As a UK property owner, you may find yourself faced with the age-old dilemma of choosing between mortgage overpayments or diverting excess funds into savings. Making the right decision for your financial situation can significantly impact your long-term financial health and security, and understanding the associated benefits and drawbacks of each route is crucial. TPD Wealth Management, a Stockport-based financial …
October can be a scary month; the nights are drawing in and All Hallows’ Eve takes pride of place on the very last day. There is, however, a far more important day that takes place around the same time and very few of us are aware of it. The 29th October is National Pension Tracing Day, I admit it’s not …
Economies around the world continue to struggle with high inflation and weakening demand affecting GDP. Read on to discover some of the factors that may have affected your investment portfolio in September 2023. When reviewing short-term market movements, remember to focus on your long-term investment goals. UK Official data shows the UK economy contracted by 0.5% in July. The Office …
When your current mortgage deal comes to an end, your lender will usually offer you a new interest rate to encourage you to remain with them. This is often called a “product transfer”. While choosing this option does have some advantages, you could be missing out on a more competitive deal that may save you money. Read on to discover …
High inflation over the last year has collectively cost savers billions of pounds in real terms, according to an Independent report. Have you considered the effect the rising cost of living could have on your wealth? While inflation may not reduce how much you have in your savings account, in real terms, the value may fall. As the cost of …
Figures suggest more families are gifting to avoid Inheritance Tax (IHT). While passing on assets to loved ones may seem like a clear solution, it isn’t always so simple. More estates are becoming liable for IHT as thresholds for paying the tax are frozen. The Office for Budget Responsibility predicts HMRC will collect £8.4 billion from IHT receipts in 2027/28, …
The latest release from HMRC shows it collected a record £16.7 billion in 2021/22 through Capital Gains Tax (CGT) – a 15% increase on the previous tax year. Cuts to a tax exemption could mean CGT receipts might climb even further. CGT is a type of tax you pay when you sell or dispose of certain assets. It may include …
Government changes to when pensions are taxed may mean you could save far more tax-efficiently for your retirement. If a potential tax bill influenced your current retirement date, it might be worth reviewing your plan. Previously, the Lifetime Allowance (LTA) affected the total pension benefits you could build up before facing a possible tax charge. In 2022/23, the LTA was …
Pension Awareness Week is an ideal time to assess your retirement goals and familiarise yourself with pension-related knowledge that could make a significant difference in securing your financial future. With a greater understanding of pensions, you can make informed, strategic decisions that lead to a comfortable and fulfilling retirement. TPD Wealth Management Ltd, a Stockport-based financial planning firm authorised and …
In today’s constantly evolving financial landscape, understanding the latest trends in the UK investment market and employing efficient estate planning strategies are critical components of a comprehensive wealth management plan. The art of striking the ideal balance between risk and reward while protecting your financial legacy is both a challenge and a key determinant of your long-term financial success. TPD …
