1965 to 1988. &nbsp;</li><li>A harmonisation for CGT with income tax rates: which could include aligning CGT rates with income tax. &nbsp;</li><li>Tapering for longer term gains: similar to the US model for taxing gains, we could see heavier taxation on short term gains, with a reduced amount for assets held over the longer term. &nbsp;</li><li>Reduction or removal of the CGT allowance: potentially further reducing the CGT allowance of £3,000 maybe to complete removal or the allowance. &nbsp;</li><li>Removal of the CGT exemption on death: currently, CGT dies with you on death, so (assuming the asset is within your estate) you would only be subject to inheritance tax. &nbsp;&nbsp;</li></ul>If any changes to CGT were to be announced, it's possible for these to be implemented either immediately following the budget or at the beginning of the next tax year, around 6th April 2025. Both approaches have been utilised in previous budgets. Predicting which method the government will adopt is challenging, but the logical choice would be to provide a 5-month window for individuals to realise gains at the current and more favourable rates, potentially leading to significant short-term revenue.&nbsp; Without such a period, individuals may choose to hold onto their assets, which, while potentially generating high tax revenue in the long run, would not provide immediate revenue for the government. Many believe that aligning capital gains tax rates with income tax rates is the likely direction, however, simplifying the current system to a flat rate, would be a less complicated solution and maybe, more viable. &nbsp;<h2>Changes to Pensions Legislation</h2> Changes to current <a href="https://www.aventur.co.uk/blog/maximising-your-retirement-a-guide-to-pension-contributions-and-tax-benefits">pension legislation</a> is another area that is drawing significant attention, and rightly so, as any changes to pension legislation would likely affect a substantial portion of the UK population. &nbsp;The possibility of any changes to pensions has so far been a contentious issue, but if announced they could include: &nbsp;<ul><li>Cuts to income tax relief:&nbsp; There is a lot of speculation around capping the income tax relief available on pension contributions. For example, setting a cap of 30% or imposing perhaps an annual maximum relief in cash terms. &nbsp;</li><li>Reinstating the lifetime allowance:&nbsp; The return of lifetime allowance has been mentioned a few times and would expectedly cause complexities for those nearing retirement. &nbsp;</li><li>Reduction of tax-free cash: A reduction to £100,000 seems to have been widely speculated and met with scepticism. &nbsp;</li><li>Inheritance tax exemption before and after age 75 rule: Another rumour is removing the inheritance exemption of pensions on death. Currently pensions sit outside of an estate for inheritance tax purposes meaning if you pass away before the age of 75, then whoever you decide to be the beneficiaries for your pension will pay no tax on drawing the funds. If you die after 75, then the funds drawn by your beneficiaries would be subject to income tax at their marginal rate. We could see the Labour government removing the ‘before 75’ tax free benefit to a pension, or even remove the inheritance tax exemption all together. &nbsp;</li><li>Restrictions to employer national insurance exemption: This limit could be at either an amount of money or a % of the employee’s salary that the employer is limited to. &nbsp;</li></ul>Given the demographic shifts and decline of final salary pension schemes supporting working people in their retirement, substantial cuts to tax relief on contributions for employee or employer seem obscure.&nbsp; &nbsp;Reducing the growth of people’s pensions which are built up to support retirement and considering the difficulty on the government to sustain a state pension on an aging population, it seems hard to validate the rationale, although not impossible. It may be more likely that the limits already in place for higher earner’s contributions to pensions could become stricter. &nbsp; &nbsp;Also, whilst putting a fixed rate of income tax relief seems simple at the surface, it would be difficult for HMRC to implement across the board and would be costly, meaning this is unlikely to raise money in the short term. &nbsp;In terms of cutting tax-free cash allowances or reinstating the lifetime allowance, if this were to occur, we usually see this done retrospectively, meaning some form of protection for the people that have built up their savings pot under the current regime. &nbsp;<h2>Changes to Inheritance Tax (IHT)</h2> There are currently two allowances available for&nbsp;<a href="https://www.aventur.co.uk/blog/inheritance-tax-what-you-need-to-know">inheritance tax;</a> the first being the nil rate band (NRB), providing an inheritance tax-free allowance of £325,000 that can be allocated to any beneficiary of your choosing. &nbsp;The second is the residence nil rate band (RNRB), offering an additional inheritance tax-free allowance of £175,000 for individuals who owned property at the time of their passing. This allowance is specifically reserved for direct descendants, such as children or stepchildren.&nbsp; &nbsp;Furthermore, assets can be transferred between spouses without incurring inheritance tax, and upon the death of one spouse, the nil rate bands may be inherited by the surviving spouse. &nbsp;There are currently ongoing discussions regarding potential changes to inheritance tax, which could have far-reaching effects. These include: &nbsp;<ul><li>Progressive tax bands: introducing progressive inheritance tax bands, starting at lower rates for smaller estates and higher rates for larger estates, potentially higher than the current rate of 40%. &nbsp;</li><li>Adjustment to business and agricultural relief: There are talks of a reduction or a cap on business relief or agricultural relief, and maybe a tightening to the qualification criteria such as removing the relief for AIM shares. &nbsp;</li><li>Reduction to other allowances: potential changes to current reliefs, such as the annual gifting allowance. &nbsp;</li><li>A wealth tax: The idea of a wealth tax, which could be a replacement for inheritance tax. For example, introducing an annual 1% wealth tax charge on estates exceeding £1,000,000. &nbsp;</li></ul>Despite the high combined cost of these allowances to the government, it seems unlikely that these important reliefs would be removed altogether due to the importance of allowing businesses and farms to continue operating.&nbsp; &nbsp;There could be an increase in time for the exemptions to count, as it currently takes two years for business relief or agricultural relief to qualify. Or potentially a tapering relief put in place where the % of inheritance tax is reduced over a number of years.&nbsp; &nbsp;Another possibility could be a limit on the amount of an estate that qualifies for business relief, such as the first 10 or 20 million of business assets. Again, it seems unlikely for the government to implement anything that will be too complicated and expensive to implement.&nbsp; &nbsp;Whatever the changes, we would expect them to be preceded by a detailed consultation exercise. It is important to note that in order for the UK to continue with its economic growth, taxing businesses in the UK too heavily could create an issue for stimulating growth and job opportunities in the UK. &nbsp;<h2>Reduction to ISA allowances and capping Private Residence Relief</h2> The potential proposal for capping <a href="https://www.gov.uk/individual-savings-accounts">ISA</a> contributions and a cap on <a href="https://www.gov.uk/tax-sell-home">private residence relief</a> could include: &nbsp;<ul><li>Lifetime caps on ISAs: implementing a cap on the total value of funds held within an ISA or a limit on contributions. &nbsp;</li><li>Private residence relief limits: Introducing limits on private residence relief from capital gains, and a potential lifetime limit on the gains or a capital gain limit per home. &nbsp;</li></ul>Both suggestions would raise capital, and considering the majority of the country does not have £20,000 to save into an ISA each year, this could be less controversial than other proposals. &nbsp;A cap on private residence relief would be a new tax and therefore be another system for the new government to establish and is not likely to create any short-term benefit.&nbsp; &nbsp;Additionally, this would cause issues for individuals in the process of, or about to sell their homes for somewhere larger, as these changes would mean they would potentially not have enough capital to do so. However, it would be unlikely to affect current homes. &nbsp;It’s likely that this tax would cause some problems for the labour party if it was introduced. &nbsp;<h2>Fuel Duty increase</h2> Over 10 years ago the government pretty much scrapped the ‘fuel duty escalator’ that had been designed to encourage the use of more eco-friendly vehicles or zero CO2 vehicles.&nbsp; &nbsp;In 2022 Rishi Sunak reduced the duty on fuel by 5p, although the impact was small due to inflation at the time. In this budget we could see: &nbsp;<ul><li>Potential for increased fuel duty: As Labour government is recommitted to introducing the ban on the sale of new combustion engine cars by 2030, there are talks of reinstating the fuel duty escalator or a similar regime.&nbsp; There are also talks of benefits in kind taxes on company cars increasing significantly in the run up to 2030. &nbsp;</li></ul>With the inflationary pressures expected to tick up in autumn, an increase in fuel duty would likely have to be pushed back until 2025.&nbsp; If this was put into effect, with the impact of the cost-of-living crisis over the last couple of years, this could prove to be a rather unpopular move. &nbsp;<h2>Property Tax changes</h2> &nbsp;Discussions are currently underway regarding proposed changes to land tax and stamp duty.&nbsp;<ul><li>Changes to stamp duty for overseas buyers: Labour’s election manifesto committed to increasing stamp duty on property charged to overseas nationals buying UK residential property, to help prevent the sale of new builds to overseas buyers. &nbsp;</li><li>A new stamp duty bracket: There is also mention of a new stamp duty threshold for ultra-high valued properties, with higher rates of stamp duty. &nbsp;</li></ul>Raising stamp duty rates for overseas nationals and ultra-high-value property transactions could be viewed favourably by the public, addressing concerns about housing accessibility for UK residents, and could provide a political advantage, whilst generating revenue. &nbsp;<h2>What to expect from the upcoming budget?</h2> While these changes aim to address the fiscal shortfall, the government must balance revenue generation with continuing economic growth and public sentiment. Rachel Reeves faces a complex balancing act and given that this is the first Labour budget in 14 years, there will likely be heightened scrutiny and expectations. &nbsp;Whatever the new Chancellor has in store for her first budget, we’ll be ready to analyse and dissect what any changes may mean for you and your finances.&nbsp;If you have any queries relating to your finances before the budget, or if you’d like to be among the first to receive our analysis of the budget, you can&nbsp;<a href="https://www.aventur.co.uk/contact">get in touch with us</a>.<hr>*Information correct at the time of publishing. This article is provided for information purposes only and should not be taken as individual advice.

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Autumn Budget 2024 Predictions

Caroline Wishart-Young

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So, you’ve spent all those years contributing into your pension and now it is time to retire and take an income, but what is the best way to do this? &nbsp;We’ve compared the pros and cons of the two most common options – Drawdown and Annuity – to help you make an informed choice about your financial future and funding your retirement. &nbsp;<h2>What are the key differences of Drawdown vs. Annuity?</h2> Before we dive into the pros and cons of drawdown vs annuity, it's crucial to understand the fundamental difference between them. &nbsp;The key difference lies in flexibility versus certainty. <a href="https://www.investopedia.com/terms/d/drawdown.asp#:~:text=A%20drawdown%20refers%20to%20how,a%20measure%20of%20downside%20volatility.">Drawdown</a> typically offers more control over your money, but it comes with ongoing responsibility and risk. Where <a href="https://www.investopedia.com/terms/a/annuity.asp#:~:text=Annuities%20are%20financial%20products%20that,sum%20payment%20or%20periodic%20payments.">an annuity</a> provides guaranteed income but lacks flexibility once set up. &nbsp;Let’s take a look at the pros and cons of each in more detail below. &nbsp;<h2>Pension Drawdown: Flexibility in Retirement Income</h2> Think of drawdown as keeping your pension pot invested while taking income from it. It's like having a savings account that you can dip into as needed. Your money remains invested in the market, potentially growing over time, but also subject to market fluctuations. &nbsp;<h3>The Pros of Choosing Pension Drawdown &nbsp;</h3><ol><li>Flexibility: As mentioned, drawdown gives you the option to increase or decrease your level of withdrawals depending on your income requirements at the time and change how often you receive the payments.&nbsp; You also have the option to take additional lump sums from your pension if they are needed. However, this can reduce how long your pension will last for and will also be subject to tax. &nbsp;</li><li>Inheritance: In the event of your death, any pension funds left over can be passed to your chosen beneficiaries , which can help loved ones financially in the future, and by completing an Expression of Wish, you’ll have peace of mind knowing that the funds have been left to those who you have chosen. &nbsp;</li><li>Growth: As your pension funds remain invested whilst you are withdrawing the money, growth can still be achieved to help prolong the length of time the income can be paid. However your investment views, circumstances, objectives and markets themselves on could change, so an ongoing assessment of your current investment strategy is essential.</li></ol><h3> The Cons of Pension Drawdown &nbsp;</h3><ol><li>Investment Risk:&nbsp;Your pension funds remain invested, this means that the value of the funds can go down, so you could end up losing some of your money.&nbsp; This approach is why it is good to have a Financial Adviser looking after your investments so you can have peace of mind that an expert is looking after this for you. &nbsp;</li><li>Longevity Risk: when in drawdown, there is a chance that you could outlive your pension money, meaning you will have a shortfall in the income you need during retirement. This can happen if you are drawing too much money out for the size of the pension pot you have. With a financial adviser they can help reduce the chances of this occurring, by working with you to plan your cash flows and spending needs to help you understand how sustainable and secure your retirement is. &nbsp;</li></ol><h2>Annuities Explained: Guaranteed Income for Life</h2> An annuity, on the other hand, is more like trading your pension pot for a regular pay-check. You give your pension savings to an insurance company, and in return, they promise to pay you a fixed income for the rest of your life, regardless of how long you live. &nbsp;<h3>The Advantages of Pension Annuities &nbsp;</h3><ol><li>Security:&nbsp;With an annuity you get a guaranteed income for life, meaning that you have a reliable income source for your lifetime; so you know exactly what is going to be received each month, no matter what.&nbsp; &nbsp;</li><li>Simplicity: No matter what is happening in the market, your income from the annuity will not change as it is a fixed amount and is not linked to any investments. &nbsp;</li><li>Increased Income Option:&nbsp;When applying for an annuity, make sure to disclose any health conditions as you may be eligible for an enhanced annuity if you have a condition which affects your life expectancy. &nbsp;</li></ol><h3>The Disadvantages of Annuities &nbsp;</h3><ol><li>Lack of Flexibility:&nbsp;When you purchase an annuity, the income is for your lifetime so there is no way to make any changes to it once it is in force.&nbsp; This means that future income needs will have to be sourced from elsewhere. &nbsp;</li><li>Inflation Risk:&nbsp;Inflation can mean that your fixed income amount could struggle to keep up with the increasing cost of day-to-day expenses.&nbsp; You can choose an annuity option which helps protect against this, but it may mean the annual amount you can get is less. &nbsp;</li><li>Limited Inheritance: In the event of your death the income payments do not pass onto any beneficiaries, they just stop.&nbsp; You can choose an option with a spousal or dependents benefit, but again this may mean the annual amount that you can get is less. &nbsp;</li></ol><h2>Key Factors to Consider when choosing Drawdown or Annuity</h2> It’s clear that there is many factors to consider when it comes to taking your pension income, speaking with a Financial Adviser can help you understand which option is the right one for you, and what you can do to achieve your desired income in retirement. &nbsp;Choosing between drawdown and annuity isn't just about the numbers – it's about your lifestyle, risk tolerance, and legacy goals.&nbsp;&nbsp;Drawdown offers flexibility and growth potential but requires ongoing management, whilst annuities provide certainty but at the cost of flexibility.&nbsp; &nbsp;<h2>Choosing the best option for Retirement &nbsp;</h2>You don't have to navigate this crucial decision alone. Our experienced financial advisers are here to help you create a personalised retirement strategy that aligns with your unique needs and goals.&nbsp;For more help planning your retirement, visit our <a href="https://www.aventur.co.uk/service/retirement">planning your retirement page</a>. &nbsp;<a href="https://www.aventur.co.uk/contact">Contact us today</a> to schedule a pension review and take the first step towards a secure and fulfilling retirement. The first meeting is always at our expense!

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Pension Drawdown vs Annuity: Which is Best?

Navigating the world of pensions and retirement planning can be complex, but it's a crucial part of <a href="https://www.aventur.co.uk/blog/your-guide-to-estate-planning">securing your financial future</a>. &nbsp;Many of our clients ask us about the benefits of making regular pension contributions especially with saving rates being at their highest level for many years.&nbsp; &nbsp;For example, is it a good idea to pay into a Cash ISA offering a guaranteed return of 4% over a pension holding investment funds?&nbsp; &nbsp;While funds can be volatile and may indeed see a loss over the time period of the ISA interest rate offered, a secure 4% return is tempting to many (although it is worth noting of course that pensions can also be invested into cash deposits). &nbsp;And whilst a comprehensive financial plan will usually involve a range of savings, investments and other assets, pensions have some key benefits that are worth examining. &nbsp;Let’s look at examples for both a work-based scheme and your own private pension below, to give you an idea of how your contributions could enhance your pension.&nbsp; &nbsp;*Note that all examples relate to taxpayers in England, Wales or Northern Ireland and refer to defined contribution scheme investment, and figures and information are correct at time of publication. &nbsp;<h2>Private pension contributions and tax relief</h2> One key advantage is that if you make a personal pension contribution within your personal allowance, you’ll receive immediate tax relief at your marginal rate.&nbsp; &nbsp;An example of this would be: &nbsp;For an individual not earning an income, you’ll receive a 20% tax relief payment into your pension based on the first £2,880 you pay in.&nbsp; &nbsp;This means you’ll make a gross investment of £3,600. &nbsp;If you are a basic rate taxpayer, then you’ll receive a tax relief payment of £20 for every £80 you pay in. This would be the equivalent of investing £100 for every £80 from your bank account! &nbsp;An added bonus of this is that claiming the tax relief is normally done for you by your pension provider.&nbsp;If you pay Income Tax above 20%, you can claim even more tax relief using your self-assessment tax return. Here, an individual would be able to claim: &nbsp;<ul><li>20% up to the amount of any income you have paid 40% tax on &nbsp;</li><li>25% up to the amount of any income you have paid 45% tax on &nbsp;</li></ul>You can complete a self-assessment via the&nbsp;<a href="https://www.gov.uk/self-assessment-tax-returns">HMRC self-assessment website</a>, through an accountant or by writing to HMRC to claim if you pay income tax at 40%. &nbsp;Let’s look at the following example of how this would affect contributions: &nbsp;Let’s imagine that ‘Individual A’ earns £60,000 in the 24/25 tax year and pays 40% tax on £9,730 (where the annual allowance for a basic rate taxpayer is £50,270, so the £9,730 is the excess &nbsp;and therefore subject to the 40% tax).&nbsp;&nbsp;They could then put £15,000 into a private pension to automatically get tax relief at source on the full £15,000. &nbsp;‘Individual A’ could then also claim an extra 20% tax relief on the £9,730 (the same amount they paid higher rate tax on) through their Self-Assessment tax return. &nbsp;They would not however, get additional relief on the remaining £5,270 they put into their pension. &nbsp;Overall, this means ‘Individual A’ would have made a total investment of £18,750 at a net cost of £13,054! &nbsp;The tax relief on contributions (amongst others!) means that pensions can be a great way to invest for your future. &nbsp;<h2>Work-based scheme pension contributions&nbsp;</h2> Let’s now consider contributions into a workplace pension scheme. There are many different workplace pension providers including&nbsp;<a href="https://www.nestpensions.org.uk/schemeweb/nest/about-pensions/why-save-with-a-workplace-pension.html">Nest</a>,&nbsp;<a href="https://www.royallondon.com/pensions/workplace-pensions/">Royal London</a> and&nbsp;<a href="https://www.aviva.co.uk/business/workplace-pensions/">Aviva</a>. &nbsp;Auto-enrolment legislation introduced in 2012 means that workers need to manually opt out of their work pension scheme. Since introduction of this legislation,&nbsp;<a href="https://www.gov.uk/government/statistics/workplace-pension-participation-and-savings-trends-2009-to-2023/workplace-pension-participation-and-savings-trends-of-eligible-employees-2009-to-2023#:~:text=The%20workplace%20pension%20participation%20rate,pension%20(up%200.4%20million).">more UK employees than ever are paying into their workplace pension scheme</a>.&nbsp; &nbsp;A workplace pension will certainly help with later life living, especially when the future of the state pension is subject to review. &nbsp;We have already seen the state pension age rise for both men and women, and this is due to rise again between 2026-2028 and further still between 2044-2046.&nbsp; &nbsp;It is also anticipated that retiring early (or at least comfortably!) is unlikely to be sustainable without a good level of personal pension wealth.&nbsp;&nbsp;The long-term thought is that the state pension will never be a means tested benefit but with the age rising to 68 by 2024, it is showing signs that sustainability is going to be difficult with the growing age of the population. &nbsp;When looking at your pension planning, a good place to start is with your workplace scheme.&nbsp; Not only do you receive the tax relief on your own contributions, but your employer will also be paying into the scheme.&nbsp;For someone ready to start their pension journey this is a great way to boost your retirement, as many employers match your contributions up to certain levels. &nbsp;It is true that your future pension income will be taxed at the marginal rate when you retire, and for many individuals this will likely be at the basic rate.&nbsp; &nbsp;But don’t forget that under current rules you are also able to take 25% of your pension tax free.&nbsp; &nbsp;This does still mean that a good portion of your pension will be taxable, but if you are able to save over many years, the tax relief you have received will also form part of your potential growth.&nbsp; &nbsp;Should someone start saving for their pension at their first opportunity, their savings are likely to see over 50 years of investment. And, whilst growth can never be guaranteed, this should, with careful advice, see a secure retirement.&nbsp; &nbsp;It may seem early, but a worthwhile exercise is to calculate what sort of income you need in retirement.&nbsp;&nbsp; &nbsp;<h2>How much will you need to save for retirement?</h2> Begin by assessing your total outgoing and allow for things like holidays, emergencies and your desired lifestyle, as this can help with seeing how much your private pension will need to be. &nbsp; &nbsp;The full state pension is currently £11,502 a year (the full basic state pension is £8,814 per annum), so additional retirement income from a private pension will likely be needed &nbsp;A married couple earning the full state pension with no other income sources would generate almost £2,000 per month.&nbsp; &nbsp;So, saving just £100 per month with even just annual growth of 2% for 50 years would be worth over £100,000 over the long-term, and having a pension fund paying an annuity (an income for life based on the size of your pension pot) or flexibly would mean a more secure retirement. &nbsp;<h2>Potential Pension changes in the 2024 Autumn Budget</h2> At the time of writing, there is a potential for tax relief to change on the pension contributions in the 2024 Autumn budget. Currently, a significant portion of tax relief (estimated at 56%) is at the higher rate. For more on this topic, why not read our <a href="https://www.aventur.co.uk/blog/autumn-budget-2024-predictions">Autumn Budget 2024 predictions</a>. &nbsp;Reducing the relief to a flat 20% would represent a considerable tax saving for the government but would be extremely unpopular amongst savers.&nbsp; &nbsp;It is possible that reduction from the 40% may be announced, so it may be worthwhile considering a lump sum payment before any new legislation is brought in. &nbsp;As discussed, when it comes to your retirement, having a range of investments, savings, property and additional assets is desirable, but it is also clear that contributing into a pension in any capacity should form an important part of your financial planning.&nbsp; &nbsp;If you’re ready to take the next step, why not schedule a consultation with our&nbsp;financial experts to discuss your unique retirement goals and explore the best pension options for you.&nbsp; <a href="https://www.aventur.co.uk/contact">Contact us today</a> so that our team can help you: &nbsp;<ul><li>Assess your current pension situation. &nbsp;</li><li>Identify potential gaps in your retirement plan. &nbsp;</li><li>Develop a personalized savings strategy. &nbsp;</li><li>Maximise tax benefits and optimize your contributions. &nbsp;</li></ul><hr>*Capital at Risk. The value of investments can go down as well as up and you may not get back the full amount you invested.

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Maximising Your Retirement: A Guide to Pension Contributions and Tax Benefits

<h2>Understanding the new Pension Changes &nbsp;</h2>The big news in Jeremy Hunt’s 2023 spring Budget was the unexpected abolition of the Lifetime Allowance (LTA) charge. The complete abolition was certainly not one that I had on my budget bingo scorecard!&nbsp; &nbsp;Until the budget, the LTA stood at £1,073,100, an all-round relatively unstable figure that had been increased, decreased and frozen before it was eventually scrapped. &nbsp;<h2>What was the LTA and why was it scrapped? &nbsp;</h2>By way of a reminder, the aim of the LTA was to limit the amount of tax-privileged benefits that can be accumulated by an individual across all of their pensions. This change will come into affect on the 6th April 2024. &nbsp;It was calculated and tested when benefits are drawn (or at age 75 if earlier) which is a ‘benefit crystallisation event’. &nbsp;These benefit crystallisation events would use up all or part of the LTA and once the limit had been reached, the payment of any additional benefits will give rise to a tax charge.&nbsp; &nbsp;The rate was 25% for income payments subject to a marginal rate of tax, and 55% for lump sum capital payments. &nbsp;With the LTA charge being abolished, pension savers need no longer worry about the overall value of their pension in this context.&nbsp; &nbsp;Labour has previously said it will reinstate the lifetime allowance, although there is no publicised plan as to how exactly they would go about this.&nbsp;&nbsp;We of course are now likely in an election year, it is hard to imagine the electoral winner completely scrapping these detailed new rules, although further tweaks are always a possibility (and going off the LTA since 2006, very likely!). &nbsp;<h2>What are the new pension allowances? &nbsp;</h2>So, what does this mean for individuals? Are we now… unlimited? Well, unfortunately not! &nbsp;There are effectively now three new allowances to consider: &nbsp;<ol><li>Lump Sum Allowance (LSA) &nbsp;</li><li>Lump Sum and Death Benefits Allowance (LSDBA) &nbsp;</li><li>Overseas Transfer Allowance (OTA) &nbsp;</li></ol><h3>Lump Sum Allowance (LSA) &nbsp;</h3>The standard lump sum allowance (the 25% element you can take tax-free) will now be capped at £268,275 with no provisions in legislation to increase this. As the mathematicians reading may have noticed, this is 25% of the old LTA so there is effectively no change in the amount of tax-free cash that can be taken.&nbsp; &nbsp;Those with LTA protection will be given an LSA based on their protected LTA, although treatment of transitional protections will be another separate blog post so watch this space! &nbsp;<h3>Lump Sum and Death Benefits Allowance (LSDBA) &nbsp;</h3>The standard lump sum allowance (a cap on the tax-free death benefits available from a pension) will now be capped at £1,073,100 with no provisions in legislation to increase this. As with the LSA, those with protection will have their LSDBA set in line with their LTA protection.&nbsp; &nbsp;The implementation of the LSDBA does not mean an increase in tax payable on pension benefits on death where the pension benefits have not yet been crystallised compared to the rules under the LTA.&nbsp; &nbsp;This is because prior to 6 April 2023, a 55% LTA tax charge would have applied to the value of any excess uncrystallised funds lump sum death benefit over an individual’s available LTA. Now that the LTA tax charge has been removed, any excess uncrystallised funds lump sum death benefits will be subject to Income Tax at the beneficiaries’ marginal rate (up to 45%). &nbsp;<h2>What does this change mean for you? &nbsp;</h2>It will have a detrimental impact for any individuals who die before age 75, have crystallised funds in excess of their LSDBA where they have already drawn some of their pension benefits.&nbsp; &nbsp;Under the old LTA rules, the value of crystallised pension benefits in drawdown, or flexi-access drawdown, or as a dependant’s annuity, are not tested against the LTA on death and can be passed on to completely tax free.&nbsp; &nbsp;From 24/25 tax year onwards, should an individual pass away before age 75, the value of their pension benefits on death will be tested against the LSDBA and any excess will be taxed at the beneficiaries’ marginal rate of income tax.&nbsp; &nbsp;<h2>What might change in the future? &nbsp;</h2><h3>Overseas Transfer Allowance (OTA) &nbsp;</h3>This one will impact a lot less of us than the LSA/LSDBA, but worth noting.&nbsp; &nbsp;Largely noticed by those of us who have specialised in pensions for some time, the BCE 8 test is now being substituted with the OTA.&nbsp;The OTA is linked with an LSDBA and the existing overseas transfer charge (OTC). Any transfer to a QROPS exempt from the current OTC will undergo test against the OTA, and any surplus beyond the allowance will incur the overseas transfer charge, currently set at 25%. &nbsp;<h2>Conclusion &nbsp;</h2>The above is a welcome change to many with large pension funds or plans to accumulate them, but as with any legislative change – there are several nuances that are important to be aware of and bespoke advice on your specific circumstances is important in ensuring that you take advantages of the opportunities available.&nbsp; &nbsp;To speak to one of our team about the LTA and how you can navigate the changes, <a href="https://www.aventur.co.uk/contact">send us a message</a>. &nbsp;<hr>Sourceshttps://www.gov.uk/government/publications/lifetime-allowance-guidance-newsletter-march-2023/lifetime-allowance-guidance-newsletter-march-2023

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Our Guide to the Lifetime Allowance Changes

Our Spring Budget 2024 predictions were all about how the government would navigate the competing challenges of inflation, cost-of-living pressures, and a sluggish economy. &nbsp;So, let's see how those predictions stacked up against the actual announcements: &nbsp;<h2>Income Tax &nbsp;</h2>No changes to personal tax rates or allowances, as Income tax cuts were off the table this year. &nbsp;This means Main personal allowance and 40% thresholds will remain at same levels and will do so until 2027/28. &nbsp;<h2>National Insurance &nbsp;</h2>Further cuts to NICs beyond those announced in the Autumn Statement were expected – and they were confirmed. &nbsp;Employees class 1 NIC reduced from 10% to 8% with effect from 6th April 2024, and there was a cut in NIC class 4 for self employed to 6% with effect from 6th April 2024. &nbsp;The self-employed have had to pay flat rate Class 2 NIC for many years, which have conferred entitlement to State pension, as well as profit-related Class 4 NIC. &nbsp;As announced in the Autumn Statement, from 6 April 2024, Class 2 NIC will not be required to secure benefits for anyone earning above £6,725, saving £179.40 a year for those earning over £12,570. &nbsp;Anyone earning less than that can still pay Class 2 voluntarily in order to maintain a full contribution record; the Spring Budget included an announcement that the Government will consult later this year on how to achieve abolition of Class 2 for those affected. &nbsp;<h2>VAT Changes &nbsp;</h2>An increase in the VAT registration threshold to benefit small businesses was rumoured to be a possibility. &nbsp;The good news for small businesses arrived! The VAT registration threshold was indeed raised to £90,000 and £88,000 – the first threshold increase since 2017, and both will come into effect on 1st April 2024. &nbsp;It was announced during the Budget that these thresholds would be frozen, but there was no indication as to how long that might be for. &nbsp;<h2>Investment into UK Enterprise &nbsp;</h2>It was rumoured in the Autumn Statement that ISA investors could be encouraged to invest in UK listed shares. &nbsp;In the Spring Budget, the Chancellor announced a consultation on a new ‘British ISA’, which would give an additional annual allowance of £5,000 to be invested in British companies. &nbsp;However, no date has yet been set for the introduction of this product. &nbsp;<h2>Inheritance Tax (IHT) &nbsp;</h2>The rates for IHT nil rate band remains unchanged at £325,000 until the end of 2027/28, meaning the threshold has been the same since April 2009. &nbsp;Even though more people may be subject to the tax, the £175,000 ‘residential nil rate band enhancement’ on death transfers may reduce impact where it applies. &nbsp;Married couples may now be able to leave up to £1 million free of IHT to their direct descendants (£325,000 plus £175,000 from each parent), but the rules are complicated.&nbsp; Read our <a href="https://www.aventur.co.uk/blog/inheritance-tax-what-you-need-to-know">IHT Guide</a> to see how current guidelines may affect you, or get in touch with our team for a more in-depth exploration of your situation. &nbsp;<h2>Child Benefit Reform &nbsp;</h2>The government seemed to heed the words of Martin Lewis and delivered a change in Child Benefit thresholds, which will be a welcome change for many. &nbsp;The threshold for the High-Income Child Benefit Charge was confirmed to be increased from £50,000 to £60,000 for 2024/25. &nbsp;A joint income review expected in the predictions wasn’t announced, however this is now expected to be reviewed in 2026. &nbsp;<h2>Cigarette and Alcohol Duty &nbsp;</h2>As expected, the 5p cut in fuel duty was indeed held steady. &nbsp;<h2>National living wage &nbsp;</h2>It was announced that from 1st April 2024, the National Living Wage will apply to those aged 21 and over rather than 23, and will rise to £11.44 per hour. &nbsp;<h2>Capital Gains Tax (CGT) &nbsp;</h2>The maximum rate of CGT on residential property was cut to 24%, exceeding predictions of it remaining unchanged. &nbsp;For this budget, the Chancellor seemed to prioritise tax breaks through reduced NICs and a higher VAT registration threshold, but held off on income tax cuts. &nbsp;This could suggest a plan to focus on stimulating business activity and immediate cost relief for workers, rather than long-term changes to income tax brackets. However, the announcement of a reduction in the CGT rate for higher-rate taxpayers on residential property was a surprising twist. &nbsp;This budget walked a tightrope between providing tax relief and managing a challenging economic climate. With the next election looming, it will be interesting to see how these measures play out in the coming months.&nbsp; If you have any queries relating to your finances, you can <a href="https://www.aventur.co.uk/contact">get in touch with us</a>.

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Spring Budget 2024 Key Points

With the 2024 Spring Budget being the last one before a general election, it will be interesting to see how the government balances ongoing inflation battles with a cost-of-living crisis, and a relatively sluggish economy.&nbsp;The cost-of-living crisis has put people’s finances in the public eye and is sure to be front and centre of the headlines at this election.&nbsp;Looking at the polls, we can see Labour are well out in front and the Tories will need to weigh up the amount of fiscal headroom they have (and cynically how much fiscal headroom they may want to leave behind!).&nbsp;Although faced with a sluggish economy and still not completely out of hot water with inflation, there are some positives for Chancellor Jeremy Hunt.&nbsp;For example, public sector net borrowing fell to £7.8 billion in December 2023 which is certainly a large number. However, it is still around half of the previous year and is the lowest since 2019.&nbsp;With the above in mind, what can we expect to see in the 2024 Spring Budget? Here are our predictions and what we’d like to see happen in March:<h2>&nbsp;</h2><h2>Possible Income Tax Cuts &nbsp;</h2>There has been speculation that any headroom at all would be used on a Basic Rate tax cut. Hinting that the rate of income tax at the marginal rate could be reduced to 18%.&nbsp;With the NIC cut in January, could we see even a 1% or 2% cut to the Basic Rate? It would certainly prove to be a popular decision.&nbsp;&nbsp;Perhaps now would be a good time to reverse some of the ‘silent tax hikes’ that we have seen with the frozen thresholds. It’s important to remember though that tax rates are different in Scotland.<h2>&nbsp;</h2><h2>VAT Changes &nbsp;</h2>If the government does opt for expansionary fiscal policy, another rumoured change could be to raise the VAT registration threshold.&nbsp;Whilst this could be good news for small businesses, it is important to consider how it would affect prices for everyday shoppers.<h2>&nbsp;</h2><h2>Investment into UK Enterprise &nbsp;</h2>Brexit unlocked new possibilities for encouraging investment in UK companies. And there is now greater flexibility regarding how incentives are applied to UK companies compared to foreign shares.&nbsp;It was rumoured in the Autumn Statement that ISA investors could be encouraged to invest in UK listed shares. So, it will be interesting to see if there are any further details released in next month’s budget.<h2>&nbsp;</h2><h2>Inheritance Tax (IHT) &nbsp;</h2>A potential end to inheritance tax is a possibility, although it has been downplayed by the Government.&nbsp;&nbsp;Only 4% of estates have been subject to the tax but it has proven to be unpopular. A change to IHT could prove to be a welcome tax break, costing the Government relatively little in lost revenue.&nbsp;Read our&nbsp;<a href="https://www.aventur.co.uk/blog/inheritance-tax-what-you-need-to-know">IHT Guide</a> to see how current guidelines may affect you.<h2>&nbsp;</h2><h2>Child Benefit Payment Reform &nbsp;</h2>After a lot of recent media attention, the current threshold for child benefit being based on a single person earning over £50k is likely to be reviewed.&nbsp;&nbsp;Currently, a couple with a combined income of £49k each is eligible for child benefit. However, if one partner earns £70k and the other earns £28k, they will not receive support. Therefore, we could see some changes and equalisation.&nbsp;&nbsp;Martin Lewis in particular has been campaigning for this change, so it is possible we will see some sort of movement on this issue.<h2>&nbsp;</h2><h2>Cigarette and Alcohol Duty &nbsp;</h2>Cigarettes and alcohol are always easy wins for tax from the government. However, it has previously been hinted that alcohol duty may not increase in this budget. &nbsp;This may be different in Scotland.&nbsp;<h2>What to expect from the upcoming budget?</h2>&nbsp;Ultimately, we all want tax cuts that put more money in our pockets. This could boost spending, savings, and potentially even influence interest rates. And a strong economy benefits everyone, so we hope the Chancellor considers this.&nbsp;Whatever the Chancellor has in store for the budget, we’ll be ready to review and dissect what any changes may mean for you and your finances. If you have any queries relating to your finances, you can&nbsp;<a href="https://www.aventur.co.uk/contact">get in touch with us</a>.

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Spring Budget 2024 Predictions

When working with clients who haven’t used a holistic financial planning service like Aventur before, we often get feedback that it was a completely different experience (and usually more enjoyable) to what they were expecting when reaching out to us for help.&nbsp;&nbsp;If you'd like to know more about Aventur and how we got started, you can read <a href="https://www.aventur.co.uk/blog/who-are-aventur">our story</a> - trust us, it's a good one! &nbsp;One of the most common misconceptions that we encounter is that we are stock picking ‘wizzes!&nbsp;&nbsp;We are qualified investing experts and we do our research. However, we can’t give you 10 stocks that will make you a guaranteed 50% return over the next year.&nbsp;And we can’t tell you whether Bitcoin is going up, down, left, or right. (Ps. if anyone actually can do the above, please do get in touch as we want you managing our portfolios!)&nbsp;So, if we can’t make you rich quick, what can we do when you ask us for advice on your investment portfolio?&nbsp;Our job is to understand where you are now. Learn exactly where you want to get to, and put a plan together to help you get there. You can read some of the benefits of financial planning in our&nbsp;<a href="https://www.aventur.co.uk/learn/guide-financial-planning">comprehensive guide</a>.&nbsp;For clients with long-term goals, this will usually involve some element of investing. &nbsp;Read our 10 step guide below, and learn how Aventur will help you invest to reach your financial goals! &nbsp;<h2>Getting to Know You &nbsp;</h2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Firstly we’ll have a quick call with you to introduce ourselves, and understand a little bit about what you’re looking for. &nbsp;This isn't usually too intensive – just enough to make sure that we are able to do the preparation needed for you at our first meeting. &nbsp;This also gives you an opportunity to gather a few bits of information we need as “homework” ahead of the first meeting. &nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The first meeting will generally be an opportunity for us to get to know you, and for you to ask questions about us and what we do.&nbsp;Ultimately, not every adviser is right for every client and vice versa – we are all about long-term relationships; so, it needs to be a good fit. &nbsp;If it seems like we're a good fit, we’ll then need to know more about you. We will need to get a little nosey as this will involve your finances, but we’ll also ask about your family, and what you want to achieve in life! &nbsp;We’ll ask questions like: what does that dream retirement look like for you? How much do you want to spend each year on cruises? What do you want the budget to be for the Porsche you are buying yourself as a retirement gift? &nbsp;<h2>Follow Up and Planning &nbsp;</h2>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shortly after our meeting, we will send you our follow up. &nbsp;This isn’t advice at this stage but is a summary of what was discussed with a few of our initial thoughts on what you might do and a proposed action plan. &nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Often alongside our follow up, we will also need your help by signing any letters of authority to allow us to liaise with your current providers.&nbsp;&nbsp;We will also need you to engage us formally by signing our client agreement, which outlines key information and tells us that you want us to get to work! &nbsp;<h2>Analysing Your Portfolio &nbsp;</h2>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once we have received the relevant paperwork, we’ll get busy contacting your current providers. &nbsp;We are independent advisers, and the benefit of this means that we can look at how your finances are currently set up and see if there is a better option.&nbsp;We don’t have set products to sell you, so to be able to identify potential improvements to make to your investment strategy and plan, we need to analyse exactly what you have, what service you’re getting, what returns you are getting and what you are paying. &nbsp;This process can take a little while to complete, as there are several parties involved – so you can expect to see weekly updates on where we are with this. &nbsp;<h2>Choosing Your Risk Profile &nbsp;</h2>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whilst we are doing that, we will also usually need you to do a little more homework. It's important that your investment strategy is personal to you, and you're comfortable with the level of risk. &nbsp;We have created our own industry leading risk analysis and forecasting tool; so we'll send you a link to a short questionnaire to fill in. &nbsp;<h2>Your Personalised Financial Plan &nbsp;</h2>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once we have your risk questionnaire and all the information we need from your current providers, it’s time for us to make our recommendation. &nbsp;This will outline what you have currently have. Whether it’s cash savings or investments, including how much it is costing you and how it is performing. &nbsp;We’ll then provide you with a recommendation on what course of action would help you to achieve your goals. This may be to increase contributions, change funds or, if necessary, move your investment completely. &nbsp;We’ll always provide reasoning behind our recommendation, and you can be assured we have done our research.&nbsp;We’ll provide a side-by-side comparison of cost and performance for you to compare, as well as our costs to carry out the recommendation for you. &nbsp;At Aventur we use a discretionary fund manager to run our model portfolios. This means you’ll have the peace of mind that your investments are being taken care of on your behalf, without the need to sign multiple forms when changes are made. &nbsp;<h2>Understanding and Approval &nbsp;</h2>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once you’ve had our recommendation report and had some time to digest it, we will need to catch up to make sure that you understand it and are happy with it. &nbsp;We’re passionate about keeping things clear and understandable, and make sure our reports are easy to read. However, we appreciate that the amount of information means that you’ll have questions. This is why we’ll arrange another call to go through the advice and answer any that you may have. &nbsp;If you’re happy with the advice and wish to go ahead, we’ll provide you with the documents needed to get the ball rolling. &nbsp;As a certified B Corp, many of our processes are paperless, so you’ll be able to digitally sign your documents, allowing us to work more quickly and cost-efficiently. &nbsp;<h2>Taking Action &nbsp;</h2>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once we have agreed a way forward and you have sent the documentation back, it's back to work again for us and our amazing administration team to make it happen! &nbsp;Part of our service is to give you peace of mind in delegating responsibility for your finances to professionals. Which is why we’ll send you updates at each stage of the process and ensure that the advice is carried out as quickly as possible. &nbsp;10.&nbsp;&nbsp;Once our recommendation has been carried out, you’ll receive conformation from us and from the provider confirming any actions that have taken place. &nbsp;So there you have it; how to invest with Aventur! At the end of this process, you'll have a portfolio put together by professionals, and a personalised plan to achieve your goals.&nbsp; &nbsp;<h2>Our Ongoing Service &nbsp;</h2>As your Financial Planners, we also provide an ongoing service. This means we're here to help you at any point, and once a year we will provide you with an annual review of your plan. &nbsp;We will usually plan to reassess your risk level in 12 months. This will also be to see if anything has changed that could impact the advice we provided previously. &nbsp;If you're interested in learning what we can do for you and your finances,&nbsp;<a href="https://www.aventur.co.uk/contact/">get in touch</a> with our team.&nbsp;<hr>*Capital at Risk. The value of investments can go down as well as up and you may not get back the full amount you invested.

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How to Invest: Our 10 step Guide

People often use the terms "financial advice" and "financial planning" interchangeably in the world of personal finance. But understanding the subtle differences between them can be the key to unlocking a more secure future.&nbsp; &nbsp;So, let's explore the crucial differences and benefits of both! &nbsp;<h2>Financial Advice: A Targeted Solution &nbsp;</h2>Imagine financial advice as a skilled mechanic diagnosing a specific issue with your car. You bring in your vehicle with a sputtering engine, and the mechanic pinpoints the faulty spark plugs. And then recommends a suitable replacement. This solves the current problem, but doesn't fully assess your car's health or future needs. &nbsp;Similarly, financial advice focuses on solving specific financial concerns; do you need help choosing the right investment for your short-term goals? A financial adviser can analyse your risk tolerance and suggest suitable options. &nbsp;Or, perhaps you're worried about optimising your tax allowance? An adviser can navigate the complexities of the tax code and recommend strategies to minimise your burden. &nbsp;<h2>Financial Planning: The Bigger Picture &nbsp;</h2>So, what about financial planning? &nbsp;Well, think of your car as more than just a machine; it is an important tool that takes you where you need to go. Similarly, a financial plan sees your finances as the driving force behind your future goals.&nbsp; &nbsp;Financial planning is like having an experienced architect draft a blueprint for your finances. They'll consider every aspect from your current income and expenses to your retirement dreams and estate planning needs. &nbsp;A financial planner will delve deep into your goals, risk tolerance, and financial constraints. They'll analyse your current financial situation, including your income, debts, assets, and liabilities. With this comprehensive understanding, they'll then:&nbsp;<ul><li>Develop a roadmap:&nbsp;This personalised plan outlines strategies to achieve your goals. This could be saving for a down payment on a house, building a nest egg for retirement, or funding your children's education. &nbsp;</li><li>Set a budget:&nbsp;They'll help you set a realistic budget spending plan that aligns with your goals and priorities. This will ensure you're not living beyond your means. &nbsp;</li><li>Recommend investment strategies:&nbsp;Based on your risk tolerance and time horizon, they'll suggest suitable investment vehicles to help your money grow. &nbsp;</li><li>Address risk management:&nbsp;They'll guide you on insurance coverage and other strategies to mitigate financial risks and protect your loved ones. &nbsp;</li><li>Regularly review and adjust:&nbsp;Life is dynamic, and so your financial plan should be able to adapt. Your planner will stay by your side, they'll review your progress and adapt the plan as your circumstances or goals evolve. &nbsp;</li></ul><h2> The Benefits of Financial Guidance</h2>&nbsp;Professional financial help offers more than just numbers; it provides targeted advice and a comprehensive plan. Here's how working with a financial professional can empower you:&nbsp;<ul><li>Peace of mind:&nbsp;Knowing your finances are in good hands can reduce stress and anxiety. This allows you to focus on what truly matters and what you enjoy. &nbsp;</li><li>Reduced risk of financial mistakes:&nbsp;With expert guidance, you're less likely to make costly mistakes. Like choosing unsuitable investments or falling prey to financial scams. &nbsp;</li><li>Increased financial literacy:&nbsp;Working with a professional helps you gain valuable financial knowledge and confidence. This can equip you to make more informed decisions in the future. &nbsp;</li><li>Greater accountability:&nbsp;Having a professional holds you accountable to your financial goals. This can be a powerful motivator keeping you on track for success. &nbsp;</li><li>Long-term financial security:&nbsp;By proactively planning for your future, you're taking control of your financial destiny. &nbsp;</li></ul><h2> Finding the right fit: Your Financial Guide &nbsp;</h2>The financial landscape is vast, and navigating it requires the right guide. When choosing a financial advisor or planner, consider their qualifications, experience, and investment philosophy. Make sure they're regulated and authorised by the FCA; as this means they must prioritise your best interests. Don't hesitate to ask questions and interview multiple professionals before making a decision. &nbsp;Remember, investing in your financial well-being is an investment in your future. Whether you want a targeted solution to a specific problem or a comprehensive plan for your financial journey. Professional help can be the compass that steers you towards a brighter and more secure tomorrow. &nbsp;So, take the first step, explore your options, and embark on the path to financial empowerment by <a href="https://www.aventur.co.uk/contact">getting in touch with our team</a>.&nbsp; &nbsp;As a starting point, why not check out our <a href="https://www.aventur.co.uk/learn/guide-financial-planning">Comprehensive Guide to Financial Planning</a>!

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Financial Advice vs Financial Planning: What's the Difference?

Budgeting and saving are two of the most important aspects of personal finance. A budget can help you track your income and expenses, identify areas where you can cut back, and reach your financial goals.&nbsp; Saving money can help you build an emergency fund, afford major purchases, and retire comfortably. &nbsp;There are many different budgeting and saving methods out there, so it's important to find one that works for you and your lifestyle.&nbsp; Here are a few of the most popular methods, along with their pros and cons: &nbsp;<h2>The 50/30/20 Budgeting Method &nbsp;</h2>The 50/30/20 budgeting method is a simple and effective way to prioritise your spending. With this method, you divide your income into three categories: needs, wants, and savings. &nbsp;<ul><li>Needs:&nbsp;This category includes essential expenses such as housing,&nbsp;food,&nbsp;transportation,&nbsp;and healthcare. &nbsp;</li><li>Wants:&nbsp;This category includes non-essential expenses such as entertainment,&nbsp;dining out,&nbsp;and travel. &nbsp;</li><li>Savings:&nbsp;This category includes money you're saving for short-term and long-term goals. Such as an emergency fund,&nbsp;down payment on a house,&nbsp;or retirement.</li></ul> Pros: &nbsp;<ul><li>Simple and easy to follow &nbsp;</li><li>Helps you prioritise your spending &nbsp;</li><li>Can help you reach your financial goals</li></ul> Cons:<ul><li>May not be flexible enough for everyone &nbsp;</li><li>Can be difficult to stick to if you have a lot of debt or unexpected expenses &nbsp;</li></ul><h2>The Pay yourself First Budgeting method &nbsp;</h2>The pay yourself first method is another simple and effective way to save money. With this method, you set aside a specific amount of money from your salary each month before you pay any other bills.&nbsp; This method ensures that you're saving money consistently, even if you have unexpected expenses come up. &nbsp;Pros: &nbsp;<ul><li>Easy to implement &nbsp;</li><li>Forces you to save money,&nbsp;even if you don't have a lot of extra cash &nbsp;</li><li>Can help you reach your financial goals faster</li></ul> Cons: &nbsp;<ul><li>Can be difficult to stick to if you have a lot of debt or unexpected expenses &nbsp;</li><li>May not be flexible enough for everyone &nbsp;</li></ul><h2>Zero-Based Budgeting Method &nbsp;</h2>A zero-based budget is a more detailed budgeting method that accounts for every dollar of your income.&nbsp; With this method, you start by listing all of your expenses, both fixed and variable.&nbsp; Then, you assign each dollar of your income to a specific expense or savings goal. &nbsp;Pros: &nbsp;<ul><li>Very detailed and comprehensive &nbsp;</li><li>Helps you track your spending and identify areas where you can cut back &nbsp;</li><li>Can help you reach your financial goals more quickly &nbsp;</li></ul>Cons: &nbsp;<ul><li>Can be time-consuming to set up and maintain &nbsp;</li><li>May be difficult to stick to if you have a lot of debt or unexpected expenses &nbsp;</li></ul><h2>The Envelope System Method</h2> The envelope system is a budgeting method that uses cash instead of cards like credit or debit. This method is also known as cash stuffing.&nbsp; With this method, you withdraw a specific amount of cash for each expense category at the beginning of each month.&nbsp; Once you have spent all the cash in a particular envelope, you cannot spend any more in that category. Pros: &nbsp;<ul><li>Very visual and easy to track your spending &nbsp;</li><li>Can help you avoid overspending &nbsp;</li><li>Can help you stay disciplined with your budget</li></ul> Cons: &nbsp;<ul><li>Can be inconvenient to carry around cash &nbsp;</li><li>May be difficult to track your spending if you have a lot of different expenses &nbsp;</li><li>Can be difficult to adjust your budget if your income or expenses change &nbsp;</li></ul><h2>Which budgeting method is best? &nbsp;</h2>The best budgeting method for you is the one that you can stick to. If you're not sure which one to choose, start with the 50/30/20 budget or the pay yourself first method. These are both simple and effective, and they can help you start saving money right away. &nbsp;Once you've been using a budgeting method for a while, you can adjust it to fit your specific needs and goals. For example, if you're trying to save for a down payment on a house, you may want to save more of your income.&nbsp;It's also important to review your budget regularly and make adjustments as needed. Your financial situation can change over time, so your budget should change too. &nbsp;

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Which Budgeting Method is Right for You?

Are you afraid to ask your parents about money? Money is a sensitive topic for many people, and it can be especially difficult to talk to your parents about it.&nbsp; But it's important to have these conversations. Especially as you get older and start taking on more financial responsibility. &nbsp;Read on to get our tips on how to talk to your parents about money! &nbsp;<h2>How to talk to your parents about money</h2> Some of our top tips to begin the conversation about money with your parents include: &nbsp;<ul><li>Choose the right time and place. Don't try to have this conversation when you're both stressed or tired. Pick a time when you can both relax and focus on the conversation. &nbsp;</li><li>Be honest and open. Don't sugar-coat your situation or try to hide anything. Your parents are more likely to be understanding if you're honest with them. &nbsp;</li><li>Be specific. Don't just mention that you're struggling financially. Tell your parents what your specific financial goals are and how you think they can help you achieve them.</li><li>&nbsp;</li><li>Be respectful. Remember that your parents may have different opinions than you. Be respectful of their opinions, even if you don't agree with them. &nbsp;</li><li>Be willing to listen. This is just as important as talking. Listen to your parents' concerns and try to see things from their perspective. &nbsp;</li></ul><h2>Specific financial topics you could discuss with your parents: &nbsp;</h2><ul><li>Your current financial situation. How much money do you make? How much debt do you have? What are your monthly expenses? &nbsp;</li><li>Your financial goals. What do you want to achieve financially? Do you want to buy a house? Save for retirement? Pay off your student loans? &nbsp;</li><li>How your parents can help you. Are they willing to help you pay for college? Give you a loan? Help you create a budget? &nbsp;</li><li>Their own financial situation. How much money do they have saved? Do they have any debt? What are their retirement plans? &nbsp;</li></ul>It's also important to remember that talking to your parents about money must not be a one-time conversation. It's something you should continue to do throughout your life. Especially as your financial situation changes. &nbsp;<h2>Extra tips for talking to your parents about money: &nbsp;</h2><ul><li>Start by asking them questions about their own financial experiences. This will help you understand their point of view. As well as helping them feel at ease discussing their finances with you. &nbsp;</li><li>Be prepared to answer their questions about your finances. They may want to know how much money you make, how much debt you have, and what your financial goals are. &nbsp;</li><li>Be open to compromise. It's unlikely that you and your parents will agree on everything about money. Be willing to compromise and find solutions that work for both of you. &nbsp;</li><li>Don't give up if the first conversation doesn't go well. Try again later or use a different approach. &nbsp;</li></ul><h2>What to do next &nbsp;</h2>If you're struggling to talk to your parents about money, there are a few resources that can help. You can talk to a financial advisor, a trusted friend or family member, or even a therapist.&nbsp; There are also many books and websites that offer advice on how to talk to your parents about money. If you're ready to set yourself some goals, check out our guide to <a href="https://www.aventur.co.uk/learn/how-to-set-smart-personal-financial-goals">setting SMART financial goals</a>. &nbsp;Talking to your parents about money is a big step, but it's one that can be very rewarding. By following these tips, you can make the conversation go more smoothly and get the support you need!

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How to Talk to Your Parents About Money

Financial scams are a growing problem in the UK. In 2022, UK consumers lost a combined £1.2 billion to fraud, according to the&nbsp;<a href="https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2023">UK Finance Fraud Report</a>.&nbsp; This is a staggering amount of money. So it's important to be aware of the different types of financial scams as well as <a href="https://www.aventur.co.uk/blog/how-to-teach-your-children-about-money">educating yourself and your family</a> about money so that you can spot scams, and avoid them. &nbsp;<h2>Types of financial scam</h2> Here are some of the most common types of financial scam in the UK:&nbsp;<ul><li>Advance fee:&nbsp;This involves the promise of a large sum of money in return for a small upfront payment. For example, you might be told that you have won a lottery but need to pay a processing fee in order to claim your prize. Once you pay the fee, you will never hear from the scammers again. &nbsp;</li><li>Tech support:&nbsp;This involves the caller pretending to be from a legitimate tech company. Such as Microsoft or Apple. They will tell you that there is a problem with your computer and that you need to pay them to fix it. However, there is no real problem, and you will just be giving your money to the scammers. &nbsp;</li><li>Phishing:&nbsp;This involves the sending of emails or text messages that appear to be from a legitimate company. Such as your bank or credit card company. The emails or text messages will often contain a link that takes you to a fake website that looks real. Once you enter your personal information on the fake website, the scammers will steal it. &nbsp;</li><li>Emergency scams:&nbsp;These types of scam involves the caller pretending to be from a government agency. They will tell you that there is an emergency and that you need to pay them money immediately. However, there is no real emergency, and you will just be giving your money to the scammers. &nbsp;</li><li>Imposter scams:&nbsp;These types of scam involve the caller pretending to be someone you know. such as a friend, family member, or government official. They will often ask you for money or personal information. &nbsp;</li></ul><h2>How to Spot a Financial Scam</h2> There are a few things you can do to spot a financial scam: &nbsp;<ul><li>Be suspicious of any unsolicited emails or text messages.&nbsp;If you receive an email or text from someone you don't know, don't click on any links or open any attachments. &nbsp;</li><li>Be wary of any offers that seem too good to be true.&nbsp;If someone is offering you a large sum of money for a small upfront payment, it's probably a scam. &nbsp;</li><li>Don't give out your personal information to anyone you don't trust.&nbsp;This includes your name, address, phone number, bank account details, and credit card number. &nbsp;</li><li>If you're not sure if something is a scam, contact your bank or credit card company directly.&nbsp;They will be able to advise you. &nbsp;</li></ul><h2>What to Do If You Think You've Been Scammed &nbsp;</h2>If you think you've been scammed, there are a few things you should do: &nbsp;<ul><li>Report it to your bank or credit card company.&nbsp;They will be able to put a stop to any fraudulent transactions and help you get your money back. &nbsp;</li><li>Report it to&nbsp;<a href="https://www.actionfraud.police.uk/reporting-fraud-and-cyber-crime">Action Fraud</a>.&nbsp;Action Fraud is the UK's national fraud and cybercrime reporting centre. They will investigate what has happened and help to bring the criminals to justice. &nbsp;</li><li>Keep a record of everything related to the scam.&nbsp;This includes emails, texts, phone calls, and any other communication. This will help you with your report to Action Fraud and your insurance claim. &nbsp;</li></ul>Don't be afraid of asking for help. If you've been scammed, there are people who can help.&nbsp;By being aware of the different types of financial scams and taking steps to protect yourself, you can help to reduce your chances of becoming a victim.&nbsp;<hr>By following external links, you will be leaving the Aventur website, and we cannot be held responsible for the content.Source:&nbsp;<a href="https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2023">https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2023</a>

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How to Protect Yourself from Financial Scams

<h1>How to Teach your Children about Money: A parent’s guide</h1>As parents, we want to equip our children with essential life skills. One of the most important skills for children to learn is how to handle money. Teaching children about money helps them make good choices, develop good money habits, <a href="https://www.aventur.co.uk/blog/how-to-protect-yourself-from-financial-scams	">avoid financial scams</a>, and build a strong future.In this blog, we'll look at practical and engaging ways to introduce your children to the world of finance while making it fun for the whole family!<h2>Start Early, Start Simple</h2>Teaching your children about money should ideally begin at an early age. Begin with simple concepts like identifying different coins and their values.&nbsp;Encourage them to count money and make simple purchases with your guidance. As they grow, introduce more complex ideas such as budgeting and saving. It may also be a good idea to determine <a href="https://www.aventur.co.uk/blog/financial-advice-vs-financial-planning-whats-the-difference">the difference between financial planning and financial advice</a>.<h2>Make Money Real</h2>Help your children understand the value of money by relating it to tangible things. Connect pocket money to chores or tasks around the house.&nbsp;For instance, you can assign a certain amount for washing the car or tidying their room. This way, they learn the correlation between effort and earning.<h2>Set Savings Goals</h2>Teach your children the power of saving by encouraging them to set goals. They may want to save for a new toy, a special outing, or even a charity donation.&nbsp;Use a piggy bank or a clear jar to physically represent their savings. Regularly celebrate their progress to keep them motivated.<h2>Introduce Budgeting</h2>As children enter school, it's an ideal time to introduce the concept of budgeting. Give them a small allowance and help them allocate it to different categories such as savings, spending, and charity. Teach them the importance of making choices and trade-offs while staying within their budget.<h2>Practice Smart Spending</h2>Teach your children to become savvy consumers by involving them in family shopping trips. Show them how to compare prices, read labels, and make value-based decisions. Discuss the difference between wants and needs, and encourage them to prioritise their spending accordingly.<h2>Encourage Entrepreneurship</h2>Foster an entrepreneurial spirit in your children by encouraging them to explore small ventures. It could be setting up a lemonade stand, selling handmade crafts, or offering services like pet sitting or gardening.&nbsp;These experiences help them understand the value of hard work, problem-solving, and financial independence.<h2>Lead by Example</h2>Remember, children learn by observing. Model good financial habits by being open and transparent about your own financial decisions. Discuss your budgeting, saving strategies, and responsible spending. Involve them in family discussions about money matters, such as planning for vacations or major purchases.<h2>Conclusion</h2>Teaching your children about money is an invaluable investment in their future. By starting early, making money tangible, setting goals, introducing budgeting, practicing smart spending, encouraging entrepreneurship, and leading by example, you'll equip them with vital skills that they'll remember forever.Remember, the journey to financial literacy is a marathon, not a sprint. Embrace the process, make it enjoyable, and watch your children grow into financially responsible adults.

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How to Teach your Children about Money: A parent’s guide

Inheritance tax (IHT) is a complex topic, but it's important to understand the basics so that you can plan for your estate and reduce the amount of IHT you have to pay. &nbsp;This article gives an overview of IHT, and provides examples of what you, or your loved ones may be required to pay. &nbsp;<h2>What is inheritance tax? &nbsp;</h2>IHT is a tax on the estate of someone who has died, including all property, possessions, and money. The current <a href="https://www.gov.uk/inheritance-tax#:~:text=The%20standard%20Inheritance%20Tax%20rate,estate%20that's%20above%20the%20threshold.">standard IHT rate</a> is 40%. You only pay IHT on the part of your estate that's above the tax-free threshold, which is currently £325,000. &nbsp;You can read our <a href="https://www.aventur.co.uk/blog/your-guide-to-estate-planning">Guide to Estate Planning</a> to find out more about IHT and how you can prepare your estate. &nbsp;<h2>Who has to pay inheritance tax? &nbsp;</h2>Not everyone has to pay inheritance tax. If the value of your estate is below the £325,000 threshold, then you won't have to pay any IHT. &nbsp;However, if the value of your estate is above the threshold, then you may have to pay IHT on the part of your estate that's above the threshold. &nbsp;<h2>Who is exempt from inheritance tax? &nbsp;</h2>There are a number of people who are exempt from inheritance tax, including: &nbsp;<ul><li>Your spouse or civil partner &nbsp;</li><li>Charities &nbsp;</li><li>Community amateur sports clubs &nbsp;</li><li>Certain trusts</li></ul><h2>What are the IHT allowances?</h2> In addition to the £325,000 nil-rate band, there are a number of other allowances that can reduce the amount you have to pay. These include: &nbsp;<ul><li>The residence nil-rate band: This is an additional £125,000 allowance that can be used against the value of your main residence. &nbsp;</li><li>The agricultural property relief: This is a relief that can be claimed on the value of agricultural property. &nbsp;</li><li>The business property relief: This is a relief that can be claimed on the value of business property. &nbsp;</li><li>The rules around inheritance tax are complex and can change, so it is essential to stay up to date. &nbsp;</li></ul><h2>How is inheritance tax calculated? &nbsp;</h2><a href="https://www.aventur.co.uk/blog/inheritance-tax-what-you-need-to-know">Inheritance tax</a> is calculated by multiplying the value of the estate above the nil-rate band by the IHT rate. For example, if the value of your estate is £700,000 and you are not married or in a civil partnership, then you will have to pay IHT on £200,000 (£700,000 - £325,000 – £175,000).&nbsp; &nbsp;The current IHT rate is 40%, so you will have to pay £80,000 in IHT. This calculation includes the residential nil-rate band allowance. &nbsp;<h2>Ways to reduce inheritance tax</h2> There are a number of ways to reduce the amount of inheritance tax you have to pay. These include: &nbsp;<ul><li>Making gifts to your family and friends before you die. &nbsp;</li><li>Making a will and leaving your estate to your spouse or civil partner. &nbsp;</li><li>Using the residence nil-rate band and the agricultural property relief. &nbsp;</li><li>Setting up a trust. &nbsp;</li></ul><h2>Conclusion</h2>&nbsp;Your estate is a reflection of your life and your values, so it is important to plan for inheritance tax early. Through careful planning you can be prepared and reduce your IHT liability and ensure that your loved ones inherit your assets as intended. &nbsp;If you’re not sure where to start and want to understand your options, <a href="https://www.aventur.co.uk/contact">get in touch with our team</a> who can help you understand and make the right decisions for your estate. &nbsp;<hr>*The Financial Conduct Authority does not regulate Inheritance Tax Planning or Estate Planning. Information correct at time of publishing.

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Inheritance Tax: What You Need to Know

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