https://linktr.ee/arran_financial_planner, http://www.stansherlock.com/

Arran_financial_planner, 26 Lowther Street, Carlisle (2026)

03/05/2024

I have somewhat hastily signed up a last minute substitute for the injured Sandie Donald for the Bikes Boats Boots Fundraiser next Sunday 12th May 😧

30 mile cycle, 2 mile canoe and a hike up Helvellyn in aid of Eden Valley Hospice and Jigsaw, Cumbria's Children's Hospice 🤗

As you can see the Carlisle team Ben Hickman, Craig Butterworth & Ewen Alcorn have been busy training, so I have big shoes to fill Sandie.

Any last minute donations would be greatly appreciated, link below, thank you!

https://www.justgiving.com/page/arran-pamphilon-1714659617380?utm_medium=fundraising&utm_content=page%2Farran-pamphilon-1714659617380&utm_source=copyLink&utm_campaign=pfp-share

16/11/2023

In your late 30s, 40s, or 50s?

Focused on your family,.career & business? 👨‍👩‍👧

Aware that you perhaps need to take a closer look at your own finances? 🤑

Join me for my latest lunchtime webinar on the 7th December 12-12:30pm. For members of the Cumbria Chamber of Commerce.

For non-members I will be running further sessions in the new year 🤝🏼

Follow link at the top of my profile to register, or copy & paste below...
https://my.cumbriachamber.co.uk/calendar_detail.html?eid=16BF8937-B639-475B-9E72-CFD0ADE4ADAE

31/01/2023

With interest rates higher than we have seen in years, the good news is that many of us are now earning a better return on our cash savings..

However, it's worth knowing that this increases the likelihood of having to pay income tax on savings interest. What should you be aware of?

✅ Basic rate tax payer - you can earn £1,000 in interest before you have to pay 20% income tax on anything above this. Ie. £50,000 in a savings account at 2%

✅ Higher rate tax payer - you can earn £500 in interest before you have to pay 40% income tax on anything above this. Ie. £25,000 in a savings account at 2%

✅ Additional rate tax payer - sadly you have no allowance and so have to pay 45% income tax on any interest earned

BUT, there are some ways you can legally avoid paying tax on interest earned on cash:

1️⃣ Cash ISA - any interest earned is tax free (just like how any investment growth is tax free in a Stocks & Shares ISA). Be aware you can only save £20,000 across all ISAs including Cash ISA and Stocks & Shares ISA each tax year.

2️⃣ Premium Bonds - the probability of winning either £25 up to £1m per month is equivalent to an interest rate of around 3% and the winnings are tax-free. You can save up to £50,000 in premium bonds.

3️⃣ Move some of your savings to your spouse if they are a lower rate tax payer.

*This post is financial education, not financial advice. The above guidance is generalised and subject to prevailing HMRC rates and allowances.

15/01/2023

Sunday stroll in the Langdales 💆🏻‍♂️

10/01/2023

As you approach retirement age, it is important to consider if topping up your state pension is the right decision for you.

Under normal rules, you are only able to fill gaps in your National Insurance record up to six years after the year in question. After that point, the year becomes a permanent gap in your NI record and could affect your ability to accumulate a full state pension.

However, for a limited period – until 5th April 2023 – people are able to go much further back and fill gaps for any year from 2006/07 onwards – or the equivalent of an additional 10 years. This only applies to those who fall under the new state pension system, namely those who reached (or will reach) state pension age after 5th April 2016.

In some cases, buying back missing years can be extremely valuable. The current cost of voluntary Class 3 NI contributions works out to £824.20 per year. This one-off lump sum payment can add up to 1/35 of the full rate to your eventual state pension. As the state pension is currently £185.15 per week, this boost is worth £275 per year, meaning that after 3-4 years you would recover your initial outlay (net of basic rate tax) and everything beyond that would be profit.

As an extreme example, let's assume you had 10 missing years of NI contributions to fill. Although the outlay would be £8,242 (ten lots of £824.20), your annual state pension boost would be around £2,750. In this example, someone who was retired for twenty years would get back around £55,000 in total (before tax) for a one-off payment of a little over £8,000.

However, anyone thinking of topping up their state pension must check with the Future Pension Centre at the Department for Work & Pensions before making such contributions. This is because there are some situations in which paying historic contributions would not boost your state pension. This could be particularly true for those who are short of a full state pension because of extensive periods of ‘contracting out’.

As ever, your best bet if unsure is to speak to a trusted Financial Adviser.

05/01/2023

Here are my top 3 tips for planning your finances as a business owner:

1️⃣ Protect Against Risks

Business protection, for example a Relevant Life Plan, or Executive IP, can be set up to protect you against death, illness or accident.

Often, these policies can be paid via the business & are tax deductible making them significantly more cost effective than paying for personal insurance out of your own income.

2️⃣ Make The Most Of Your Pension

Making contributions to your pension via a Ltd Company can not only be effective in reducing corporation tax, but it also creates a more secure future income, not dependent upon your business.

3️⃣ Try To Think Ahead

If you want to sell, or step away from your business in future, then it pays to consider what will come next. What is your magic number ie. How much money you will need from a sale to provide you with the income required to live your desired lifestyle.

A financial advisor can help your work out how much your desired lifestyle might cost, and whether the proceeds from a sale, when combined with your savings, investments & pensions are likely to be sufficient.

🙋🏻‍♂️ Speak to a trusted adviser to see how they might be able to help with your future plans.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

15/12/2022

If you claim for one child until they're 16, child benefit adds up to over £17000‼️

However, if you or your partner earn over £50k, you may miss out. This is due to an income tax charge of 1% of the child benefit received for every £100 of income over £50k.

What this means is that for those who earn £60k or more, the tax charge, in effect, cancels out all Child Benefit received..

So what can be done? 🤔

Pension contributions are one way of reducing your 'Adjusted Net Income', the figure used by HMRC to assess your eligibility for Child Benefit.

Depending on your circumstances, it may be appropriate to make the required pension contributions in order to reduce your Adjusted Net Income. If this is enough to get below £50k, the tax charge will be avoided; if it ends up between £50-60k, the charge will be reduced.

As ever, your best bet if unsure is to speak with a trusted Financial Adviser.

06/12/2022

📢 Corporation tax is set to increase, from 19% to 25% in April 2023.

If you are a Director in a Ltd company, you can make personal pension contributions, up to a max of £40k per year, via your business. These are treated by HMRC as an allowable business expense ‼️

✅ Immediate reduction in earnings liable to corporation tax.. from April 23, a £40k pension contribution will save you £10,000 in corporation tax.

✅ Immediate reduction in National Insurance Contributions.

✅ If you haven't fully utilised your pension allowance over the previous 3 tax years, you may be able to benefit from carry forward & contribute more than £40k within a tax year.

✅ Saving towards your future, rather than handing your hard earned money to the tax man.

As ever, it is always best to speak with a trusted Financial Advisor.

https://linktr.ee/arran_financial_planner

THE VALUE OF INVESTMENTS AND ANY INCOME FROM THEM CAN FALL AS WELL AS RISE AND YOU MAY NOT GET BACK THE ORIGINAL AMOUNT INVESTED.

25/11/2022

Super night celebrating all of the worthy winners at the In-Cumbria Business Awards 🎗️🏆

08/11/2022

The clock is ticking if yours is one of the 300,000 households yet to claim the £150 council tax rebate from your local council.

The vast majority of families, around 19.1million, have already received their payment, most of which were made automatically earlier this year to council tax payers who settle their bill by direct debit. However, according to Government figures, there are still hundreds of thousands of families who don't pay by direct debit, and they have until November 30 to make their claim.

Households are eligible if they were liable for council tax on, and lived in, a property in council tax bands A-D as their main home on 1st April 2022.

I would encourage you to check with your local council & make a claim.

18/10/2022

It’s estimated that £37 billion is lost in pension pots across the UK 😱

Could some of this belong to you? Read below... 👇🏼

The Department for Work and Pensions (DWP) predicts that there could be as many as 50 million dormant and lost pension pots by 2050.

But how do you go about finding them? Here are the 4 main ways.

1. Find pension details by contacting the provider 📞

If you can remember the name of your old pension provider, then you can contact them directly. They will ask for your name and address (plus any previous names or addresses), and will also probably request your NI number as this is your unique identifier.

2. Find pensions from an old job 📠

Contact each old company with the dates you worked there and they should be able to point you in the direction of the pension provider they contributed at that time. Again, it’s likely you will need your NI number to hand. The HR department is generally a good place to start.

3. The Pension Tracing Service ⏮️

If you no longer have any contact details for your old employer or they are no longer trading, the Government’s free Pension Tracing Service may be able to help you find them

https://www.gov.uk/find-pension-contact-details

4. Speak to a Financial Advisor 🗣️

We can do the heavy lifting for you & not only help you find any lost pensions, but help you understand what to do with them moving forward.

If you'd like my help, follow the link in my bio and get in touch 🙏

15/10/2022

🏉It's match day!!!🏉
Today's home game is kindly sponsored by Penrith Building Society.
Penrith Building Society have gone into “partnership” with PRUFC to provide a Junior Savings Account (available up to the age of 16) with a great rate of return and at the same benefitting the Club.

For full details please visit this link Junior Savers - Penrith Building Society (https://www.penrithbs.co.uk/junior-savers/ )

In short, the account will give 2.45% p.a. gross interest in exchange for a regular contribution of between £5 and £100 p.m..

At the same time, the Club will receive 0.5% p.a. gross interest, based on the average total balances in all the Accounts held under this scheme.

So the more we save, the more our future rugby stars benefit on and off pitch!! 🏉

💪Good luck to all those playing today!

Arran_financial_planner

03/05/2024

16/11/2023

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15/12/2022

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