It is important to plan ahead for your retirement RK Henshall Financial Services can advise on and arrange a good pension plan for you. We can review your existing pensions and their suitability as to whether they are competitive and flexible enough to reach your retirement goals.
If you are approaching, or have reached, retirement, we will advise on how best to structure your income to meet your living expenses in the most tax efficient way.
Whether you are aiming to achieve long-term capital growth, produce an income, or combine the two, RK Henshall Financial Services can assess your personal circumstances and objectives and implement practical solutions to reach your goals.
The value of your investment and pension can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investing in shares should be regarded as a long-term investment and should fit in with your overall attitude to risk and financial circumstances. Levels and basis of relief from taxation may be subject to change and their value depends on the individual circumstances of the investor.
If your estate is valued over £325,000 then it will be subject to tax at the current rate of 40% (or 36% if you leave at least 10% of your total asset value to a charity). With average house prices in some parts of the UK well in excess of the £325,000 allowance, more and more people’s estate are being taxed.
Main residence nil rate band – This is an additional nil-rate band when a residence is passed on death to a direct descendant.
Currently the additional band is £175,000 for 2020/21
The additional nil-rate band will also be available when a person downsizes or ceases to own a home on or after 8 July 2015 and assets of an equivalent value, up to the value of the additional nil-rate band, are passed on death to direct descendants.
There will be a tapered withdrawal of the additional nil-rate band for estates with a net value of more than £2 million. This will be at a withdrawal rate of £1 for every £2 over this threshold.
Whilst it can be difficult to escape Inheritance Tax there are some ways of reducing it substantially without giving away control of your property and investments. In some cases it is possible to remove your investments from your estate and the clutches of the tax man but still derive an income from them. It is also possible to insure the potential inheritance that could be due.
Consideration of Inheritance Tax is an important part of tax and estate planning for individuals and their families. Even a simple review of family’s wealth can often identify straight forward ways of avoiding future unexpected tax liabilities. Lifestyle changes such as divorce, redundancy or an inheritance mean that Inheritance Tax strategy should be regularly reviewed.
Levels of and reliefs from taxation, may be subject to change and their value depends on your individual circumstances.
(The Financial Conduct Authority Does not regulate Tax Planning)
Whether you are looking to ensure your family’s financial security in the event of your death, or to protect your income should you be unable to work due to long-term illness, disability or unemployment, RK Henshall Financial Services can help you find the right solution.
Private Health Insurance pays for healthcare treatment in private medical facilities. The scope of the cover varies considerably depending on the options you select.
Most plans will cover inpatient and day patient treatment in full which means that you would be covered for treatment, testing and consultations where a hospital bed is required either overnight or just for the day.
To cover initial consultations and diagnostic testing where a hospital bed is not required a level of outpatient cover will need to be selected. This is recommended to avoid NHS outpatient waiting lists.
Lifetime mortgages carry risks, and are not right for everyone. It’s important to obtain advice in this complex area of financial planning. Where we can, we involve other family members to ensure that there are no other suitable solutions as this type of facility is often a last resort.
Lifetime mortgage is a mortgage which allows you to borrow money secured against your home to release the equity (cash) tied up in it – without having to move and without having to pay a monthly payment to the lender. The interest charged is added to your initial mortgage account and you are free to use the money as you choose. People choose this route as they don’t want to move out of their home and use the cash released for many reasons such as home improvements, subsidising pension income and paying off debts. It will reduce the amount of inheritance you can leave. Releasing equity can affect your tax position and eligibility for welfare benefits. This is a lifetime mortgage. To understand the features and risks, ask for a personalised illustration.
Allows you to borrow against the value of your home while retaining ownership. Interest is added to the mortgage and repaid when your home is sold. Flexible lifetime mortgages allow you to access funds as required and you only pay interest on what you actually borrow.
“Focusing on Client’s goals are key to establishing long term relationships”