Being ready for the challenges that life throws us can help in making the experience much easier and more fulfilling. As we grow old, different sickness, accidents, natural disasters as well as terrorism plague our lives until we meet our end. Most of the people have only saved enough for the time they are alive without thinking of the possible problems that may arise in your family once you involuntarily left them.
Individual savings account or ISA is a kind of savings account introduced by the government where you don’t have to pay any taxes unlike other savings accounts that requires tax from the interest your money is earning. This program was introduced by the government to entice more people to open their own savings accounts and have a head start in being financially independent.
Don't forget to file your tax return by the end of January! HMRC self-assessment tax returns are due to be filed by the end of January. Fines apply for late filing. Talk to your accountant/tax adviser now to avoid penalties.
The Law on Pensions in England and Wales, The Pensions Act 2008, was amended in the Pensions Act 2011 and is now being implemented. For smaller employers the impact was delayed until 2015. It is timely to suggest that all members and non-members take a look at the legislation and or seek professional advice on this issue.
Equity release is a way to release funds from a property you own. It’s something that older people tend to opt for when they are rich in assets, but poorer in cash. It isn’t always a preferable option, as the loans are paid back after their death reducing the value of the assets they may leave to loved ones. The options for equity release often come with high fees, again reducing what you’re able to leave behind.
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