Blog
Check out our latest thoughts and insights on a variety of financial topics
Take a step up the property ladder with the extended stamp duty holiday
How often have you thought about retiring to the coast? Buying a dream property in the country or even buying your first home? Or adding to your family bolt holes with their future inheritance in mind? Well, the good news is, you could do it sooner than you planned. Because it’s not too late to take advantage of the stamp duty holiday, which has been extended until 30th June - and there are further benefits available after that date.
It’s fair to say, we are all getting slightly fed up now of hearing about the Pandemic, especially as we are finally seeing ‘green shoots’ appearing all around us. But one thing the past year or so has done for us is make us think more about what is important in life now. Not waiting until the time is right, or until we retire, or until we have everything lined up perfectly.
And it could be perfect timing, not only with the temporary stamp duty holiday, but also with the recent introduction of the Government Mortgage Guarantee Scheme (MGS), with the Treasury agreeing to reimburse a portion of any losses the lenders experience in the case of a repossession.
Inheritance Tax, how to avoid your loved ones losing out
You’ve spent your working life planning for your future. You’ve carefully considered your retirement. But what about your ‘estate’ and financial security for your beneficiaries after you have passed away? Our Independent Financial Advisers here at Simpson Financial Services will give you peace of mind that your loved ones need not lose out under the financial burden of Inheritance Tax.
We will work with you, so you could enjoy the fruits of your labour with your loved ones. But also ensure that your financial planning leaves them in the best possible place to avoid huge tax payments and maximise the benefits of their inheritance.
Financial planning for maternity leave
2020 brought us many challenges. Working from home. An upsurge in baking sourdough bread at home, of all things. Along with many other new opportunities. And, although possibly unsurprisingly, there is now talk of a Baby Boom in 2021. But with this comes the question as to how many families are ready for this lifestyle change. If you are joining this anticipated baby Boom, have you started to consider financial planning for maternity leave?
Do you know the costs of parenthood? What does maternity leave mean to you? Have you thought about your options, and how it will leave you financially as a family?
This blog explains the key factors around maternity leave, maternity pay and how our financial planning experts can make sure you are in a financially stable position ahead of time. Afterall, this should be a positive, happy time for you and your family, so financial preparation every step of the way will make your pregnancy and parenthood so much more enjoyable.
Is re-mortgaging an option during the pandemic?
Are you are totally settled and happy in your current family home but could do with a little more space? Or have you have spent so much time at home recently you can see how your home could do with updating with a refurbishment. Maybe you think downsizing is your only option if you are struggling with monthly outgoings. Or, as is the case for many of our clients, have you have managed to increase your savings during the pandemic? Whatever your current circumstances, now might be the ideal time to review your finances and consider re-mortgaging your home.
We would love to help you find the right option.
The pandemic has created challenges that the country has never experienced. You might think that re-mortgaging is out of the equation for you. Especially if you have been impacted by job risk or furlough.
Thinking of starting a new business in 2021?
Are you feeling stuck in a rut in the corporate world, or worried about your job? Have you been made redundant? Or, has your furlough made you think about things very differently? Do you have some amazing ideas, but are unsure how to make your dream a reality? Are you ready think about setting up on your own? If the answer to these questions is “yes” then this blog may help you prepare to step out of your comfort zone, get all your ducks in a row, and set you on your way to starting a new business!
If you are confident in your “why” and you have the passion and resilience to get back up after any setbacks; you have the financial backing in place; and the support of those around you; then you are at least part way there.
But even if you are only starting to consider a new venture at this stage, whilst it may be a huge step, it need not be too overwhelming with the right guidance.
Are you considering leaving your business?
The past 12 months has probably impacted your business in one way or another. Especially if you have had an exit strategy in place for some time or are just starting to consider leaving your business.
So how do you know when the time is right, and that you have everything in place to ensure a successful sale to prospective new owners, and a comfortable life for you and your family?
When you started out in business, planning an exit strategy may not have been high on your agenda. Hours, days, and weeks of consistent hard work have gone into your business, sometimes only able to see as far ahead as the next month-end or maybe even weekend! Certainly, no thoughts to the distant future.
Start 2021 with New Year Financial Planning
With 2020 having been so unstable and challenging, making resolutions for 2021 might seem a little over optimistic. But if you have managed to get through the year of the Pandemic unscathed and are already deciding how you can improve in 2021 in other ways, then perhaps New Year financial planning might not be such a bad thing to add into the equation.
Here are a few of suggestions which might mean you can end 2021 in a better financial position than you are starting:
How to Avoid Getting into Debt this Christmas
We all know that 2020 has been a year of constant change and uncertainty. But the year is nearly over. And one thing we all want to do is enjoy ourselves this Christmas time! But we all also need to consider how to avoid getting into debt this Christmas.
It is possible that it is going to be more of a financial struggle than usual for some this year. With furloughs, job losses, reduced hours and added pressure all around, we are, sadly, likely to see more people getting into debt and struggling to recover in 2021.
Buying Your First Home
- Buying your first home is an exciting and a huge step. It is also one of the most important things you will ever do.
You may be in a position where you have been saving every penny possible; know exactly how much you can afford; and have even seen the property you would love to make your home.
If so, congratulations! You are ready to take the leap onto the property ladder and apply for your first mortgage.
But, if you are one of many thousands who seem to be spending all of your wages on rent, utilities, food and household bills, without having any spare savings, buying your first home may feel completely out of the equation.
There are several ways you can start to plan efficiently, and we may be able to help you.
Are you planning on playing retirement roulette with your pension?
With more retirement options than ever before, we explore the key differences between annuities and drawdown products while helping you choose the winning option for you.
Whether you’re flirting with retirement or are a fresh whippersnapper with the whole world at your feet, weighing up your pension options in advance is a smart move.
Two of the best ways to make your hard-earned retirement savings go further is to purchase an annuity or a flexi-access drawdown. The question is: which one is right for you?
In this blog, we explore the differences between the two products and offer valuable tips to ensure you don’t gamble away your pension pot.
Retire in style: 8 tips for a stress-free retirement
Simple money-saving tips to ensure you enjoy a stress-free retirement and can experience the finer things during your later years.
Retiring stress-free sounds like a pipedream to most, especially in this current economic climate. The thought of pouring your hard-earned cash into a retirement fund for an old crinkly version of yourself, instead of living lavishly while you’re young is hard to justify.
However, retirement savings don’t have to be a drab affair and a killer to your social life. The key to success is thinking smarter and making your money stretch further.
So, if you want to enjoy a great lifestyle now and still be able to swan around Waitrose in your golden years, we suggest you put a few of these retirement saving tips into practice.
Ongoing financial help from the Government, supporting Business Owners through Covid-19
Coronavirus has caused disruption to all industries across the UK and non must be suffering more sleepless nights than business owners, large or small. However, the government has launched a range of temporary measures to help ease your concerns and support your business throughout this uncertain time. Ensuring you are getting the right financial support and taking full advantage of any funding or assistance on offer could really help businesses get through this unprecedented time.
What is the stamp duty holiday and how can you capitalise on it?
With Chancellor Rishi Sunak announcing a stamp duty holiday to rebuild the economy, we explore the impact it’ll have on those looking to take their first or next step on the property ladder.
It’s fair to say the past few months haven’t exactly been a great time to search for your next home sweet home.
However, Rishi Sunak’s announcement regarding a stamp duty holiday last week should be enough to start planning your next move and schedule in your next Ikea trip. Here’s why…
What is the stamp duty holiday?
The new stamp duty holiday measures mean that homebuyers will pay no stamp duty on property purchases of up to £500,000 until March 2021.
Lenders return to 90% lending
Welcome to your latest update in what is a fast moving fast changing mortgage market.
Let’s take a breath first and remember what happened about 10 weeks ago.
HM Government pulled the shutters down on UK PLC which effectively closed the country and confined us to our homes in an effort to slow down the spread of the Coronavirus.
Lenders responded by pulling up the lending drawbridge and many stopped lending all together, with some still not back in the lending arena as of last week.
