Solasta Wealth Management LTD

Life expectancy has significantly increased over the years. So, it’s important to put a savings plan in place for your future – no matter what age you are. How late is too late to start saving for retirement?

To everyone working hard to get their summer bodies ☀ 🌴 ready, here is some food for thought about the psychology of food cravings and how to manage them 🍔🥗🍎🥑

Staying on track with your financial goals is more difficult with the high cost of living, but there are strategies to help. Here, we explain the ways that seeking advice can help you:

introducing the newest member of our team🆕

Meet our Trainee Advisor - Asad Gulzar👨🏽‍💻

A familiar face to most of you😋
Meet the Principal of Solasta Wealth Management LTD - Nighat Ali FPFS

We are deeply saddened to learn of the passing of Her Majesty Queen Elizabeth II. Our thoughts and condolences are with the Royal Family, the Country, the Realms, and the Commonwealth during this period of national mourning.

With the end of the tax year almost here, it's important as a business owner or self-employed indiviudal on how best to pay yourself from company profits.

There are three options: take more salary, pay extra pension contributions, or pay a dividend. Depending on your choice and personal needs, there are several considerations you may need to make, from national insurance contributions to corporation, income and inheretance taxes.

Take some time to read this helpful article by St. James' Place, and be sure to take some time to consider what's right for you as the tax year ends.

https://www.sjp.co.uk/news/what-is-the-most-tax-efficient-way-to-pay-yourself-with-company-profits

What is the most tax-efficient way to pay yourself with company profits? With the end of the tax year almost here, we look at how business owners and the self-employed can pay themselves from company profits.

One way to maximise tax relief as the tax year comes to a close (April 5th 2022) is by taking advantage of annual gift allowance.

Each tax year, you have a maximum of £3000 gift allowance. This means you can give away cash or assets up to the value of £3000 per tax year without it being added to the value of your estate for Inheritance Tax (IHT) purposes.

Find out more about this tax efficent way to give gifts, organise your finances, and reduce your total Inheritance Tax cost - as well as other information gifts and exemptions from IHT - via MoneyHelper.

https://www.moneyhelper.org.uk/en/family-and-care/death-and-bereavement/gifts-and-exemptions-from-inheritance-tax

Gifts and exemptions from Inheritance Tax | MoneyHelper Making a gift to your family and friends while you’re alive can be a good way to reduce the value of your estate for Inheritance Tax purposes and benefit your loved ones immediately. But estate and tax planning is a complex area, so getting professional advice can help you avoid common mistakes wh...

With less than one month to go until April 5th 2022, make sure you know the Income Tax and your Personal Allowances.

The standard Personal Allowance is £12,570, which is the amount of income you do not have to pay tax on, but this bracket changes depending on other possible allowance claims and your annual income. Other allowances, such as savings interest and dividends, also affect your taxable income.

Read up about the nuances of tax allowances to make sure your finances are in order, and that your money is working at its smartest.

https://www.gov.uk/income-tax-rates

Income Tax rates and Personal Allowances Personal Allowance, Income Tax rates, bands and thresholds

Reminder: it's almost the end of the tax year!

As April 5th draws closer, you should have your taxable income in order, both so you legally contribute what you may owe, and so you can maximise any tax relief you're entitled to. Whether you're a business owner or self-employed indiviudal looking for advice on your first self assessment, or just want to know how to make the most of ISAs, pensions, and allowances, a financial advisor can guide you.

Learn here about what a financial advisor can help you with, and get prepared for the end of the tax year today.

https://www.citizensadvice.org.uk/debt-and-money/getting-financial-advice/

Getting financial advice Information on choosing a qualified financial adviser, how much advice will cost, a checklist of things to think about before seeing an adviser and how to make a complaint.

Did you know that the various ISA schemes can allow you to invest up to £20,000 tax-free?

This tax season, make sure you don’t pay more tax than you need to by making the most of tax-free savings and investments for you, your children, or grandchildren. From lump sum cash ISAs or Stocks and Shares ISAs which can act as tax-efficient savings and investment accounts, to Lifetime ISAs giving you a long-term tax-free leg up in saving for a pension or house deposit, these schemes keep your money in the best position.

The deadline is April 5th 2022: read this master list of all the different ISAs, and make sure you're using them to your advantage: your finances will thank you!

https://www.moneyhelper.org.uk/en/savings/types-of-savings/isas-and-other-tax-efficient-ways-to-save-or-invest

Tax-efficient ways to save or invest | MoneyHelper Make sure you don't pay more tax than you need to by making the most of tax-free savings and investments for you and your children or grandchildren.

Self Assessments can be difficult to navigate, whether youre self-employed or a business owner filing your first tax return, or you've been doing it for years. Knowing the nuances of registering, deadlines, penalties, is a legal requirement vital to keeping your taxes and finances in order.

This tax season, HM Revenue and Customs (HMRC) must receive your tax return and any money you owe by 5th April 2022. The government website gives an easy overview on completing self assessments, take a look, and seek out a financial advisor if you're looking for help getting everything in order this tax year.

https://www.gov.uk/self-assessment-tax-returns/deadlines

Self Assessment tax returns Self Assessment tax returns - deadlines, who must send a tax return, penalties, corrections and returns for someone who has died

It's time to spring clean your finances! The 2021-2022 tax year ends on April 5th. Luckily, the smart team of financial advisors at St. James' Place have compiled a handy tax year-end checklist, so you can take full advantage of the tax reliefs and allowances available to you during the current tax year.

From ISA maximum tax-free contributions (up to £20,000), maximising and staggering pension withdrawals, Capital Gains Tax, dividends, gift allowances, and more, the checklist goes over the key opportunities you need to consider before next month. Don't let these tax reliefs and allowances go to waste: contact a financial advisor to manage them efficiently.
https://www.sjp.co.uk/~/media/Files/S/SJP-Corp/document-library/guides/SJP_Tax-Year-End-Checklist.pdf

www.sjp.co.uk

Saving for a child today is a great gift for their future. Not only can they start their adult lives with some savings, but getting kids involved early with saving also helps them learn important lessons about money.

From the various options of children's savings accounts, Junior cash or stocks and shares ISAs, children's pensions, and premium bonds - this MoneyHelper guide goes over all the options available for setting up your child's financial future.

Get started today! https://www.moneyhelper.org.uk/en/savings/types-of-savings/saving-for-your-children

Saving for your children Teach your children about saving and help them to get the best financial start in life. Here are some of the best savings options for children.

If you have a pre-existing Child Trust Fund, are you making the most use of it?

A Child Trust Fund is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011. Whilst Child Trust Funds have been replaced with Junior ISAs, you can still add up to £9,000 per year tax-free to pre-existing Child Trust Funds.

The government website's overview is a great resource to ensure you're making the most out of your Child Trust Fund and investing in their future.

https://www.gov.uk/child-trust-funds

Child Trust Fund Child Trust Fund accounts - find a lost account, how to make payments, managing the account

If you have a pre-existing Child Trust Fund, are you making the most use of it? A Child Trust Fund is a long-term tax-free savings account for children born between 1 September 2002 and 2 January 2011.

Whilst Child Trust Funds have been replaced with Junior ISAs, you can still add up to £9,000 per year tax-free to pre-existing Child Trust Funds. The government website's overview is a great resource to ensure you're making the most out of your Child Trust Fund and investing in their future.

https://www.gov.uk/child-trust-funds

Child Trust Fund Child Trust Fund accounts - find a lost account, how to make payments, managing the account

Have you ever considered starting a pension for your child? Investing in a child’s future could set them up for more than just a wealthier retirement.

The benefits of a long-term approach to investing are time-tested and the principle is very simple: the longer an investment has to potentially grow, the greater the benefit will be from the year-on-year compound effect of reinvested returns. As well as savings accounts and Junior ISAs, children can have a pension fund as soon as they are born - by accumulating greater compound interest over time, you can give your children the best possible financial future.

Learn more about the benefits of setting up a pension for your child, as well as educating them in financial literacy.

https://www.sjp.co.uk/news/should-you-start-a-pension-for-your-child

Should you start a pension for your child? Investing in a child’s future could set them up for more than just a wealthier retirement.

Making a gift to your family and friends while you’re alive can be a good way to reduce the value of your estate for Inheritance Tax purposes and benefit your loved ones immediately, especially your children.

However, this complex area requires professional advice and comprehensive understanding to follow properly. Tax-free gifts to children require long-term planning for a Potentially Exempt Transfer to become exempt.

Learn more about these important details by reading this useful article.

https://www.moneyhelper.org.uk/en/family-and-care/death-and-bereavement/gifts-and-exemptions-from-inheritance-tax

Gifts and exemptions from Inheritance Tax Making a gift to your family and friends while you’re alive can be a good way to reduce the value of your estate for Inheritance Tax purposes and benefit your loved ones immediately. But estate and tax planning is a complex area, so getting professional advice can help you avoid common mistakes wh...

When a person dies without leaving a valid will, their property (the estate) must be shared out according to certain rules - the rules of inestacy.

It's advisable to leave a will, but in case of unexpected or unprecedented circumstances, learning what your children may get in the case of inestacy is vital when planning for their financial future. Children of the intestate person will inherit if there is no surviving married or civil partner. If there is a surviving partner, they will inherit only if the estate is worth more than a certain amount.

Read more about the intricacies and nuancies of children and inestacy here.

https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/

Who can inherit if there is no will – the rules of intestacy Information on who can and cannot inherit if someone dies without making a will. Covers married couples, civil partners, children and other relatives.

With children’s saving accounts, kids learn to manage money and develop good savings habits, whilst parents, relatives and friends also have a place to save for a child's future.

Similar to adult savings accounts, banks and building socieites offer parents a place to open a savings account for under 18s. This can be done via easy/instant access or regular savings, with various nuances, advantages, and management methods depending on the account.

Find out more about the different types of child savings accounts via this comprehensive MoneyHelper resource, and get your children's financial future started off right.

https://www.moneyhelper.org.uk/en/savings/types-of-savings/savings-accounts-for-children?source=mas #

Savings accounts for children With children’s saving accounts, kids can learn to manage money. Here's how they work, how to choose the best account for your child and more.

Junior Individual Savings Accounts (ISAs) are long-term, tax-free savings accounts for children. JISAs are a useful way to build tax-free savings for children under 18 living in the UK up to £9,000 this remaining 2021-2022 tax year. There are two types of Junior ISA - cash or stocks and shares.

The government website goes over exact eligibility requirements and benefits of Junior ISAs...

https://www.gov.uk/junior-individual-savings-accounts

Junior Individual Savings Accounts (ISA) How to open a Junior ISA for your child - including managing and adding money to an account