For many life has been put on hold during the cost of living crisis, some are delaying having children, buying homes, or retirement. Take a look at our latest magazine packed full of financial advice and actionable tips to help you get the most out of life.This edition is packed full to help the self-employed. those planning their retirement, those retired who are returning to work, the cost of living crisis and inheritance tax.
RECEIPTS REACH £6.1BN
What if I could make my
wealth more tax-e!icient?
NOT BE KING
Deciding whether to withdraw
cash from your pension pot
HIGHER!RATE TAX FREEZE
Minimising the impact on your
COST#OF#LIVING CRISIS DELAYS HOMEOWNERSHIP,
HAVING CHILDREN AND RETIREMENT
Welcome to our latest edition. Rising living costs
have been so signi!icant in recent months that most
UK households will have noticed a squeeze on their
monthly budgets. Not only does this have a direct
impact on people’s lifestyles, even though they are
making every e!fort to cut back, but it has a knock-
on e!fect on their lifelong goals such as owning
a home or retiring comfortably. On page 07 new
research highlights millions of people across the UK
fear that the long-term impact of today’s rising living
costs could see their life goals delayed or even
Inheritance Tax receipts totalled £6.1 billion in the
2021/2022 tax year, up £729 million on the year prior.
This 14% increase marks the largest single-year rise in
Inheritance Tax receipts since the 2015/2016 tax year.
The increase is the result of the ongoing freeze on the
nil-rate Inheritance Tax band and residence nil-rate
Inheritance Tax band has had. On page 05 we look at
why making plans for Inheritance Tax is so important.
Choosing what to do with your pension is a big
decision. On page 08 we explain how by making the
wrong decision it could cost you heavily in the form of
an unwanted tax bill, eventually running out of money
in retirement and even a tax credits and bene!its
overpayment. So before you do anything, take a look
at what you should consider.
If you’re a higher-rate taxpayer, the freeze on the
Income Tax threshold will have meant an increase in
your tax bill. The reason for the increase stems from
the chancellor’s decision in April 2021 to freeze the
higher-rate tax threshold rather than increase it in
line with in!lat