In March, chancellor Rishi Sunak delivered his second Budget. After a lot of speculation that taxes would rise to pay for the cost of Covid-19, you may have been relieved to discover your tax bill won’t be going up. However, you could still be worse off.

Rather than increasing taxes, the chancellor said he would be freezing allowances. On the face of it, this seems like it won’t have an impact on your personal finances. However, it does once you consider the rising cost of living.

The effect on your income

The Personal Allowance (the a...

A year ago, Rishi Sunak delivered his first Budget just as the pandemic began to take hold. While his £30 billion package sounded significant, it’s a sum that has paled into insignificance over the last 12 months as the chancellor has spent £280 billion shoring up the UK economy.

As the chancellor acknowledged in his speech: “The damage coronavirus has done to our economy has been acute”.

So, who are the winners and losers of the 2021 Budget?

Winners

Retail, leisure, and hospitality businesses

It’s been a tough year for many sectors, ...

On Wednesday 3 March, Rishi Sunak delivered his second Budget as chancellor. The Budget outlines the state of the economy and the government’s spending plans.

The World Health Organization declared Covid-19 a pandemic on 11 March 2020, the same date as the 2020 Budget. Since then, the pandemic has led to lockdowns, restrictions, and an enormous rise in government spending.

The Office for Budget Responsibility (OBR) estimates borrowing for the current tax year will be £394 billion, the highest figure seen outside of wartime. So, it’s no s...

The current tax year will end on 5 April 2021, a date when many allowances and tax breaks will reset. In some cases, it will be your last chance to use them. Making use of appropriate allowances can help you get the most out of your money.

Our guide explains seven key allowances you should consider to ensure you’re ready for the 2021/22 tax year. This includes:

1. Marriage allowance
2. Pension Annual Allowance
3. ISA allowance
4. Gifting allowance
5. Gifts from your income
6. Capital Gains Tax
7. Dividend allowance

Click here to download your copy o...

As the NHS continues to battle the challenges of Covid-19, you may be considering taking out health insurance. The pandemic means many people are facing delays and unable to book appointments when they want to speak to a health professional due to backlogs and restrictions.

Taking out private health insurance could provide you with an alternative and give peace of mind that, should you need to see a nurse, doctor or specialist, you will be able to do so. Before you move forward with taking out a policy, it’s important to know what’s cover...

The pandemic and restrictions have meant many families are struggling financially or feel insecure. Research suggests that younger generations have been turning to parents and grandparents for a helping hand. However, some older family members haven’t fully considered the long-term impact that providing support could have on their own plans.

£1.9 billion gifted during the pandemic

According to Legal & General, 5.5 million older family members expect to provide additional financial support as a direct result of Covid-19 on top of the sup...

How do you rate your financial security?

When you think about your financial situation, what defines it as ‘healthy’? For 77% of Brits, financial success is having the financial freedom to do what they want without worrying, according to research from Schroders Personal Wealth. Yet, despite this, 48% of adults admit they feel stressed or overwhelmed about their financial situation at times. Taking the time to understand your financial situation and the steps you can take to improve could boost your financial health and overall wellbeing.

With interest rates low and investment markets experiencing volatility throughout 2020, you may be looking for an alternative place to put your money. Premium Bonds are an option you may be considering, but you could end up missing out on returns.

What are Premium Bonds?

Premium Bonds are a type of investment product issued by National Savings & Investment (NS&I), but they work differently to other types of investments for two key reasons:

1. The money you place in Premium Bonds is safe and fully backed by the government. This means when...

For most people, their pension becomes available at the age of 55, rising to 57 in 2028, even if they plan to work past this point. It means you can access your pension while still working, providing flexibility. However, thousands are doing so unaware that it could affect their pension contributions in the future.

Third of over 55s plan to access their pension before retirement

When you access your pension for the first time, it’s important to have a plan in place. The decisions you make now could affect your income for the rest of you...