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Financial planning is a process of managing your money. It may include any or all of several strategies, including budgeting, tax planning, insurance, retirement and estate planning, and investments. All elements are co-ordinated with the aim of building, protecting and maximising your net worth.
To find out more about Financial Planning, see WHAT WE DO
a combined insurance that will cover or replace any damage that might occur to the house or its contents, including loss.
Go to BUILDINGS AND CONTENTS INSURANCE
Critical illness cover pays you a sum of money if you are diagnosed to have a critical illness specified in the terms and conditions, and if you are eligible to claim.
Go to CRITICAL ILLNESS COVER
If you are injured or too ill to work, resulting in a loss of earnings, Income protection gives you a regular tax-free benefit.
Go to INCOME PROTECTION
Life assurance is a contract between you and the insurance company. The insurer agrees to pay a sum of money when you die.
Go to LIFE ASSURANCE
Private medical insurance covers costs you incur while receiving private medical treatment for short-term illness or injury.
Go to PRIVATE MEDICAL INSURANCE
Redundancy cover is insurance that helps you meet your financial commitments (eg: mortgage) if you lose your job because of redundancy.
Go to REDUNDANCY COVER
Investment bonds are sold by life insurance companies. They allow you to invest in various investment funds managed by professional investment managers. They are normally designed to produce long-term capital growth, but can also be used to generate an income. The minimum investment is typically £5,000 or £10,000.
When you buy a bond you are allocated a certain number of units in the funds of your choice. Each fund will hold a portfolio of investments, such as shares or bonds, and the price of your units – in other words the value of your capital – will normally rise and fall in line with the value of these investments.
Technically, investment bonds are single premium life insurance policies. This means an element of life insurance is provided. But it is tiny, typically adding an extra 1 per cent or less to the value of your investment, if it is paid out after your death.
Investment bonds have an element of tax paid at source at 20%. Higher rate taxpayers would be potentially liable for a further 20%. A feature of investment bonds is that a tax-deferred income of 5% per annum is available.
Bonds can be ‘onshore’ or ‘offshore’. Offshore bonds do not, in general, have a tax liability until they are brought onshore. The level of liability depends on your tax status as well as regulations and legislation.
Go to INVESTMENT BONDS
Investment trusts invest in the shares of different companies, allowing you to spread your risk. The main difference from unit trusts is that investment trusts are “closed-ended” and can therefore trade at a premium or discount to net asset value. Their value can fluctuate more often than units in unit trusts.
For Further information on Investment trusts, please Contact us
ISAs are tax efficient savings accounts. Each tax year you have an ISA allowance, for tax year 2014/2015 (6 April 2014 until 5 April 2015) your allowance is £15,000.
Unlike previous rules, you can now choose to have the whole amount in a cash ISA or an investment ISA.
Go to ISAs
A unit trust is a type of pooled investment. A fund manager buys shares in different companies and ‘pools’ them into a fund. You buy units in the fund. Because the fund contains a range of shares the risk is spread. The fund is ‘open-ended’ – the number of units rises and falls as investors buy and sell units.
Go to UNIT TRUSTS
OEICs are a pooled collective investment vehicle (in the form of a company). OEICs were introduced as a more flexible alternative to unit trusts.
Go to OEICs
An annuity enables you to buy an income for the rest of your life with a lump sum.
Go to ANNUITIES
Estate planning is the process of accumulating and disposing of your estate to maximise your goals. The various goals of estate planning include making sure the greatest amount of the estate passes to your intended beneficiaries – often with the least amount of taxes payable and avoiding or minimising probate court involvement. Additional goals typically include providing for and designating guardians for minor children and planning for incapacity.
Go to ESTATE PLANNING
Inheritance planning is the practice of passing on property, titles, debts, and obligations upon your death, in a structured and tax-efficient manner.
Go to INHERITANCE PLANNING
Retirement planning establishes your retirement income goal and gathers information about your potential sources of retirement income. The information is used to help determine whether your projected retirement cashflow is adequate to fund your needs.
Go to RETIREMENT PLANNING
(Sometimes called a Personal Pension Plan or PPP) is a UK tax-privileged individual
investment vehicle, generally designed to build a capital sum to provide retirement benefits, although it may also be used to provide death benefits.
Go to PERSONAL PENSION
(Self Invested Personal Pension) is one of two types of UK personal pension scheme. The main reason to choose a SIPP rather than a conventional personal pension is to exercise power over the type and range of investments bought; especially the power to purchase commercial property either directly or with a mortgage, or to buy and hold individual shares.
Go to SIPPs
Were introduced in the UK in 2001 to encourage more long-term saving for retirement, particularly among those on low to moderate earnings. Employers with five or more employees are required to provide access to a stakeholder pension scheme for their employees unless they offer a suitable alternative pension scheme.
Go to STAKEHOLDER PLANS
A mortgage is a method of using property as security for the performance of an obligation, usually the payment of a debt.
Go to MORTGAGE ADVICE
MPPI is a type of insurance arranged when you buy a property on a mortgage. It is a way of ensuring that your monthly mortgage payments are made should you become unemployed. Unemployment can be caused by accident, sickness or redundancy.
Go to MORTGAGE PAYMENT PROTECTION INSURANCE
Corporate Financial Planning
Employee benefits are an indirect form of employee compensation, in addition to wages.
For further information about Employee Benefits, go to the Q&A website, EMPLOYEE BENEFITS
A benefits plan that allows employees to select from a pool of choices, some or all of which may be tax-advantaged. Potential choices include cash, retirement plan contributions, vacation days, and insurance.
For further information about Flexible Benefits, go to the Q&A website, FLEXIBLE BENEFITS
This protects your business against financial loss if a key employee dies or becomes seriously ill. Key person assurance helps replace the profit generated by that person and pays for the recruitment and training of a replacement.
Go to KEY PERSON PROTECTION
Various methods of funding for school fees are available, from income or capital.
Go to SHAREHOLDER PROTECTION
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