Think twice
Posted by JSCFinancial on Monday 6th of March 2023
Think twice: Why cancelling your financial protection during the current cost of living crisis could be a bad idea
Centuries ago, Benjamin Franklin announced that “By failing to prepare you are preparing to fail”.
This is especially true when it comes to ensuring your personal finances are protected from the rainiest of days. However, with the rising cost of living likely putting pressure on your spending, you may be considering cancelling your cover, even when this could leave you more vulnerable than before. Read on to discover som...
Use them or lose them
Posted by JSCFinancial on Monday 6th of March 2023
Here’s a guide to your annual tax allowances, including ISAs, pension contributions and gifts – and why it’s important to make the most of them.
At this time of year, one of the most beneficial things you can do for your money is to review your annual allowances. Make sure you’re using those that are available to you so you don’t pay more tax than necessary. The end of the tax year is on 5 April 2023 and it’s not possible to roll over most of these allowances to the following year, so if you don’t use them, you lose them.
Personal al...
Make the most of your tax wrappers
Posted by JSCFinancial on Monday 6th of March 2023
It’s a good idea to know how your investments are taxed when selling them. Here are some of the ways you can organise your assets to make them tax efficient.
One of the worst things about earning money is that you have to pay tax. Whether it’s your salary or the interest you’ve earned on your investments, the taxman will almost always take a chunk. If you sell stocks or bonds for a profit, you may need to pay capital gains tax (CGT). The good news is that if you put your investments in a tax wrapper you can shield them from the taxman...
Creating a budget
Posted by JSCFinancial on Thursday 23rd of February 2023
5 Steps to Create a Budget
The average British family used to be 2.4 children, these days it’s 1.7 children (and half a dog). Whether your idea of a family is two adults and two children or just you and a dog creating a family budget is an essential step towards managing your finances effectively.
By gathering information about your income and expenses, categorizing your expenses, setting financial goals, determining your disposable income, and creating a budget plan, you can take control of your finances and achieve your financial g...
Why your mortgage term matters
Posted by JSCFinancial on Tuesday 31st of January 2023
With increases in the cost of living impacting on many household budgets, the cost of your monthly mortgage payment continues to be important.
On a capital repayment mortgage, the quicker you pay off your balance, the bigger your monthly payments will be. By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest.
Whether you’re taking out a new mortgage to buy your first home or have had a mortgage for several years and want to remortgage, it’s important to consider how soon you want to be ‘...
Home Insurance Explained
Posted by JSCFinancial on Thursday 26th of January 2023
Home Insurance Explained
One wet and windy evening, Alex and Megan decided to take advantage of their newborn, Ellie, falling asleep in her moses basket by getting an early night. Picking up the basket from its regular spot in front of the fireplace, they crept upstairs. No sooner had they settled in bed when they heard a massive crash from the living room. They ran back downstairs to find a pile of rubble in the exact spot Ellie had been sleeping just minutes earlier.
Aware the incident could have been much worse, the couple were st...
Junior ISAs
Posted by JSCFinancial on Thursday 26th of January 2023
In the 2022 Autumn Budget, it was revealed that the Junior ISA (JISA) spending limits would remain at £9,000 for the 2023/2024 tax year. The JISA limit was last changed in early 2020, when it was doubled from £4,500 to its current level.
JISA and CTFs both benefit
JISAs replaced Child Trust Funds (CTF) in 2011, but those who still hold CTF will continue to benefit from the increased allowance. Both JISA and CTF are a tax efficient way to build up savings for a child. It is not possible to have both a JISA and a CTF.
Savings for children
...Market Update: Inflation begins to cool as rates continue to rise
Posted by JSCFinancial on Thursday 5th of January 2023
Central banks continued to increase interest rates although there were encouraging signs that inflation may have reached its peak.
US markets rebounded when the Federal Reserve (Fed) hinted that it may not have to increase interest rates in 2023 by as much as expected. However, they fell back after employment numbers were released, which show the jobs market remains strong. A strong jobs market could mean a more resilient economy, which could keep inflation elevated.
The US central bank raised its benchmark interest rate by half a percenta...
Key Dates For Your Finances 2023
Posted by JSCFinancial on Thursday 5th of January 2023
As we say goodbye to 2022 and welcome 2023, now’s the perfect time to make sure you’re fully prepared for the financial year ahead. To make it easy, we’ve summarised the key financial dates to put in your diaries:
January
- 31st – Self-Assessment Tax Deadline – You need to pay and submit your self-assessment tax return for the tax year ending 5th April 2022.
March
- Potential Spring Statement
- 31st – End of the Help to Buy Scheme – Buyers who applied for the loan have until this date to complete the purchase of the property.
April
...Are you making the most of your ISAs?
Posted by JSCFinancial on Wednesday 4th of January 2023
Are you making the most of your ISAs?
You are unable to carry any unused allowances over into the 2023-2024 tax year. If you are unsure on what ISAs are available to you and what they could do for you and your money, here’s how you can make the most of them.
ISA
An ISA is an individual savings account that allows you to save money tax-free in a cash or investment account, so you could end up getting more for your money. An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth, i...
