In light of recent news revealing that the average Inheritance Tax bill has reached £62k, we delve into the significance of tax planning and the valuable role that your accountant can fulfill in assisting you with saving money.
As life unfolds, we accumulate wealth and assets that we wish to pass on to our loved ones. However, without proper inheritance tax planning, a significant portion of that wealth may end up in the hands of the tax authorities. This is where the expertise of accountants becomes invaluable. In this blog, we will explore the importance of inheritance tax planning and highlight how accountants can assist you in safeguarding your hard-earned legacy.
The other day I said to my husband “You look good…for your age”. Due to an inexplicable pause in the middle, this didn’t quite come across as the compliment I had intended. There are two relevant points here; none of us is getting any younger, and timing is everything!
There is never a bad time to think about pensions, but a lot of us find this particular area of our finances both daunting and frustrating. If you have a private scheme you probably pay a set amount every month, but give it little thought throughout the year. It’s perhaps worrying to see a downturn in the valuation (a common occurrence of late with volatile markets!), and it can sometimes feel like you’re throwing money away. Even if you have what seems like a decent-sized pot, the income forecast often seems disappointingly low. Perhaps because of this, some people choose to access their funds at the earliest opportunity, rather than wait to receive an annual income.
