For many people 2009 was a year of pain and hardship. An international setback, stock Exchange upheaval and an overall impression of unease have left a lot of people unsure about next year.

Hopefully 2010 will be a greater year. Nonetheless there are measures we can implement to help our finances.

1 thing we can do to put the position into perspective is to re-examine our financial situation. Whether it is your house finance, borrowing, investments, your income or spending patterns need to be reviewed regularly.
Carrying out a review will assist you to discover where your finances can be bettered and if you should make improvements.

It is important to review your savings and investments, to ensure they are acceptable to the amount of risk you are willing to accept. It is also worth reviewing your store cards, electricity & gas as well as household and car insurance to see if you could get a better deal. Even a small saving could make a big difference to your regular budget.

Making the most of your yearly taxation allowances such as Isa’s, capital gains tax allowances and pension planning are also ways of reducing the level of taxation you might pay.
Whilst income and capital gains tax are significant, the impact of IHT should likewise be considered.

Many own assets over the value of the IHT Nil Rate band. Effective tax planning can be used to cut the total amount of inheritance tax their beneficiaries might have to pay.

For lots of individuals, the services supplied by Financial Advisers allow them to review and implement changes to their finances.

If you think that you would gain from independent financial advice please contact us on 01454 321511.

Consilium Asset Management