Welcome to our January/February 2024 edition of our financial planning magazine.
Tax Planning
Welcome to the first issue for 2024. The tax landscape has witnessed considerable changes, making the situation more challenging for taxpayers and investors alike. As we near the end of the 2023/24 tax year on 5 April, every taxpayer should understand the importance of this date and consider their tax position. Don’t leave it to chance and miss the deadline. On page 09, we’ve provided some planning tips to consider and discuss with us.
Forgotten Pensions
Did you know as many as 1 in 20 people could have a pension they didn’t think they had? Could that be you? It’s estimated £26.6 billion is currently trapped in forgotten pensions, averaging about £9,500 each. With most individuals juggling multiple jobs throughout their lifetime, it’s no wonder that some of these pensions fall through the cracks. Read the full article on page 12.
ESG Opportunities
ESG (Environmental, Social and Governance) investing, a socially responsible investing approach, seeks to harmonise financial returns with a company’s environmental impact, stakeholder relationships and global footprint. Our planet faces numerous challenges, from climate change to a rapidly growing and ageing population. On page 08, we consider understanding and incorporating ESG opportunities into your investment strategy.
Succession Planning
Transferring wealth within a family is a delicate process that requires clear communication and effective planning. Otherwise, it could lead to a potentially large tax bill and bad feelings in the family. This narrative was depicted in the hit American HBO series ‘Succession’. By engaging in succession planning, you can ensure your assets are distributed according to your wishes, simplifying the process and maximising tax efficiency. Read the article on page 10.
Safeguarding, expanding and cultivating your wealth
We aim to help you secure your future and achieve your financial objectives with a carefully crafted plan to fit your needs. By developing this plan, we’ll focus on what really matters and how to manage your financial situation to achieve your goals. We’re here to safeguard, expand and cultivate your wealth using our expert guidance. Don’t hesitate to contact us if you require further information or want to arrange a meeting.
We hope you enjoy reading this issue and, for more information on our latest financial planning magazine or to discuss any of the issues raised in this article, please contact us. Further information can also be found at gov.uk.
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Personal circumstances differ and not all of this information is applicable to every client and/or their business, this information is general in nature and should not be relied upon without seeking specific professional financial advice.
The Financial Conduct Authority (FCA) does not regulate tax advice, estate planning, trusts or will writing.
The content in this article is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.
Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.
Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
Pareto Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA).
