http://www.mcmillanconsultants.co.uk/

Guy Ovenden Wealth Management Consultant, Chichester (2026)

24/02/2023

“Guy was so helpful regarding critical illness cover I required. After recent traumatic events to friends I knew I needed cover ....... but wanted the correct cover not just the cheapest. Guy took time to explore all my options and then took time explaining them to me and making sure I understood what I was getting for my money. All round top service and I would not hesitate to recommend Guy he is top drawer and certainly knows his stuff. Thanks Guy”

Thank you so much for this lovely feedback via VouchedFor

You can see this review and more on my VouchedFor profile here 👉 https://www.vouchedfor.co.uk/financial-advisor-ifa/chichester/063209-guy-ovenden

22/02/2023

Self-employed individuals are among those least likely to have a pension they are contributing to, with just 55% of self-employed people building a pension pot, compared with 80% of all adults in work*.

One of the main reasons for this is because people automatically open a pension with their employer, but the self-employed are excluded from automatic enrolment.

With no workplace pension available, the onus is on the self-employed to proactively sort this out and make sure they are putting enough aside for later life.

If you’re self-employed, are you saving into a pension? 💰

*Financial Lives 2020 survey

20/02/2023

Nick was referred to me by a friend of his. He inherited around £270,000 and wanted expert advice on how best to manage the money for himself, his wife and their family💰

Nick and his wife Julie came to see me to explain more about their medium and long term goals and their financial position.

After carefully assessing their circumstances, I recommended that they:
✅ Clear personal loans and credit card debt
✅ Maximise their pension contribution allowances
✅ Save 6 months’ worth of outgoings in an accessible cash account for emergencies and rainy days
✅ Invest in Junior ISAs for their three children and in Stocks and Shares ISAs for themselves

This is just a snapshot of the advice I offered. There were many other factors that we discussed as part of their wider financial planning.

Would you know what to do if you unexpectedly received a large sum of money in inheritance?

Would you spend it? Would you invest it? 🤔

17/02/2023

Higher-rate taxpayers can unwittingly fall into a 60% tax bracket without realising 💰

If you earn between £100,000 and £125,140, the tapering of the personal allowance means you could end up paying 60% tax 📈

This means that for every £100 of income between £100,000 and £125,140, you only get to take £40 home – £40 is deducted in Income Tax, while another £20 is lost by the tapering of the personal allowance. This amounts to a 60% tax rate. Once you’re earning £125,140 or more, you don’t get any personal allowance at all.

One way to avoid the 60% tax trap is to pay into your pension before tax year end so you reduce your earnings that fall into that 60% bracket 📉

15/02/2023

Rising costs have prompted many businesses to look for ways to cut costs. However, could cost-cutting be doing them more harm than good? …

Some SMEs may look to review the cost of their insurance premiums like shareholder protection and key person cover. But cancelling policies like these could leave them dangerously exposed.

If you cancel a policy thinking you’ll repurchase it later, it could be more expensive when you come to do so. And if you suffer any medical issues in between, you may be unable to take it out.

It’s always best to seek advice from a financial adviser before making decisions like these ☝️

13/02/2023

Brits paid almost £6 billion in inheritance tax in 2021/22 💰

Up over £500 million on the previous year 📈

However, through careful planning and with the support of a financial adviser, it is possible to reduce your inheritance tax bill, or in some cases avoid it altogether.

For example, you can give away up to £3,000 each tax year, as well as make any number of small gifts up to £250 per person to reduce the value of your estate and support your family during your lifetime. This is just one way to mitigate inheritance tax.

10/02/2023

What’s the most tax-efficient way to sell a buy-to-let? 🤔

Timing is an important consideration when selling a buy-to-let. When you sell can impact how much tax you’ll pay ⏰

There’s a balancing act between paying 18% or 28% Capital Gains Tax in the short term and paying up to 40% Inheritance Tax later down the line 💰

The most tax-efficient way to sell depends on your own circumstances. What makes most financial sense for one person will be different for someone else. There are lots of factors to consider to reach the best conclusion ✅

I work with landlords and property investors to help them manage their portfolios in the most tax-efficient way 🙌

Your home may be repossessed if you do not keep up repayments on your mortgage. Commercial and some buy-to-let mortgages are not regulated by the Financial Conduct Authority.

08/02/2023

If you’re approaching retirement within the next 5 years it’s important to consider how and when you’re going to take an income 💭

For example, you might have cash savings, a stocks and shares ISA and a pension. Deciding which one to draw from first is really important because it can affect your tax liability 💰

For some people, it might make sense to take their tax-free pension cash first, but for others it might be more beneficial to access their ISA.

There are many factors to consider that are dependent on individual circumstances and so it’s best to speak to a financial adviser who can carefully explain your options and the tax implications of each!

The right financial advice could make the world of difference to your retirement 🙌

06/02/2023

Some decisions you make with regard to retirement are irreversible 🔄

This is why it’s so important to seek advice.

Here’s just one example of how things can go terribly wrong…👇

A gentleman approached his pension provider to take a tax-free cash lump sum. After taking his tax-free cash he was then surprised to receive a regular income 💰

He wasn’t aware that he signed up to an annuity and would have preferred to have the funds for future access in a drawdown plan.

Unfortunately, once you have used your pension to take an annuity, you cannot reverse the process ❌

This decision could affect the level of income he’ll receive throughout retirement.

People save into a pension for decades and it is typically the foundation of any retirement income, so it is essential to make well-informed decisions about how best to use those funds for your own retirement goals ✅

03/02/2023

Scaling back on pension savings might seem like an easy fix for short-term challenges, but reducing or stopping could have long-term implications 📉

You’ll miss out on the effects of compound interest, the tax benefits and employer contributions if you have a workplace pension 👎

The annual Scottish Widows Retirement Report this summer revealed that one in ten savers had already cut back on their pension contributions or stopped paying them altogether in a bid to reduce costs 💰

While reducing the amount you pay in – or stopping altogether – might make it easier to meet certain short-term needs, it’s a choice that could significantly impact your standard of living later in life, when you have fewer other options open to you.

01/02/2023

If you save £250 per month (£3,000 per year) into a Junior ISA for your child or grandchild from the time they’re born…

By the time they’re 18 that investment could be worth £67,000* 📈

And you can actually save as much as £9,000 per tax year tax-free into a Junior ISA 💰

What’s more, investing for your children now - rather than leaving money to them after you're gone - could save you all a lot in taxes ✅

*Calculation based on growth after charges of 2.4% a year. This figure is an example only and is not guaranteed.

30/01/2023

As the tax year comes to a close, and you’re checking that you’ve made the most of all your tax-free annual allowances, it’s a perfect time to review whether you’re still getting value for money from your Cash ISAs 💰

This year, interest rates have risen significantly and that looks set to continue into 2023, or until the economy stabilises again. The best rate on an easy-access Cash ISA is currently 2.25%. That’s good news – any savings you have in Cash ISAs are earning more than 12 months ago 📈

Guy Ovenden Wealth Management Consultant

24/02/2023

22/02/2023

20/02/2023

17/02/2023

15/02/2023

13/02/2023

10/02/2023

08/02/2023

06/02/2023

03/02/2023

01/02/2023

30/01/2023

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