Setting up Queens Square Wealth Management Ltd, a Senior Partner Practice of St. James’s Place in 2009 seemed like a natural step after helping people over the previous 9 years to make most of their money and realize their financial goals, this included working with clients of two of the most recognized Private Banks in the UK.
A decision to base our office on the High Street in the pretty town of Corsham, was an easy one. With fantastic links to the capital, cities and of course the town itself, clients old and new have flexibility of having a successful team locally. We work very closely with local businesses and professionals and offer a free no obligation meeting for all potential clients.
Based on core values of excellence of service and above-all integrity, at Queens Square Wealth Management Ltd, we will provide you with bespoke wealth management solutions that you require to satisfy your needs both now and in the future. We do not provide off-the-shelf solutions, but offer you the benefit of a trusted relationship to meet all your financial needs.
Hot topics coming up include: Budget 2018 & Brexit
Budget 2018 – five to watch. As the chancellor hunts down savings ahead of the Budget, what should you look out for?
The Chancellor has announced that the Budget will take place on Monday 29 October, earlier than has been speculated. It will be the final tax and spend speech before Britain leaves the EU, and will outline how the extra £20 billion a year for the NHS will be funded.
Tax relief on pension contributions has been at the mercy of cash-strapped chancellors for some time…The annual allowance for pension contributions came down £50,000 to £40,000. It could potentially be cut again, perhaps to £30,000. It’s also quite possible that the chancellor could lower the earnings threshold for the ‘tapered annual allowance’, which has so far only affected top earners.
- Income Tax
A small increase in the higher and top rate could help the chancellor fund his extra spending commitments. A 1p increase in the basic tax rate is expected to generate £4.85 billion by 2021/22.
- Capital Gains Tax
Capital Gains Tax (CGT) rates are at historic lows, potentially making them an appealing target. He could also be persuaded to cut the current tax-free threshold of £11,700.
- Entrepreneurs’ Relief
This scheme allows people selling companies to pay half the normal rate of CGT (10% rather than the current top rate of 20%) on up to £10 million of gains. However, the Resolution Foundation has called for Entrepreneurs’ Relief to be scrapped, given that it benefits a relatively small number of individuals.
- National Insurance contributions
Mr Hammond has already tried, and failed, to raise National Insurance contributions (NICs) for the self-employed, nevertheless, a 1% rise in the main employees’ NIC rate would yield £4.2 billion in 2021/22, while a similar rise in the employers’ rate would bring in over £6 billion.
What could you do? Pre-budget action plan
- The ISA allowance of £20,000 in this tax year remains one of the simplest and most popular ways to shelter money from any further liability to Income Tax or CGT.
- You should think about boosting your pension savings now by making the most of available allowances, so that you can potentially benefit from higher rates of tax relief on your contributions. It could also make sense to carry forward any unused allowances from the three previous tax years.
- High earners can take steps to bring their taxable income down by making pension contributions or charitable donations.
Please take the time to view our website www.queenssquarewealth.co.uk and feel free to register for our e-briefing service, to keep up to date with these hot topics and many more.