DWM Financial Planning

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DWM Financial Planning

We provide a wide range of financial services for Personal and Corporate clients. Our emphasis has a The value of an investment with St.

We provide wealth management, protection and pension planning advice to clients within the business community and to personal clients in their own homes. We have established many close working relationships with businesses and individuals due, in part, to the insight and understanding that we have for their specific financial requirements. We specialise in providing high-quality personal advice on

many aspects of wealth management and advise clients of different backgrounds and ages. Additionally, we assist businesses in the increasingly complex area of corporate financial planning, providing guidance on pensions, protection for directors, key employees or shareholders, tax planning and aspects of exit planning. For full details of the range of products and services that are available to you, view our 'Wheel of Services'. James's Place will be directly linked to the performance of the funds selected and the value can therefore go down as well as up. You may get back less than the amount invested.

02/11/2023

How to stay in your home for as long as possible if you need long-term care.

You may assume that if you needed some form of long-term care, you would have to move into a care home or nursing home. But that may not be the case: receiving care in your own home can be enough to help solve the problems you’re dealing with.

You may assume that if you needed some form of long-term care, you would have to move into a care home or nursing home. But that may not be the case: receiving care in your own home can be enough to help solve the problems you’re dealing with.

24/04/2023

Success comes with its own challenges. It can take many years of struggling to grow your business to the point when you can sell it for what you had hoped.

Yet getting it to that point is only part of the challenge. The next step is making sure you and your family can enjoy the benefits for many decades to come.

But how?

Building up a business generally requires very different skills to selling it, and success with the former may well provide only limited help with the latter. Before you even sell your business, you need to be sure that you’ve done all the necessary tax planning. Otherwise you could lose out unnec...

06/04/2023

In the current environment, making the best use of tax-efficient wrappers such as pensions and ISAs is all the more important.

So it’s all the more important to make the best use of tax-efficient wrappers such as pensions and ISAs to make your money work harder. But is one better than the other?

It’s not an either-or situation. Both pensions and ISAs are tax-efficient ways to save, but there are some key differences. Which one is right for you will depend on your individual circumstances, including where you are on your investment journey and your goals for the future. It may well end up that you use both to create the optimum mix.

Using pensions and ISAs together can help you save for the future as well as reduce your tax liability, contributing to overall financial wellness, this article will help you decide what's right for you.......

In his first Autumn Statement, Chancellor Jeremy Hunt announced reductions to a number of key tax allowances as part of his attempts to help the nation’s finances recover from a difficult few years.

16/03/2023

Here are some of the highlights from the Budget announcement:

* Changes to the annual limits on tax relieved pensions savings, giving greater scope for many to save
* Removal of Lifetime Allowance charges next tax year before the abolition of the Lifetime Allowance from April 2024
* The gradual extension of free childcare of up to 30 hours per week for children up to age 3 starting in April 2024 and fully implemented by September 2025
* Various employment incentives, including for the disabled and over 50s
* The ISA investment limit and the 0% starting rate band for savings income to remain at their current levels of £20,000 and £5,000 respectively
* New and continuing incentives for businesses investing in qualifying capital equipment and including most office machinery and I.T equipment allowing 100% of the expenditure to be fully deductible for tax purposes. The scheduled increases to corporation tax from 1st April 2023 will however proceed
* 12 new investment zones to be designated subject to successful application. These would qualify for a range of incentives, support and tax reliefs
* An extension of the energy support guarantee at the current level of £2,500 for an average household for a further three months until July 2023

So, what does all of that mean for financial planning strategy? Especially given that there were no material changes announced in relation to the main personal taxes, namely income tax, capital gains tax and inheritance tax.

This post considers four key areas of financial planning:

Pensions - Savings & Investments - Intergenerational - Business Owners

View our electronic Budget Report for further analysis on the changes, key facts and figures, and useful financial planning tips.

13/03/2023

Capital Gains Tax (CGT) can trip many of us up. It’s a tax on the profit, or ‘gain’ that you make when you sell or even gift an asset that’s increased in value.

It’s a complicated area of tax-planning. Some people pay who could have mitigated some or all of the tax, while others forget to declare their gains, and may even face fines.

Which is why it’s wise to get your head around CGT and take financial advice, so you don’t end up paying more than you need to.

These are some of the most common questions we’re asked about CGT, plus some practical tips on how it works, and how to pay the right amount at the right time

Capital Gains Tax (CGT) can trip many of us up. It’s a tax on the profit, or ‘gain’ that you make when you sell or even gift an asset that’s increased in value.

09/03/2023

Why the 60% tax trap happens.......

If you earn £100,000 or more, the £12,570 personal allowance is slowly reduced. The personal allowance is the amount of income you can earn each year without paying Income Tax. It’s currently tapered away at a rate of £1 for every £2 you earn above £100,000.

In hard terms, 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.

Ever heard of anyone paying 60% tax? Chances are not, since, according to HMRC, Income Tax is charged at 0%, 20%, 40% or 45%, depending on how much you earn. The rates are slightly different in Scotland, but a 60% rate of tax doesn’t seem to exist. However, higher-rate taxpayers beware.

07/03/2023

Do you use your tax allowances and reliefs each year to boost your pension pot ?

Some days you can’t imagine ever retiring. Other days, it can’t come soon enough. But there will be a day when you want to put work behind you, and live life differently. And a rewarding, comfortable retirement is something that takes careful financial planning.

These days, retirement planning is about making sure you’ve got plenty of options to live later-life the way you want to, not the way your retirement income means you have to.

That’s why it really pays to use your tax allowances and reliefs each year to boost your pension pot, as you get closer to that retirement party.

Some days you can’t imagine ever retiring. Other days, it can’t come soon enough. But there will be a day when you want to put work behind you, and live life differently. And a rewarding, comfortable retirement is something that takes careful financial planning.

09/01/2023

Many of us will have a money-related goal among our New Year’s Resolutions. It’s a perfect time of year to break old money habits and make some new ones. “Getting into good tax and financial habits help make your life so much easier,” says Tony Clark, Senior Propositions Manager at St. James's Place. “The key is to form new habits that make your good intentions stick, so they become second nature, and you don’t even realise you’re doing them.”

Good money management habits make us feel more confident and in control of our finances, as well as keeping us on track to achieve our long-term goals They’re at the heart of personal financial wellbeing.

These are our top five tax-smart habits to get into before the end of the tax year......

Getting into good tax habits means you have more confidence and control over your money, and your financial wellbeing.

19/12/2022

At the end of every tax year, there’s a flurry of activity as people scramble to make the most of their tax reliefs and allowances. But you shouldn’t just have your eye on 5 April when you’re thinking about tax – it should be woven through the fabric of your entire financial plan, at every stage of your life.

We call this taking a holistic view of your finances. It means looking at the big picture, both your current financial circumstances and what you want your future to look like. As well as incorporating any variables that are unique to you, your financial plan will, to some extent, take into account what’s happening in financial markets and the wider world.

07/11/2022

The language used in financial communications can be complicated – and promote biases and stereotypes.
This can lead to people feeling confused and overwhelmed and lacking confidence in this area.
We regularly review the language we use – both in person and in our communications – to ensure you feel knowledgeable and happy with your financial choices.

Yet financial products and services are often made unnecessarily complex by the language the industry uses to communicate with its customers.

11/08/2022

Selling a second property? Cashing in a share portfolio? When you sell a valuable asset, you may have to pay Capital Gains Tax (CGT) on your profits.

One possible way of avoiding – or at least reducing – this tax bill is to give an asset to your partner, or split it with them. By doing this, both of you are able to use your individual CGT allowance and reduce the amount of tax payable overall.

Read on to find out how sales of assets are taxed and how splitting them with a partner, along with other strategies, can help you cut your CGT bill.

Selling a second property? Cashing in a share portfolio? When you sell a valuable asset, you may have to pay Capital Gains Tax (CGT) on your profits.

27/07/2022

How loneliness can contribute to financial scams......

Loneliness has many negative effects on those who have the misfortune to experience it, most notably poor mental and physical health. But one further consequence that’s often overlooked is the increased likelihood of becoming the victim of a financial scam.

* A quarter of people who experience loneliness have been the victim of a scam – and the same proportion of older people report feeling lonely at least some of the time.
* Not having someone to double-check things with is one of the main causes of these people falling victim to fraudsters.
* Scams can include email, mail or phone calls from criminal gangs – but fraud can also come from within families, as well as occurring when lonely people use fraudsters as their only contact with the world.
* Your financial adviser can help you to stay safe, while having a power of attorney in place can ensure someone you trust will help share responsibility for your affairs.

Loneliness has many negative effects on those who have the misfortune to experience it, most notably poor mental and physical health. But one further consequence that’s often overlooked is the increased likelihood of becoming the victim of a financial scam.

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1 Begg Road
Kirkcaldy
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https://www.dwmfp.co.uk/

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