ISA
1/4/2010 POSTED BY BJW
Clients should be considering reviewing their savings plans and in particular whether they should contribute to ISAs. It was reported in the press recently that a couple who had invested the maximum annual allowance in ISAs (formerly PEPs) since the scheme’s inception have now achieved an investment fund in excess of £1m. Given the continued low rate offered on savings, we would recommend that clients consider using the monthly cash savings they are making on reduced repayments on loans and mortgages into an ISA savings account. There is discussion as to whether these savings should be used to accelerate repayments of the mortgage or use them elsewhere. The advice very much depends upon personal circumstances and, if you feel this is something would like to investigate, please call the office to make a mutually convenient appointment to review the situation.
MorePension forecasts
1/4/2010 POSTED BY BJW
Where taxpayers may have a chequered history in respect of making National Insurance Contributions, having periods of employment and self employment or are now taking dividends as apposed to NICable salary, they should ensure that they are making sufficient contributions to keep them within the basic state scheme. Taxpayers can make inquiries online for a pension forecast, (
http://www.direct.gov.uk/en/Diol1/DoItOnline/DG_4017970) which should keep them up-to-date with what contributions they need to make to maintain their state entitlements and also allow them to review their positions generally to ensure they are making adequate provision for retirement needs.
Email scams
1/4/2010 POSTED BY BJW
A very large amount of email users will have received inquiries from dubious sources asking for personal details as they purport the represent themselves as HMRC trying to confirm that there are tax repayments due. These emails are scams. If HMRC owe you any monies, you will either be notified by your accountant or receive a statement of account from HMRC directly. For those taxpayers who have online access to their HMRC account, they can check the position online. Under no circumstances should anybody give any personal details, including date of birth, bank account details or passwords to any third party.
MoreShould I pay off my mortgage?
15/3/2010 POSTED BY PMW
There is a debate as to whether it is better to pay off a mortgage early or save the funds. This is against the background of very low rates of interest on savings.
The answer very much depends on individual circumstances and is part of the overall approach to financial planning but an alternative to accelerating payments - especially with the increase in limits to the annual amount at can be invested in Isa’s – is that there can be an argument at the current time to ensure that in the first instance savings should be used to buy up to the maximum annual entitlement in and Isa. So if for example you have a tracker mortgage which is costing 1.5% - then the potential returns on the Isa can exceed this. The funds invested in an Isa can also be redeemed at any time in the future.
There was article in the Sunday newspapers about a couple, who had invested in Isa’s since their inception and their funds are now worth in excess of £1m.
The worst thing is not to do anything as if provision for some form of savings is not made – magically – the money will never seem to be in the account at a later sage.
Finding a Bookkeeper - Reinforcing Your Business Structure
20/11/2009 POSTED BY BEN
On your quest to find a bookkeeper, you shall come across different means that shall seem equally enticing and fruitful, but not all of them shall assure you about hiring the best bookkeeper for your business. Whats then, the deal?
First, lets see why you need a bookkeeper. Its vital to keep track of the financial data of every business; the taxman doesnt like us leaving the details to chance. Thus, someone is needed to be in charge of the books dedicatedly; this person, unless with sufficient amounts of training and experience, shall not be able to get the job done properly. However, that way we are talking about the bookkeeper perse; finding whom can be quite a bit of a challenge. Therefore, knowing what to look for among the prospective candidates is paramount.
MoreAccountant in Chicago
15/11/2009 POSTED BY BEN
I remember an accountant in Chicago telling me: Accounting is not about mere figures; its the art of analyzing and interpreting data to make it respond correctly. The above statement is enough to make a person catch the idea what an average accountant in Chicago means; however, there are different types of accounting services that Chicago accounting firms and individual accountants provide.
Industrial Accounting: These are limited only to single firms and an accountant works under a single employer in return for a fixed salary.
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