RENOVATION NATION GETS STUCK IN It seems the months spent at home have been put to good use as the nation reflected on their living space and chose to spend an average of just over £4,000 each on renovating their homes, since lockdown commenced in March. A study1 has highlighted that the key area for improvement has been upgrades to the garden (34%), with living room (23%), bedroom (22%) and kitchen…
Read MoreA Turning Point for ESG Investing?
Investing according to Environmental, Social and Governance principles (ESG) has been a fast growth area, according to figures1, UK-based ESG funds saw record inflows between March and July 2020, with £362m invested in July alone. What is ESG? The acronym, ESG, refers to three key factors used by investment companies to evaluate corporate behaviour: Environmental criteria – such as: carbon emissions, waste management and air/water pollution Social criteria – such…
Read MoreFinancial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) has extended its protection for savers amid concerns that the pandemic has increased the likelihood of financial firms failing. The fund currently protects deposits with UK banks, building societies and credit unions to the tune of £85,000 per person. However, there is additional protection for consumers who temporarily have high balances of up to £1M. Having such a large balance for a relatively short…
Read MorePossible Tax Rises Coming?
Is a Wealth Tax coming? Speaking to the BBC the Chancellor, Rishi Sunak, said the economy is ‘experiencing significant stress’ but that there is ‘more stress to come’. He is expected to use his one-year spending review today, 25 November 2020, to signal the need for future tax rises to help restore the public finances. The Office for Budget Responsibility, the Treasury’s independent forecaster, said the Government’s annual spending deficit…
Read MoreReporting Tax on Property Sales
Which Property Transactions? You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your main home. For example, buy-to-let properties, land or inherited property. In most cases you do not need to pay the tax when you sell your main home, as these transactions are covered by the Principal Private Residence (PPR) exemption. If the property is not…
Read MoreFCA Bans Sales of Cryptocurrency Investments
The FCA has banned the sale of a swathe of cryptocurrency investments to retail investors in the UK. The FCA has published final rules banning the sale of derivatives and exchange traded notes (ETNs) that reference certain types of cryptoassets to retail consumers. They consider these products to be “ill-suited” for retail consumers due to the harm they pose. The regulator said these products cannot be reliably valued by retail…
Read MoreWhat is IR35? A guide for the self-employed
What is IR35? IR35 rules are designed to assess whether a contractor is a genuine contractor rather than a ‘disguised’ employee, for the purposes of paying tax. Contractors who work through their limited company enjoy a level of tax efficiency. While they don’t usually get employee benefits (like holiday and sick pay), they have flexibility and control over their work. HMRC and IR35 HMRC introduced IR35 (or the ‘off-payroll working…
Read MoreThe Week in Review
“Everything is being done that we possibly can to increase testing capacity” All over the country, people have been struggling to get tested for coronavirus, with appointments paused and the system under immense pressure as demand spikes. Some people in need of a test have reported being directed to sites located hundreds of miles from their homes. Data shows that just a third of tests conducted in community testing centres…
Read MoreFraud goes viral
If it sounds too good to be true, it probably is. This is an old maxim, but remains a good one. UK fraud prevention groups are warning individuals to be extra vigilant following a huge increase in the number of scams seeking to exploit the pandemic; as these scams increase in sophistication, we are all vulnerable. Your best tactic is to equip yourself to stay ScamSmart; you can do this…
Read MoreEstate Planning – Making Plans To Protect Your Family’s Financial Future
In addition to organising your finances to ensure your assets are protected for your loved ones on your death, estate planning also encompasses ensuring you have enough money to live on; it is a tenuous balance for many. A good starting point is obtaining a comprehensive view of your assets, to assess the value of your estate and ensuring you have the right documentation in place, such as Wills, Lasting…
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