Hello again
Welcome to Issue 5 of our quarterly emails. This being the fifth version, means this time last year was the first time these were circulated. Thanks to those of you who have provided positive feedback, thankfully there’s been no negatives. So without further ado, here we go.
Labour Government
Where else to start! The first topic of my last email was the month before the General Election, and of course we now have a new Government. Whatever your political allegiance, my belief was that a change was required, although there are only really two viable propositions to run the Country. Are either of these any good? I’ll keep my opinion to myself.
So what changes are afoot? It’s been widely circulated that there will be changes to Capital Gains Tax (CGT) Inheritance Tax (IHT) and the treatment of pensions (no known abbreviation!). In regard to the latter, the potential abolition of the current tax free cash allowance.
Personally, I think it’s really dangerous to second guess what these measures may look like. I have always advised on the ‘knowns’, not the ‘not knowns.’ However, if anyone has any genuine concerns about these, or any other matters, then please do get in touch.
Markets
I always like to include this as a section. As those of you will know who have had their recent annual reviews, markets have been generally on an upward spiral this year, which does make such reviews a nicer experience. Values are in the most part up, and there does seem to be renewed optimism. There’s a few potential bumps in the road though between now and the end of the year, we’re all hoping for continued growth though I’m sure.
Interest Rates
Always the million dollar question. Currently the Bank Base Rate sits at 5.00%, following a 0.25% drop last month. The first for a long time. IF economists can be believed, there will be one more reduction before the end of the year, and predictions are this will fall further and start something with a 3 by the end of 2025..
Mortgage Finance
The above leads me nicely in to, and I’m going to give a bit of time to, mortgages. Many of you are self-employed, and if you are considering mortgage finance before the end of the year, then you need to contact your Accountant with a view to finalising your 2023-24 year accounts. Lender’s only accept income veriication dated within 18 month’s, as such your figures on your2022-23 returns will be too old as of the 6th October this year.
Also really useful for us, and provide a multitude of information, are full copies of your credit reference file. If you don’t have access to any of the usual suppliers, this is a link to our preference:
IFS
As you’ll recall from my last Issue, it is now I alone lying the lag for IFS. It is particularly busy and I do seem to be working on so many different cases. As such, I apologise if my service levels come across as shoddy, I am doing the best I can.
Thanks for listening as always, have the rest of a good day and look forward to catching up with many of you soon
