Radcliffe Quarterly News
Dec
14
Dec
14
Don’t forget – Self Assessment deadline approaching!
Although we are now entering the festive period, for those individuals who need to complete Self-Assessment returns the 31 January 2012 deadline for online returns is nearer than you might think! Returns for tax year ending 5 April 2011 must be received by HMRC by this date, or a late-submission fixed penalty of £100 could apply. This penalty applies even if you have no tax to pay and there are further charges if the return is still outstanding 3 months later Where any tax is due this... Read More »
Dec
14
Dec
14
The Silent Erosion
Over the past couple of decades inflation has been both stable and low, but recent government figures show inflation has now peaked above five per cent with RPI (Retail Prices Index) inflation running at around 5.4% in October. Rising inflation causes us all problems, not only increasing our household expenditure but also eroding the ‘real’ value of our savings and investments, this article looks to explain this further and at ways of trying to combat the effects. Why has inflation... Read More »
Dec
14
Dec
13
Public Sector Pension Changes
As you may have seen on the television and read in the newspapers, public sector pension schemes are currently the subject of calls for radical reform, largely because of the increasing cost to the public purse of funding these schemes- There are seven main schemes currently being reviewed: -the Armed forces, Civil service, Fire service, Local government, NHS, Police and Teachers schemes. These schemes vary widely in terms of the contribution rates and benefits payable, although the most... Read More »
Dec
14
Dec
14
Safe as houses?
It has been fairly well documented in recent years that a future pensions crisis is in store for the UK given the reduction in the number of final-salary pension schemes, the effects of the financial crisis on investment returns, and (more pertinently) the fact that most of us do not save enough towards our retirement. A recent survey highlighted a frightening statistic that UK adults need to save, on average, £10,300 every year in order to ensure they plug this gap and have an adequate... Read More »
Sep
28
Update on the Equitable Life Payment Scheme
After a long battle by policyholders the Financial Secretary, Mark Hoban, announced on 20 October 2010 that £1.5 billion would be put aside for the Equitable Life Payment Scheme (ELPS). This scheme was then formally enacted on 16 December 2010 by the Equitable Life (Payments) Act 2010 which also allowed the Treasury to make compensation payments free of tax and to disregard them for tax credit purposes. As payments have now started to commence under the scheme and HM Revenue &... Read More »
Sep
28
‘Dilnot’ Commission proposals for reform of Long Term Care
One of the often forgotten elements of an individual’s financial plan is making sure that they have adequate financial provision should they require residential care during old age – Unfortunately there are now few insurance companies offering financial products to assist with this type of planning which presents a further obstacle for those looking to plan ahead to meet these potential costs. In fact the very last long term care savings policy (know as a ‘pre-funded’ plan) was... Read More »