Claire Melton FCCA TEP, specialist in capital taxes, trusts, estates and probate work at Stephenson Smart accountants has some advice to help you look forward with your finances in 2021.
As we look forward to 2021, we cannot take what we know and are used to for granted.
We are expecting many changes to our current tax regime in the spring Budget, to be held on 3 March.
It is more important than ever to review your current financial position regularly, especially to try and pre-empt any forthcoming changes. Your income or financial situation may have also changed dramatically due to the pandemic.
Provisions that you have currently may need to be changed so that you can be as prepared as possible for the future.
Questions you may need to ask yourself are:
What are my main sources of income? What are my income needs, now and in the future? What are my financial commitments? What are my plans and wishes for the future?
None of us like to think about what may happen if we are no longer here, but this year has shown us that changes to our health can be sudden and out of our hands. It is important to think about what will happen to your assets if the worst were to happen. Who would you be providing for and what would be their needs?
As I am a specialist in these areas, I am qualified and equipped to sit down with you and go through these questions to come up with solutions that will give you, and your loved ones, financial security and peace of mind.
You can contact Claire at our King’s Lynn office.
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