Newsletter – February 2015

By: | Tags: | Comments: 0 | February 16th, 2015

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 continue working.

Pensions with a guaranteed annuity rate are attractive and valuable in this low inflationary, low interest rate environment but there are other factors which should be considered before automatically drawing the pension.  It may be better to have the money invested and growing in value in a tax efficient manner until such time as you actually need the cash.

Moreover, left in a pension wrapper there is now no IHT liability on the money in the event of death before age 75.

Asset Allocation

Taking into account your attitude to risk, your time horizon and financial goals, asset allocation is widely considered to be the most important factor in portfolio construction.

A diversified portfolio is the key to achieving the right balance between risk and return.  We can assess your risk profile and create a pension or investment portfolio to meet your specific needs.  The wider and more diversified your portfolio the less vulnerable it will be to the impact of global economic events.

  • Do you know your asset mix?
  • How often is your portfolio rebalanced?
  • Are your assets held in the most tax efficient vehicle?
  • What, if any, flexibility do you enjoy?
  • Please contact us for an appraisal.

Credit Checks:

Equifax or Experian

Before applying for any type of finance, be it a practice loan or domestic mortgage, it may be worth checking your credit rating to avoid embarrassment and disappointment.  Contact either of the credit agencies Experian or Equifax to check your status.

Providing your adviser or lender with the correct information about your finances will help speed up the assessment of your application.  Lending criteria has tightened up considerably so please contact us for specialist guidance on your borrowing requirements.  Our colleagues within Chantler Kent specialize in both domestic mortgages and buy-to-lets.

 

Workplace Pensions

Are you ready?

You need to know when your staging date is – Don’t leave it as time will creep up on you. You will end up chasing your tail and no doubt having to pay more to expedite the process.

Implementing a work place pension is a legal requirement and not all advisers or accountants will have the expertise needed to help.

Please contact us for advice and guidance as well as an implementation service to take the headache away. It is more complex than perhaps you imagine as you will need to ensure your payroll facility can accommodate the new scheme.

Struggling to meet your Tax Bill?

Using a specialist financier, we can assist in tailoring a loan to enable you to spread the cost of this expense over six, ten or twelve months.  Finance decisions can be made in as little as 24 hours.  We can also arrange loans for equipment, vehicles and refurbishment.  Significantly, we will ensure that any arrangements are sufficiently flexible and fit in with your wider financial arrangements.

Practice Finance

We have had considerable success in the past year in negotiating and securing significant borrowings from our banking connections for dental practice finance.  We will help you appraise a proposition and assist in the presentation of an application, as well as identifying the most favourable source of funding.

Careful presentation is essential as is the structure of the loan.  Flexibility is key because the future is uncertain and be wary of those with a vested interest offering to help.

Contact Jeremy for an impartial and objective assessment of any proposition and the realistic probability of securing funding.