As the end of the tax year approaches, it’s important to understand what tax allowances are available to you. Tax allowances can help you reduce the amount of tax you pay and keep more of your hard-earned money in your pocket.

Saving tax on your income

Personal allowance is available to everyone and allows you to earn a certain amount of money before you pay income tax. For the 2022-2023 tax year, the Personal Allowance has been frozen at the same level as the 2021/22 level which is £12,570. This means that you can earn up to £12,570 before paying any income tax! If you have not fully used this allowance, there could be an opportunity to draw taxable income from other sources to use any remaining allowance in the current tax year.

Linked to the Personal Allowance, is the Marriage Allowance. This allowance allows a husband, wife or civil partner to transfer an amount of their Personal Allowance to their spouse or civil partner, reducing their overall tax bill. For the 2022 to 2023 tax year, it could cut your tax bill by up to £252 in the tax year. To be eligible for the Marriage Allowance, one partner must have an income of less than the Personal Allowance, £12,570 and the other partner must be a basic rate taxpayer. For the 2022-2023 tax year, the Marriage Allowance is £1,260.

Saving tax on your investments

Have you heard of Individual Savings Accounts or as they are more commonly referred to as an ISA?  They are a tax-efficient way to save and invest your money, as any interest or capital gained within the ISA wrapper is tax-free. For the 2022-2023 tax year, the maximum you can save in ISAs is £20,000, This amount has not changed since 2017-18 tax year. The benefit is that each year you can save or investment any sum of up to £20,000 in an ISA without paying any tax on the gains or interest. Over a period of time, this could be a very good financial planning tool for a majority of people.

In addition to ISAs, another tax-efficient savings vehicle are pensions. Contributions to pension plans are eligible for tax relief, meaning that the government will add money to your pension for every pound you save up to a certain amount, known as an annual allowance. For the 2022-2023 tax year, the annual (pension contribution) allowance is £40,000, or 100% of your earned income, whichever is lower, up to age 75 and assuming you have not accessed a pension flexibly.

It’s important to note that there could be the chance of catch-up contributions from previous years unused allowances. You can make contributions to make up for the unused allowances if your income is sufficient to do so or if your employer is very generous.

Everyone has different financial goals and using a financial adviser to help you navigate which tax allowances are good for you to use . You’ve got until 5th April to use these allowances, or you’ll potentially lose them.

Your money (capital) is at risk when you invest so taking expert advice is crucial to make sure you understand how it all works. Get in touch with us [email protected] we are here to help.

The world of insurance policies can be a very uncertain and scary place to a lot of people. It’s not exactly surprising when you realise that not only are there multiple types of insurance policies available to you, but also a lot of different companies touting that their policy is the best.

You may not even know exactly what type of protection policy is right for you. What policies are most important? What type of cover best suits your personal situation? And how do you get the most for your money?

These are questions that many people have when looking to find protection, whether that being health insurance, life insurance, or even pet insurance. It can all get a bit much, which might prompt some people to give up on finding the right cover all together.

Here at Chilvester Financial, we believe that no one should ever find themselves in this situation. Protection policies are an incredibly important asset in not only our personal lives, but also our professional lives, with business insurance policies often being just as important. We believe that everyone deserves the best cover they can get, regardless of their situation.

If you can relate to the struggles of identifying and then trying to find the right policies for you, then it is highly recommended that you seek the help of experts, like us at Chilvester. We have professionals in the world of insurance, from home, to life, to business with years of experience of helping people just like you.

No matter what cover you’re looking for, we can help you not only decipher what cover you need, but we will also help you take the right steps to find it, ensuring you’re also getting the best deal possible. After all, it is our mission to give you “Just what you need”.

Your initial meeting with us is completely at our expense. We will take the time to sit down with you and go over exactly what it is you’re looking for. From there we can begin to make a plan of action to make sure you achieve your goal. Our team of experts don’t use jargon, meaning we will always give you information in a way you can easily understand. What’s more, in keeping with our independent status, we will only ever give you unbiased advice, so you can be safe in the knowledge that we’re only giving you the information that’s right for you.

If you’re struggling to find the right insurance policy, or if you’re in need of any other financial advice, such as advice on your mortgage, pension, retirement, or even advice on running your own business, then get in touch with Chilvester Financial today.

When it comes to protection plans, there are many different offerings available to you. While variety is always a good thing, it can be difficult to figure out exactly what kind of protection plan is right for you.

The most important type of protection cover you’ll need will usually be life insurance. Of course, this doesn’t benefit you directly, but instead is put in place to help your loved ones financially once you’re gone. A life insurance policy can help pay the cost of your funeral, but also provide for those that you have left behind. This can go towards rent or mortgage payments, outstanding loads and debt, taxes, and any other day to day expenses that you normally pay towards.

According to a study by the Life Insurance and Market Research Association, or LIRMA, 1 in 3 families may be unable to meet their expenses on a day-to-day basis without a life insurance policy. Therefore, while we may not like to think about our death, or what will happen once we’re gone, it’s incredibly important to set it up while you can.

The earlier you take out cover, and the healthier you are when you do so, you are more likely to get a better deal. This is another reason to do it as early as possible, as you could end up saving yourself a lot of money in the process, while still getting the same cover once you pass away.

While you’re still living, you will also want to look into health insurance. This is similar to life insurance, but pays out in the event of you falling seriously ill, or getting severely injured. Most people wouldn’t be able to work in this situation, therefore losing out on money which you may not be able to live without.

A health insurance policy may end up being the safety net you need, should you fall ill and not be able to work, so it is incredibly important you set this up when you don’t need it, just in case you ever do. There are a lot of different insurance policies, so make sure to shop around to find the right cover for you.

If you’re putting off taking out insurance because you’re unsure of the right options for you, then you can always talk to a professional. Here at Chilvester Financial, we have staff with decades of experience dealing with insurance policies. Our team of experts will be able to give you just the advice you need to ensure you get the insurance policies that are right for you.

Your initial consultation is completely free of charge. We will take the time to sit with you and go through exactly what it is you’re wanting to achieve, and we can then create a plan of action that’s tailored specifically to your needs. Get in touch with us today, and let us help you get protected financially.

When it comes to our finances, many of us just don’t want to talk about it. It can be seen as a very private matter, and something that you don’t feel the desire to talk about with friends or family; let alone a professional.

For decades there has been a stigma surrounding conversations of how much you make, how much you save, and how much you spend. This doesn’t have to be the case though. By actively talking about our finances, we can gain a better understanding of how others manage their money, which could potentially be very useful if you’re struggling and need a few tips.

It can also be very beneficial to talk to our children about how money works. Many adults went their entire childhoods without learning anything about money, how to spend it wisely and how to save it. This puts them at a disadvantage in their adult years as they’re suddenly expected to pay for food, rent, bills and utilities. Talking to our children early about the proper way to handle money can set them up for the future.

Of course, talking to your friends and family can only get you so far. Sometimes the advice of a friend or relative just won’t do, and in such a case, your best bet is to seek the help of a professional.

According to a Royal London study, almost 3 in 4 adults in the UK don’t seek financial guidance from a professional financial adviser. There can be many reasons behind this. Some people may be scared or embarrassed to talk about their finances, while others simply don’t think they need it.

The FCA have suggested though that anyone who has £10,000 or more in assets may benefit from the support of a financial adviser, who can assist in managing their finances and ensuring they’re getting the most out of their money.

Of course, some people who actually do want financial advice are often turned away. A lot of financial advisers will not see clients who don’t have a large sum of money saved, as they don’t see it as economical to their business. Here at Chilvester Financial though, we see things differently.

We treat all our clients the same, regardless of income. There is no job too big or too small. Not only that, but we have a team of professionals with decades of experience. It is our goal not only to give you just the advice you need, but to also make you feel comfortable and at ease. We believe that talking about our money shouldn’t be a scary prospect, so we will talk you through every step of the way.

We deal with a huge range of financial matters, from managing your finances, buying your first home and taking out a mortgage or helping you plan for your retirement. So, if you’re in need of financial advice, or just want to talk to a professional about your situation, then book a free, no obligation consultation with one of our qualified advisers today!

When we think of trust funds, many of us associate it with the upper class, something that only the wealthy can set up. While this may have been true in the past, it’s actually no longer the case.

For those who don’t know, a trust fund, often just referred to as a trust, is an arrangement made between you and a person or group that allows them to have control over your assets and/or money.

While this may not seem like a sensible thing to do with your money at first glance, it can actually be very beneficial. If for instance, you just gave a sum of money to a friend or relative to pay for care costs in later life, how can you be sure the money will still be there when you need it? With a trust however, you can be safe in the knowledge that your money will be safe, as a trust fund is a legally binding arrangement between yourself and any other people who may benefit from it (beneficiaries), and a person or group of people or company (trustees) charged with overseeing the trust.
A trust fund can be utilised for either yourself, a family member or loved one who is unable to take control of their own finances due to their health. To prepare for such an instance, setting up a trust fund in advance can allow the trustees to take control of any funds that are available to the beneficiaries.
Due to the important nature of a trust, the legal wording of the contract needs to be crystal clear and precise. It is incredibly important to know exactly where your money is going and what it can and can’t be used for.

When choosing your trustees, you generally have 2 options. You either choose people close to you, such as close friend or family members, or you can appoint a company, such as a bank or solicitor’s firm. It may be more cost effective to appoint a family member or friend as a trustee, as a company will charge a fee, however, you need to be sure that you can trust the person or people you appoint, and ensure that they are reliable, know their responsibilities and are happy to play that role.

Regardless of which route you go down, you will want to get the help of a professional to make sure that everything runs smoothly, and that you get the most from your money. That is where we come in. Our experts in finance here at Chilvester would be more than happy to sit down with you and talk through your options when it comes to setting up a trust fund for yourself or a loved one. Our first meeting will be completely free of charge. We will sit down with you and talk about your situation to ensure that you get just the advice you need when setting up a trust fund. So, get in touch today!

For most people, the biggest key goal in life is to get on the property ladder. Owning your own home is often seen as the key to a stable life, with mortgages often being much cheaper month by month than renting, therefore being much easier to manage alongside all the other costs of living.

According to a recent study, nearly 60% of people in the UK who rent name “owning a home” as their number one life goal. However, due to the rising costs of home ownership, coupled with the global pandemic putting the brakes on house sales, this goal is getting increasingly more difficult to achieve. While it appears hopeful that the worst of the pandemic is behind us, and we can begin to move on, it has had a lasting effect on the cost of housing.

House prices have risen in the last year by roughly 8%, but the demand is higher than ever. This is especially true with older age groups, in particular, those in their 40’s and 50’s, who may be scared that their time is running out to get on the property ladder, with retirement edging ever closer and the dream of being a homeowner seeming less likely.

It’s never too late to get on the property ladder though, with many people renting well into their 50’s before finally purchasing their first home and taking out their first mortgage.

On the other hand though, many younger people are becoming increasingly interested in becoming homeowners, with just under half of those aged 18-23 in the same survey expressing a desire to climb the property ladder.

If you can afford it, getting on the property ladder early can be incredibly beneficial moving forward, with it being much easier to continue to climb the property ladder once you’re on the first step.

Here at Chilvester, we know better than anyone that getting onto the property ladder can be difficult, regardless of your age. If you’re just starting out and want to get on the property ladder early, or if you’ve been trying for years with no success, then let us help you take that step.

We are also very happy to introduce our brand-new mortgage adviser Ryan Pipkin, who joined us in May this year. While he may be a new face, he is not lacking in experience. He has been in financial services for just under 6 years and has been advising for four. He has experience in arranging residential and buy to let mortgages, as well as more niche areas such as help to buy, shared ownership, right to buy and adverse credit.

Ryan is eager and ready to share his knowledge and help you purchase your first home, go through your borrowing options with you, and ultimately give you just the advice you need to take that first step onto the property ladder. So, if you’re looking to purchase you first home, or continue on your journey up the property ladder, get in touch with us at Chilvester Financial for your free, no obligation-consultation today!

Survey was conducted by data group Censuswide in March 2021*

Retirement is seen by many as the point in your life where you can finally stop working and have a lot more free time to do the things you love to do. Obviously though, you will still need to pay your way in life, even after you stop earning money through employment.

This is where pensions come in. If you spend your working life paying into a pension, you can then access this once you retire in monthly payments, not dissimilar to getting paid when you were working. The amount you get each month is dependent on how much you paid into it before retiring, as well as the type of pension scheme you’re on.

Generally speaking, there are three main types of pension:

• The State Pension:

This is the most common form of pension, paid for by the government and rising alongside inflation rates every year. A state pension is built up via national insurance contributions that you have made in your working life.

• Defined benefit pensions:

A defined benefit pension is usually associated with those who work in the public sector. This pension is salary related and the amount of pension you receive is based on how long you’ve been a part of the scheme and how much you earn. Typically, employers no longer offer Defined Benefit pensions and there are much stricter regulations surrounding existing plans.

• Defined contribution pensions:

With a defined contribution pension scheme, you build up a pension pot with which you can draw an income from when you cut down working or stop entirely. You need to be at least 55 years of age before you can start to take money out. With this type of pension scheme, you can usually withdraw at least 25% of your pot tax-free.

If you are currently employed, the chances are you are enrolled on a pension scheme. After all, it is a requirement under most circumstances for your employer to auto-enrol you when you start working for them.

The auto-enrolment pension scheme has been in place since October 2012. While employers are legally required to enrol their staff on a pension scheme, this isn’t necessary in a few situations. For example, if your employer pays you less than £10,000 a year (Legally you will only be paid less than this if you are working part time or if you’re on an apprenticeship), you are under the age of 22, or if you are above retirement age already. In every other scenario, your employer will be legally required to auto-enrol you on a pension scheme. This means that you’re guaranteed to be saving some money towards your pension for as long as you’re employed.

You are able to opt out of this if you want to. The main reason for this would be to find a pension scheme that benefited you better than the one you were auto enrolled on.

If you want to find out more about all things pension related, or perhaps want to find out which pension scheme is best for you, then get in touch with us here at Chilvester Financial. Our experts will give you just the pension advice you need, so contact us today for your free, no obligation-consultation!