The Covid pandemic has reminded us all how unforeseen events can rock the lives and financial foundations of many families. One thing is clear, as we emerge from Lockdown, repaying the high costs of the pandemic is paramount in the mind of the Chancellor of the Exchequer, Rishi Sunak.
Tackle rising taxes
Taxes are predicted to increase significantly, some allowances to remain frozen, with others expected to disappear altogether to help begin repaying the government’s mounting debt accumulated in tackling the pandemic.
Top tip: Look carefully at how to make the most of the current tax and pension saving options, as by not doing so, many of these tax allowances can so easily go unused and become lost to you forever.
Combat low savings rates:
With interest rates remaining at a record low, keeping large amounts in a bank or building society leaves your savings exposed to being severely eroded over time by inflation as well as taxation.
Top tip. Explore the many other ways available to help make your money work hard, but be careful, don’t leave yourself open to undue risk.
Protect family well-being:
The past 16 months has served as a stark reminder of the fragility of life and with it, the need to protect ourselves and those around us to ensure well-being and peace of mind.
Top tip: Check to ensure you have the right levels of life/critical illness protection in place and taking the appropriate measures to preserve your hard-earned assets from the financially devasting impact Inheritance Tax can sometimes have on the legacy you wish to leave to your family.
If any of these 3 points resonate with you, it’s worth taking action today.
To receive a complimentary guide covering wealth management, retirement planning or inheritance tax planning, contact Peter Harding Wealth Management on 01202 830730 or email peterhardingwm@sjpp.co.uk.
Peter Harding Wealth Management is a trading name of Peter Harding Practice Ltd.
This article is featured in the October issue of the Dorset Business Focus magazine. Read on the online version here.