How ISA rules are changing in 2024-25
Greenwood Financial Planning LLP
by Greenwood
1d ago
Individual savings accounts, or ISAs, are a hugely popular and tax-efficient way to save and invest money. However, savers should be aware that the rules on Isas are changing in the 2024-25 tax year. The changes have been described by consumer group Which? as “the biggest shake-up to tax-free savings in 15 years”, so let’s take a look at what’s new. Single ISA limit removed Under the old rules, you could only contribute to one ISA of a specific type, such as a Cash ISA or Stocks and Shares ISA, in a single tax year. But under the new system, savers will be free to split their ISA allowance acr ..read more
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Top-up your pension contributions
Greenwood Financial Planning LLP
by Greenwood
1w ago
The end of the tax year is fast approaching, so now is the time to act to make sure you’re not paying more tax than you have to. One of the best ways to do this is to maximise your pension contributions. Contributing to your pension is one of the most tax-efficient ways to save for later life, as the money you put away is deducted from your taxable income. That ultimately means you can end up paying less income tax in the current tax year. Basic rate taxpayers can enjoy an automatic 20 per cent tax relief on pension contributions, while higher and additional rate taxpayers can claim even more ..read more
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March Market Commentary
Greenwood Financial Planning LLP
by Greenwood
1w ago
Introduction It’s been a mixed picture across the globe in the last few weeks. Many of the world’s major economies have continued to see minimal growth in recent months, while the UK and Japan have slipped into recession. But the US is bucking this trend, as are many emerging markets such as India. As always, let’s take a closer at what’s going on in key markets worldwide. UK The UK was found to have slipped into recession at the back end of last year, as official figures revealed the economy shrank by 0.3% between October and December 2023. This followed a 0.1% contraction between July and Se ..read more
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November market commentary
Greenwood Financial Planning LLP
by Greenwood
5M ago
Introduction All eyes have been on the Middle East following Hamas’ terror attack on Israel on October 7th, which led to the deaths of more than 1,400 people. The resulting conflict has led to a humanitarian crisis in Gaza, fears of a possible escalation across the wider region, and a surge in oil prices. We will be keeping a close eye on the unfolding situation in the Middle East and if it has an effect on the wider global economy. As always, let’s take a closer look at what’s been happening in key markets across the world over the last month. UK Economic growth in the UK remains sluggish, as ..read more
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October Market Commentary
Greenwood Financial Planning LLP
by Greenwood
6M ago
Introduction Sluggish growth and high inflation have stubbornly persisted across much of the globe in recent months, and September was no different. But some major economies are performing better than others as they grapple with global economic headwinds, and emerging markets in Asia are bucking the prevailing trend by enjoying strong rates of growth. As always, let’s take a look at the details… UK The UK economy shrank by 0.5% in July, according to the Office for National Statistics (ONS). This was worse than many analysts had been predicting, and was driven by factors including ongoing indus ..read more
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When should you update your will?
Greenwood Financial Planning LLP
by Greenwood
6M ago
Any financial planner will tell you that your will is a vitally important element of your financial plan. With this legally binding document in place, you can take control of your destiny and be sure that your assets will be distributed in line with your wishes. But simply writing a will isn’t enough, as your circumstances can change dramatically over time. So when should you be thinking about updating this vital document, so you can be sure it remains fit for purpose at any given time and reflects your current wishes? Getting married If you’ve entered into a marriage or civil partnership, you ..read more
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Why asset allocation matters
Greenwood Financial Planning LLP
by Greenwood
6M ago
Investing is an uncertain pursuit, as you have to carefully navigate an ever-changing financial climate. Perhaps the only certainty is that the value of your investments will go up as well as down, so it’s really important that you allocate your assets carefully to help you stay on course. So what key issues should you be considering when you’re making these crucial decisions? Exposure to risk If your portfolio is based around only a few asset classes, you could lose large sums of money if any of these experience a downturn. It’s therefore really important to diversify your portfolio across ma ..read more
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July Market Commentary
Greenwood Financial Planning LLP
by Greenwood
9M ago
Introduction Sluggish growth and high inflation were recurring themes in many major and emerging economies last month, as central banks across the globe sought to manage the impact of global economic headwinds. But interestingly, many emerging markets bucked this trend. As always, let’s take a closer look at the details. UK The UK economy saw surprise growth of 0.2% in April 2023, despite many analysts predicting a decline. However, other positive economic news has been hard to find in recent weeks, with the Bank of England raising interest rates by half a percentage point to 5% – the highest ..read more
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What are asset classes?
Greenwood Financial Planning LLP
by Greenwood
10M ago
Asset classes are a way of classifying investments into groups. These groups will feature separate individual investments that will behave similarly, but their performance can vary for many reasons. Let’s take cash, for example. Cash is the overall asset class, but it can be held in different ways. You might have cash in your current account and money in a cash ISA. So while they’re both in the same asset class and have broadly similar characteristics, they will be used for different purposes, and the outcome of each investment is likely to be different. Similarly, stocks and equities are cons ..read more
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June Market Commentary
Greenwood Financial Planning LLP
by Greenwood
10M ago
Introduction Economic growth remained subdued at best in many major markets throughout May, as high inflation continued to affect households and businesses across the world and hit confidence. But significantly, some emerging markets such as India have bucked this trend and seen impressive rates of growth. As always, let’s take a closer look at the details to find out more about what’s been happening over the last month… UK The UK saw weak economic growth of just 0.1% in the first quarter of 2023, with output hit by factors including poor weather and industrial action. Although the economy rem ..read more
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