Ruby Red Financial Planning

03/10/2024

Inheritance Tax: 5 shrewd strategies for reducing a potential bill...

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If you take a proactive approach to managing your wealth, you could reduce how much Inheritance Tax (IHT) your estate may be liable for when you pass away. Last month, you read about what IHT is and when estates become liable to pay it. Now, read on to discover some of the

22/08/2024

Please allow us to introduce the newest member of our team, India Hawes. India joins us with a wealth of experience and a passion for making a positive impact in our work environment. With a background in Financial Services, she brings a fresh perspective and a dynamic approach that will undoubtedly enrich our team's capabilities.
India has always been driven by a commitment to excellence, demonstrated through her previous roles in this industry she is qualified to level 4 and is now working with us as a trainee Paraplanner where she will continue to learn and develop her skills in Lifestyle Financial Planning. We're excited to see how her skills, innovative thinking and collaborative spirit will contribute to our business.
Beyond her professional accomplishments, India is known for her bubbly nature and enthusiasm for life which we’re sure will bring an added dimension to our team culture. India is keen to support local charitable work, and she is going to be our team champion for this. More to come I am sure…

Please join me in welcoming India Hawes to our team. We are thrilled to have her on board and look forward to the many ways she will contribute to our collective success.

08/08/2024

Very topical! How an Olympic mindset could help you manage your finances effectively... Check out the article in comments below 👇👇👇

30/05/2024

3 practical reasons to check your State Pension forecast before you retire
The State Pension is often a useful foundation when you’re creating an income in retirement. Yet, a survey from Just Group found that a third of people didn’t check their State Pension forecast before stopping work.
While the State Pension might not be your primary income in retirement, it’s often valuable because it’s reliable – you’ll receive a regular income when you reach State Pension Age for the rest of your life. In addition, under the triple lock, the State Pension also increases each tax year, which could help maintain your spending power throughout retirement.
So, if you’ve been neglecting your State Pension, it might be worth giving it some attention. Here are three practical reasons to check your State Pension before you retire.
Check out the full article - link below to find out more…

12/03/2024

Very proud to be listed in VouchedFor's Top Rated Financial Adviser Firms 2024 - Small Firms section! Distributed in the Financial Times...

12/02/2024

When a new tax year starts, many allowances reset. So, checking if you could make use of allowances before Friday 5 April 2024, when the 2023/24 tax year ends, might be valuable.

This guide explores some of the allowances that could help your money go further. You might discover you could reduce your Income Tax liability by using the Marriage Allowance or find a tax-efficient way to save for your long-term goals by using an ISA or pension.

The guide explains seven key allowances:

Marriage Allowance
ISA allowance
Junior ISA allowance
Dividend Allowance
Capital Gains Tax Annual Exempt Amount
Pension Annual Allowance
Inheritance Tax annual exemption.

If you have any questions about which allowances are suitable for you or would like to create a plan for 2024/25, please contact us.

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01/12/2023

Business owners, don’t take W***y Wonka’s chance approach to succession Planning...

Eccentric W***y Wonka boasts a lot of enviable skills as a businessman – he’s innovative, understands his target audience, and inspires loyalty from his employees. But his skills at succession planning left a lot to be desired!

Over the years many actors have taken up the role of Roald Dahl’s iconic chocolatier W***y Wonka. The character is getting a new lease of life in December when Wonka releases in cinemas.

While the new movie looks at how Wonka became the owner of a successful business selling fantastical sweets, the original novel, Charlie and the Chocolate Factory, focuses on his succession plan.
With no children to leave his business to, Wonka hides five golden tickets in chocolate bars to win a tour of his world-famous chocolate factory. He plans to pass on his company to one of the lucky winners. Despite the risky approach, the competition pays off when Charlie Bucket secures one of the golden tickets.

While Wonka’s method might be perilous, research suggests some business owners could also be taking a risk when it comes to their firm’s future.
According to a report in FTAdviser, more than a third of businesses have no succession plan in place, and a further 10% haven’t thought about it. Yet, what will happen to their business is a concern for many business owners. 21% said they were most worried about seeing their business fail and 18% were concerned about their employees’ prospects.

Without an effective succession plan, there’s a chance your business’s legacy doesn’t live up to your expectations or pass to the person you want to hand the reins to.

Creating a succession plan can seem daunting and involve a lot of work. However, if it’s something you’ve been putting off, here are seven reasons to make it a priority. Read the full article link in comments below.

23/11/2023

Why investing could hold the key to becoming an ISA millionaire

According to This Is Money, more than 2,700 people have built up an enviable £1 million in their ISA. Regular contributions and investing could be the secret to reaching this goal.
An ISA is a tax-efficient way to save or invest. In the 2023/24 tax year, you can place up to £20,000 into an ISA. Interest or returns aren’t liable for Income Tax or Capital Gains Tax. So, compared to some alternatives, using an ISA could help to reduce your overall tax bill.
Key headlines
The number of ISA millionaires has increased by 380% in five years
Using your ISA annual allowance is essential for becoming an ISA millionaire
Using your ISA annual allowance alone isn’t enough to reach the £1 million milestone

Read full article (link in comments) to find out more…

16/11/2023

Inflation has cost savers £113 billion in real terms in the last year...

High inflation over the last year has collectively cost savers billions of pounds in real terms, according to an Independent report. Have you considered the effect the rising cost of living could have on your wealth?
While inflation may not reduce how much you have in your savings account, in real terms, the value may fall.
As the cost of goods and services rises, what you could purchase with your savings falls. Usually, this happens at a gradual pace. However, as inflation has been higher than the Bank of England’s (BoE) 2% target for two years, the effect has been more noticeable.
If the interest rate your savings earn doesn’t keep pace with inflation, the value of your money decreases.

For the full article follow the link in the comments below:

02/11/2023

Why a “Frankenstein” approach to financial planning isn’t frightful...

205 years after it was published, the novel Frankenstein has inspired countless horror books, films, and more. The approach the scientist takes in the story to create a sapient creature might have more in common with effective financial planning than you think.
English author Mary Shelley published Frankenstein in 1818 after being inspired by historical tales of alchemists and the occult while travelling through Europe.
The novel tells the story of young scientist Victor Frankenstein and his ambitions to create life. He assembles old body parts, strange chemicals and electricity from a lightning storm to bring his Creature to life.
Frankenstein is considered, by some, to be the first true science-fiction story. It also has a couple of important lessons when creating a financial plan.

Lesson 1: A bespoke approach could help you reach your goals
Lesson 2: Keep track of your “creation”

We can help you create a tailored financial Ruby Red Financial Planning
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19/10/2023

How to make happiness part of your financial plan…

People often think of their financial plan as a way to grow their wealth and provide financial security. You might consider areas like your pension or financial protection to be core parts of your financial plan. Yet, while they’re important, your happiness is essential too.
Financial planning is about helping you reach your financial goals, but it goes further than that.
It’s about making your money work in a way that aligns with your lifestyle aspirations and understanding how it could improve your wellbeing.
You might want the money in your pension to grow, but your money will often be linked to other aspirations you may have. For example, you might want investments to perform well so you can travel more in retirement, or to allow you to retire early so you can spend more time with grandchildren while they’re young…

Read the following article inb the comments section to see three steps you can take to make happiness the focus of your financial plan…