James Giles

So, there are rumours and speculation about potential tax rises and limitation/abolition of some IHT & CGT reliefs- people keep asking me should they be doing anything immediately? My personal advice is: 1) It’s likely to be sensible to aim to conclude projects you already have underway before the first budget of the new government - expected in October- including in particular business or property sales, gifts and creating trusts; 2) Get the list out of things that you have been contemplating but haven’t gone ahead with - perhaps they are on the ‘too-hard’ pile. Go ahead and get the advice, make the decisions and consider implementing the strategies while you know what the tax rules are. The tax regime is not likely to become more favourable in the coming months/next few years. 3) Have a brainstorm with a good tax adviser soon- are there things you haven’t considered before, opportunities you haven’t take? Always good to debate the ‘what-if?’ questions too. Also, if you haven’t recently reviewed your pensions- it’s probably a good time to do so. I am a big believer in not letting the tax tail wag the dog though- make sure you really want to do something and don’t just rush to make a change only for tax reasons. Do reach out if you want a chat. Gary Smith always loves a chat about pensions too!

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For high-earning corporate directors, ensuring you’re making the most of all available allowances on your pension could mean saving a considerable sum towards your future.... https://lnkd.in/eX94k6mx #retirementplanning #taxreliefs #directors

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Every time we approach a general election, pensions seem to be politicised, with the subject of means-testing the state pension creeping into media headlines. While unlikely in the short term, this has prompted a number of clients to approach me to discuss their #retirement plans. Concerned about what might happen with a change of #government, many are asking about the recent replacement of the lifetime allowance, taper relief and the ability to carry forward unused pension contributions. Would these remain under a #Labour government? The only certainty is the #pension relief and contribution allowance available today - it's important to take advantage while you can.

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Well done Dave Robinson FCCA APFS MCSI TEP LLAA IMC staff within SJP partner firms should all be encouraged to understand your post (and comments) and the detrimental impact on so many parties, not least of all themselves and the clients that are probably oblivious to the problems within the ‘model’. Sadly the FCA don’t appear to recognise the danger signs as SJP are seen as ‘good guys’ because they positively address complaints. What a strange measure of ‘good’ that is! The challenge for SJP is to restructure the model whilst removing penalties, building new lower cost transparent investment proposition, addressing client ‘ownership’ for self employed advisers, pay salaries as opposed to lending to trainees, develop service proposition for all clients that do not pay enough to fund regular servicing and last but not least pay the huge complaints bill for failing to provide service paid for. Tough years ahead for all involved. I’m sure others will think of other challenges that SJP either must or should address. Meantime most clients are oblivious to what they are supporting. For those in our sector that feel these points of difference should not be aired in public - sorry, they need to be and it is vital that the value of truly independent advice is better understood by all.

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So the end of financial year "salary" reports are starting to emerge. Whilst helpful for benchmarking it is still important to understand a "total benefits package". These reports do not include other benefits - just base salary (usually) Be careful not to chase money when other benefits and working life "wellbeing" should be considered. Not all firms have the same costs or income and salaries are typically reflective of business affordability and performance. A nice place to work is important too. Be kind to us employers folks, we are trying to give employees a great job, great working life and a salary to suit. I promise 🙂

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Interesting commentary between Multi Employer Pension Plan solutions and Individual Pension Plans in the Financial Post. Some of the stuff isn't quite accurate when it comes to PPPs but overall, it provides some great elements of comparison that physicians should be made aware of.

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Ceding Schemes Part 3... Yet another prime example of Ceding schemes trying every trick in the book to hold on to pension funds. Another client (who I happen to be married to) as moving a small old employers scheme into an existing platform. She completed the ceding scheme transfer form, and the new platform, pension wise form, scam fraud form, sent in certified ID, requests were all made via Origo and yet the ceding scheme have analysed this and graded this as RED!! and a high risk of fraud. we have now completed 25 pages of questions from the ceding scheme, a further copy of the pension wise form, sent new copies of the ID. We have just received even more forms. These forms are say that client should complete on their own, and ask for details that no retail client would be reasonably expected to know. I declare the firm FCA number, but they are asked for my personal FCA number, which is fine, but how many clients would find this? Sedol codes for all funds within the recommended portfolios, again not a problem to supply, but a retail client would now know where to find these. Its taken me 2 hours to complete these forms, and I know what I'm looking at and where to find the information. I get that scammers are active in this area, but so are Financial Advisers! Asking for a transfer from one FCA regulated provider to another, via Origo with all FCA process followed, where in the process are Ceding schemes proving a good service to their departing clients, or are these really exit barriers? even after consumer duty (which I 100% agree with) the Treating Customers Fairly still exist especially number 6, Customers do not face unreasonable post-sale barriers imposed by firms to change product, switch provider, submit a claim or make a complaint. Ceding scheme, please think about your ages long poor practices, so many of us in this industry are trying to improve the look of the profession, and you are looking to hamper at every turn.

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Five pension considerations for directors and executives 👇 💰 For high-earning corporate directors, ensuring you’re making the most of all available allowances on your pension could mean saving a considerable sum towards your future The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible. https://lnkd.in/eQd_bgxM #business #businesssupport #financialfreedom

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Many employees who receive vested shares under a tax-deferred employee share scheme think there's no tax to pay until the shares are sold. Be aware, there's no such thing as a free lunch, you may need to include their value in your tax return in the year you receive them. And here's one way to cut your tax bill.

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What type of pension does your employer offer? There are two main types of work pensions are Defined Benefit (DB) and Defined Contribution (DC) schemes. Each has its own unique features, advantages, and disadvantages. This blog post will explain the key differences between these two types of pension schemes, their respective pros and cons and how they may help support your retirement objectives.

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Why you should keep an eye on your pension plans! Great article in the Sunday Times (link below) about the impact of selecting too earlier a retirement date in combination with a "lifestyle" defined contribution pension plan. If like me you thought you would retire at 55, then your pension assets will have moved away from equities to lower risk fixed income products. These turned out not to be low risk when Liz and Kwasi were in charge! 😧 Fortunately most of my pension assets weren't in lifestyle products so I will be able to retire at some stage! 😁 I've also fixed the lifestyle pension plan with the help of a financial adviser. If you haven't looked at your pension plans for a while I strongly suggest you ask an FCA regulated expert. https://lnkd.in/eyQABjtM

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For high-earning corporate directors, ensuring you’re making the most of all available allowances on your pension could mean saving a considerable sum towards your future. #financialwellbeing #pensions #taxplanning

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The more you earn, the more you stand to gain by taking full advantage of the tax reliefs and allowances available to you. Seeking expert financial advice can help you make sure your money is working as hard for you as possible.

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Following on from Josh Butten MSc FPFS CFP post, highlighting much of the good that the financial planning profession does, I would like to also highlight these 5 planners that also deliver outstanding independent financial planning to significantly improve client outcomes: David Lamb CFP™ Chartered MCSI Jeremy Brett CFP® Jane Gow Martin Ruskin CFP Tom Kenny FPFS CFP™ Of course, Gabby Butten would have made my list but others beat me to nominating her! ------------------------------------------------------------------------------- I've tagged five planners I know who do life changing work - and I challenge them to join me by: 👉 Upload a screenshot of your own client feedback 👉 Use the hashtags #changinglives & #boossttheprofession 👉 Tag up to five other independent financial planners who you admire and know improve lives on a regular basis. 👉 Copy the text between these lines into your own post as instructions for those you tag to do the same as a chain reaction. Let's show our impact! 👉 Nominated more than once? Oh you're gooood. Keep sharing your work! ----------------------------------------------------------------------------- One of my favourite client reviews.......

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Have you had your p60? Do you know what it is? If you’re working for an employer on 5 April they must give you a P60. They must provide this by 31 May, on paper or electronically. You’ll need your P60 to prove how much tax you’ve paid on your salary, for example: -to claim back overpaid tax -to apply for tax credits -as proof of your income if you apply for a loan or a mortgage #personaltax #selfassessment #taxcredits #accountancy #tax #bookkeeping #help #mortgage #loan #employee #employer

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The number of employees enrolled in pension schemes is at the highest on record (records since 2019 so not that long!) Why? Employers are providing company pensions as incentives and for retention of employees, ahead of mandatory company pensions in 2025 Employees are looking at pensions where they can avail of employer contributions

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When your a high earner, you will benefit more by utilising your annual tax reliefs and allowances available to you. The lifetime allowance has been abolished however it's been replaced by allowances that restrict tax free lump sums paid. Read this article below for more information..... #financialeducation #financialplanner

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