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For many people 2009 was a year of hardship. A global recession, stock market set backs plus an overall opinion of unease have left a great deal of individuals feeling unsure about next year.

Hopefully the next year will be a different year. However there are measures we can put into place to help our finances.

A small thing we can do to put the situation into perspective is to look over our financial status. Whether it is your mortgage, outstanding loans, investment funds, income or purchasing patterns need to be re-examined regularly.
Carrying out a review will help you to identify where your finances can be bettered and if you need to make improvements.

It is important to re assess your Savings, to verify they are acceptable to the amount of risk you are prepared to take on. It is also worthwhile reviewing your MasterCard and visa, electricity and gas as well as insurance to see if you could get a better deal. Even a little saving could make a difference to your monthly budget.

Making the most of your annual taxation allowances such as mini and maxi ISAs, capital gains tax allowances and retirement planning are also ways of shrinking the level of tax you might pay.
Whilst income and capital gains tax are important, the result of inheritance Tax (IHT) should likewise be considered.

Many possess assets in excess of the value of the Inheritance Tax Nil Rate band. Competent tax planning can be used to reduce the overall amount of IHT their beneficiaries might have to pay.

For many people, the services provided by Financial Advisers allow them to re-examine and put into place changes to their finances.

If you believe that you would benefit from impartial financial advice please contact us on 01454 321511.

Consilium Asset Management