Category

Financial Planning

How the Marriage Allowance works

By | Financial Planning

Did you know that, in 2021-22, there are still tax benefits to being married or in a civil partnership? One of the lesser-known advantages is the Marriage Allowance – which lets one spouse transfer up to £1,260 of their personal allowance to the other person. Yet how does this work, exactly? Who could benefit from it and what other tax advantages are available in the current tax year? Below, our team at WMM addresses these questions.

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Preparing for life’s unpredictability

By | Financial Planning

Life is unpredictable. You cannot fully anticipate what will happen in the next hour, let alone tomorrow or in the coming years. This can make life exciting and interesting; an unknown adventure to experience. Yet it also brings dangers such as crippling injury, personal loss or early death. Whilst you cannot shield yourself from tragedy, there is much you can do to lower the financial impact. In this article, our financial planning team at WMM lists some common tragedies that can afflict people and what you can do to preserve financial stability.

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A short guide to critical illness cover

By | Financial Planning

Serious illness or injury can strike at any age – regardless of health – and change your life completely. We see it in the news all the time. One recent story tells of how Maria O’Neill, aged 28, was diagnosed with an aggressive form of breast cancer. 5 weeks later, her mother was diagnosed with ovarian cancer. From November, Maria’s sick pay will be halved and she will stop getting paid entirely from April 2022 – leaving her financially vulnerable, as well as sick.

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How a financial planner helps business owners

By | Financial Planning

Most business owners are aware of their need for an accountant. After all, taxes need to be filed each year and most limited companies recognise that it mitigates risk by getting a professional to look over everything. Yet why use a financial planner? To use an analogy, an accountant is like a mechanic for your car. They check that everything passes the legally required tests. Your financial planner, however, is like an experienced guide for a long, cross-continent road trip where you will encounter many challenges and opportunities that need navigating effectively.

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A short guide to Lasting Power of Attorney

By | Financial Planning

What is a Lasting Power of Attorney? In short, it’s a very useful and powerful legal document which specifies to whom you give authority to act on your behalf, should you become “incapacitated”. This refers to events which affect your physical and mental wellbeing, removing your ability to manage your personal affairs effectively and independently. As such, a LPA document comes into effect during your lifetime – not at the end of it, like a will does (which is a separate legal document). Below, our financial planning team at WMM explains how LPA works, the different types and how it can play a key role in your financial plan.

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A short guide to better money management

By | Financial Planning

You have your monthly spending and bills. Birthday and Christmas gifts. One-off, unexpected costs (e.g. a broken boiler). Pension contributions. Holidays. Rare, big purchases like a new car. Savings and investments. The list goes on. Money management is difficult, to say the least. Yet doing it well is certainly possible. Here at WMM, in light of the financial hardships many people have experienced with COVID-19, we wanted to offer this 2021 guide below.

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March 2021 Budget & preparing your financial plan

By | Financial Planning

The March 2021 Budget took many people by surprise. Several pundits had expected a sweep of tax rises to help pay down the public debt caused by COVID-19 (e.g. rises in fuel duty and Capital Gains Tax). Yet the only clear tax rise concerns Corporation Tax, which we will examine in more detail below. Although it may appear that little has changed in this Budget, there are still important aspects to consider for your financial planning in 2021. We address some of the highlights below.

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