Welcome back to my blog, are you, like me, wondering what the heck happened to spring? Now the clocks have gone forward, I am hoping that the sun will start to make an appearance.
On the subject of financial planning for women, we have just had the fourth budget from our current chancellor and I thought I would share the salient points with you.
The chancellor wanted to send a strong message that we are still open for business but the chaos in Europe made it difficult to feel much more than doom and gloom. It was however a budget that was designed to give a boost to small businesses and entrepreneurs with cuts to corporation tax and investment in seedling companies made easier. As you would expect, with the precarious state of the public purse strings, the benefits that were given were balanced against spending cuts and tax rises elsewhere. As always with the budget, the devil is in the detail and we won’t know the full details for a few weeks yet. Here is my take on some of the points that I feel have the most direct affect on you whether you are employed or an entrepreneur.
The personal allowance for individuals born after 5th April 1948 will increase to £9,440 for tax year 2013/14, this is an increase of £1,335 and means that the first £9,440 of your income is free of tax.
For more, please follow the link http://www.thewomenswealthexpert.co.uk/budget-bites-from-the-womens-wealth-expert-income-tax/
There have been a couple of announcements that affect working parents and families and you can read about these by following the link http://www.thewomenswealthexpert.co.uk/budget-bites-from-the-womens-wealth-expert-family-matters/
Changes to the pension allowances could catch out those who are in final salary pension schemes. Read how those changes could affect you here http://www.thewomenswealthexpert.co.uk/budget-bites-from-the-womens-wealth-expert-pensions/
Are you a small business owner or entrepreneur?
I have put together the points that I feel are most pertinent to you here
There have been changes announced for non-domiciled individuals and you can read how these affect you here. You will also find a guide to inheritance tax http://www.thewomenswealthexpert.co.uk/budget-2013-bites-from-the-womens-wealth-expert-inheritance-tax/
Capital gains tax:
The new tax year will see a rise in the capital gains tax exemption. If you would like to understand more about capital gains tax and how it may affect you, please follow this link http://www.thewomenswealthexpert.co.uk/budget-2013-bites-from-the-womens-wealth-expert-capital-gains-tax/
The Financial Services Authority does not regulate tax advice
Hannah Foxley is both a Fellow of the Personal Finance Society and a Chartered Financial Planner and has been practicing for 10 years. Her business, The Women’s Wealth Expert specialises in financial advice for women. Her mission is to redefine the way women feel about receiving financial advice, she is known for transforming futures and she leaves her clients feeling confident, secure and liberated.
To book a discovery meeting please call Hannah on 07595 747969.
The Women’s Wealth Expert is a trading style of Foxley Financial Consulting Ltd, which is an appointed representative of Sense Network Ltd, which is authorised and regulated by the Financial Services Authority. Registered in England and Wales company registration number 8179943. FSA number 587675.