Blog
Check out our latest thoughts and insights on a variety of financial topics
Why are savings rates lower than the current interest rate?
The Bank of England’s Monetary Policy Report is here, and analysis reveals savers are being short-changed.
The weighty Monetary Policy Report is issued every three months by the Bank of England to set out the economic analysis and inflation projections that its Monetary Policy Committee uses to make their interest rate decisions. While that might sound like a cure for insomnia, it often includes some valuable insights into the Bank’s thinking and how UK plc is functioning.
Further delays to the Pension Dashboard Programme
Have you heard of the Pensions Dashboard Programme? Back in 2016, the Treasury and the Financial Conduct Authority said; “[The Treasury] should challenge the industry to make a pensions dashboard available to consumers by 2019, bringing together industry and consumer representatives to help them set direction and drive progress.” This was in the wake of the introduction of pensions flexibility and the replacement of the old state pension scheme with the single-tier new state pension.
One month left for voluntary NICs...
If you’ve got gaps in your national insurance contributions (NICs) record, then mark 31st July on your calendar. This deadline serves as a reminder for you to consider making voluntary contributions.
Since the introduction of the new state pension in April 2016, several adjustments have been made to the rules regarding pension entitlement and NICs. Understanding these changes is essential to ensure you make informed decisions about your pension provision.
Are utility bills about to fall with return of Ofgem price cap?
An announcement in late May will herald a fall in gas and electricity bills from July. (Source: Ofgem, Cornwall Insights.)
Last year the Ofgem price cap rise dominated headlines with its 54% increase – from £1,277 a year to £1,971. This leap caused a flurry of government measures, including £150 council tax rebates, followed by a universal £400 payment and the introduction of an Energy Price Guarantee (EPG).
Father’s Day, later life care and sandwiches... (yes, really.)
First up, happy Father’s Day. To all the dads, grandads, dads-to-be, step-dads, biological dads, adoptive dads, and father figures – we appreciate you. Your role as any of these likely entails taking care of small to medium-sized humans – or fully grown adults – in one way or another. And while you’ve probably got some combination of feeding, watering, advising, supporting, and memory making down to a tee, you may not have thought about how later life planning fits in to the ‘dad’ of it all.
Will the bank deposit protection rise?
Is the maximum protection for bank deposits overdue for an increase?
The figure of £85,000 is one you might have regularly seen in articles (or some adverts) about bank deposits. It's the maximum deposit value in an authorised deposit-taking institution that is covered by the Financial Service Compensation Scheme (FSCS). If the deposit is in joint names, the £85,000 is doubled. However, there's a trap to watch out for – more than one bank may operate under the same banking license. For example, the Halifax’s license also covers the Bank of Scotland, Birmingham Midshires and St James Place Bank.
A long tax year for the self-employed
Calling all self-employed: Did you know that the 2023/24 tax year might be longer than you think?
If you’re self-employed, until 2023/24, you’ve normally been taxed on the profits made in the accounting year that ends in the tax year. For example, if your accounting year ran to 30 April, then in the last tax year, 2022/23, you’re taxed on the profits for your accounting year ending on 30 April 2022 – a few weeks after the start of the tax year.
An inheritance fit for a king
This weekend, King Charles will be coronated – and it’s got us thinking about inheritance. Behind all the pomp, pageantry, and Victoria sponge cake is a man inheriting his mother’s estate. And what an estate it is too.
Earth Day 2023: ‘Invest in our Planet’ with ESG
April 22nd marks Earth Day, the anniversary of the birth of the modern environmental movement. The theme of Earth Day 2023 is ‘Invest in our Planet’ - so naturally it caught our attention. As a firm of Independent Financial Advisers, ‘investing’ is core to our business. But did you know that you can invest in a sustainable future?
Pension tax rules change in Spring Budget
New measures affecting pension allowances announced in the March Budget could mean your retirement planning strategy needs to be reviewed.
If Jeremy Hunt did produce a ‘rabbit-out-the-hat’ in his Spring Budget, it was the announcement of the effective abolition of the pensions lifetime allowance (LTA) from 2023/24.
Suits to soup kitchen: Our Helping Hands takeover
Helping Hands Community Project is a charity based in Leamington Spa, who do essential work providing support for the homeless and vulnerable in our local areas.
When the team here at Simpson Financial Services heard there was an opportunity to get stuck in and help, we lay down our calculators and donned our aprons.
Automatic enrolment and pension contribution reforms
A new government bill indicates that a change to the automatic enrolment minimum age, and increases to workplace pension contributions, could be on the horizon.
Private members’ bills rarely get far in the parliamentary process. They all too easily fall by the wayside, as second and any subsequent readings of a bill must take place on a Friday – a back-to-constituency day for most MPs – and be concluded before 2:30pm. For a bill to stand much chance of success, it therefore needs the support of the government.
A trio of Budget measures for childcare
The Budget announced three important changes to childcare provisions in England, but one trap remains.
The cost of childcare has become a hot topic in recent years. Despite increasing demand, in March 2022 the number of childcare places available had little changed since August 2015.
Looking forward to a Happy New Tax Year?
The new tax year starts on 6 April, heralding a raft of changes that will make an early tax review of the year ahead a wise move.
There is always plenty of attention given to planning for the end of the tax year, making use of allowances that are otherwise lost at midnight on 5 April. A March Budget normally adds to the focus as speculation mounts about what might change even before the tax year ends. Much less attention is paid to planning for the start of the new tax year, but that can be just as valuable an exercise.
Hannah Stanley wins Young Achiever of the Year Award
We’re thrilled to announce that Hannah Stanley, a dedicated and passionate member of our team, has recently been honoured with the Chartered Insurance Institute’s Young Achiever of the Year Award.
