News

The payments on an interest-only mortgage are lower than those on a standard repayment mortgage because they only cover the interest due. At the end of the mortgage term, you will still owe the original amount you borrowed. Nevertheless, interest-only mortgages are popular, particularly for buy-to-let borrowers and for those who believe their earnings will increase. When inflat ...

It’s never too early to start thinking about saving for the future. A Junior Individual Savings Account or ‘JISA’ gives children the opportunity to start saving early – via cash, stocks and shares, or a combination of the two – within a tax-free wrapper. The maximum amount that may be paid into a JISA in the 2017/18 tax year is £4,128. This can be invested into a cash JISA or a ...

ISA

For the 2017/2018 tax year, the threshold at which you begin to pay inheritance tax (IHT) starts at £325,000 (£650,000 for married couples and civil partners), with an additional “main residence nil-rate band” (MRNRB) of £100,000 per person. However, a little planning can help you to access various annual allowances and exemptions. Regular gifts can be made from income without ...

IHT

A: Unfortunately HM Revenue & Customs makes no allowance for human error – a second ISA opened during the same tax year as an earlier application will become fully taxable. You cannot nominate the second ISA as your preferred account for the year under any circumstances. This is particularly relevant for regular savers, as the first payment after 6 April automatically opens ...

ISA

Inheritance tax (IHT) is charged on your taxable estate at 40%. Before you look to offset IHT, however, it is important to establish what is likely to accumulate as a potential liability. For most people, the key contributor to their estate will be the value of their home and, even if this lies below the IHT threshold, other elements can push an estate over the limit. For examp ...

IHT

It’s impossible to predict the “right” time to enter or exit the market consistently. Financial markets move very quickly, so getting in at the bottom or out at the top is a matter of luck rather than judgement. Over the long term, history has shown that, the longer you remain invested, the better your chance of achieving a positive return. Dipping in and out increases the risk ...

Low interest rates might be great news for borrowers but they can have a devastating effect on the long-term wealth of savers. Furthermore, when inflation runs in excess of interest rates, the buying power of your money will be eroded, even though the value of your capital might appear safe. Therefore, you need to keep a close eye on the amount of interest you are making on you ...

ISA

When you sell an asset, the taxman is likely to take a look to see if you’ve made a profit. Often, this is not an issue; as anyone who has ever sold a car can attest, losing money is easy. However, with investments, the whole idea is to make a profit, and this is what interests the taxman. Whenever you profit from the sale of a qualifying asset, you are considered to have made ...

Tax

Ward Williams Financial Services Ltd (WWFS) is pleased to announce that we have chosen two charities to sponsor for this financial year. We were keen to think about supporting a local charity and to find one where we could get actively involved.  In addition, one of the members of the WWFS Team has a personal reason to get involved in one charity in particular. After some del ...

In September 2015, the team at Ward Williams Financial Services Ltd decided that we had reached the position where we wanted to give something back to the community in which we work.  After much consideration, we agreed that we would like to support the excellent and vital work that is done by Marie Curie and their nurses and we had discussions with them locally about how we co ...