28Oct, 2015

Newsletter – Autumn 2015

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Lifetime Allowance Reduction The significance of the reduction in the personal pension fund allowance to £1m in the last budget should not be overlooked by long serving and higher earning practitioners, especially those members of the NHS Superannuation Scheme. To avoid the imposition of an income tax surcharge on your accrued pension benefits, it is important to assess your position and take the appropriate action. If your liability is £2,000 or less then you will be obligated to paying that with your annual tax bill. If your liability is greater than £2,000 in any one year, then you can […]
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7May, 2015

Newsletter – April 2015

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Budget Pension Changes George Osborne’s recent budget reduced the lifetime pension allowance to £1m and this, coupled with the limit on annual pension contributions of £40,000 (inclusive of occupational schemes), means practitioners should be diligent when it comes to their retirement planning. It may be necessary to register for individual protection to cap your fund and prevent a tax surcharge. For those with large personal pension funds approaching £1m, we can offer various solutions which include sharing the growth with your family to avoid the 55% excess tax charge. Charges […]
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16Feb, 2015

Newsletter – February 2015

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NHSSS – Options The deadline is fast approaching so, for an impartial assessment and analysis of your options, please ask.  The decision will, amongst other factors, rest on your age and personal circumstances. Drawing Your Pension(s) Legislation has changed (again!) so please consult us for a professional assessment of the options when your pension is due to be paid. Taking the insurance company annuity may not be the most cost effective alternative.  Indeed, taking an annuity is unlikely to be prudent for those with NHSSS pensions and/or who expect to […]
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11Nov, 2014

Portcullis … for Surgery, home, car etc

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We have engaged with the specialist insurance brokers, Portcullis of Tunbridge Wells, to offer competitive facilities for all members.  They have a dedicated team on hand to offer advice on medical malpractice and liability insurance, comprehensive surgery packages as well as car and home insurance. It is very dangerous to rely on websites and direct insurers because you cannot be certain as to the extent and quality of the cover and, more importantly, the service and support in the event of a claim.
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11Nov, 2014

What’s your practice worth?

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The values of dental practices, rather like share prices currently, are in heady territory.  Values have escalated significantly in the past ten years, largely driven by corporate acquisitions, arguably inflating values to unrealistic levels.  Whilst the price of your business will be driven by market forces, and we cannot be certain that this inexorable increase will continue, it would most certainly be prudent to review your business partnership insurance and implement an up-to-date and suitably worded cross-option agreement to ensure that your family or estate is not disadvantaged in the […]
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11Nov, 2014

HMRC Investigation

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Hands up who’s been investigated by the Inland Revenue?  Quite a few of you, I suspect.  It is not a pleasant experience, but even if you are fortunate enough to be given a clean bill of health, there will still be the inevitable additional accountancy fees.  You can insure against the costs of investigation and there are a number of policies available.  You may wish to speak to your accountant for his or her recommendation and/or consider joining the Federation of Small Businesses (FSB). On the subject of tax money, […]
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11Nov, 2014

IFA v Specialist

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I have often advocated the merits of using specialists for specific matters, particularly when it comes to tax and law.  However, it is important that the specialist liaises with the financial adviser because the latter will usually have a greater understanding of the client’s overall aspirations and financial status.  Not all specialists think outside the box, limiting their advice to the subject in question and focusing on the advantages of a particular course of action without acknowledging, or even appreciating, the disadvantages. We experienced an example of this only recently […]
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11Nov, 2014

MMR

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No, not Measles Mumps Rubella, but the Mortgage Market Review.  This has led to significant changes in the mortgage process, with the net result that borrowing money has become much harder.  It is now the responsibility of the lender, rather than the adviser, to assess affordability, whilst every adviser or seller is required to hold a relevant mortgage qualification.  Because of the more stringent criteria now imposed, it is essential for borrowers to seek specialist independent advice and guidance, not only to ensure that they obtain the most appropriate mortgage, […]
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11Nov, 2014

An alternative investment?

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For those investors seeking further diversification and a sound return, then my colleagues at Chantler Kent Investments can offer the opportunity of investing in houses of multiple occupancy (HMOs). This is property investment with a difference whereby, for those with adequate capital, we secure the acquisition of a property of sufficient size to be converted into multiple units, let to a local authority with a contract offering a guaranteed return for a minimum five years. For further information about this opportunity, please either telephone or email us with your interest. […]
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11Nov, 2014

Nose Bleed Territory

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It was also reported in the Daily Telegraph on 19th June that the amount of money held in British shares by private investors had hit a post-financial crisis record. Apparently, over the past eighteen months, more than £3 billion has poured into UK shares, indicating a significant return of investor confidence. We have seen this lemming-like behaviour all too often in the past and it was reported that one prominent fund manager commented “Fear has unquestionably surrendered to greed and stock markets look more expensive than at any time since […]
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