Independent Financial Advice | Atlantic Umbrella

Financial Planning

Paul McKie of Sanlam is an experienced Financial Planner with a good understanding of contractors and contracting. We have engaged Paul to provide relevant advice to our employees.

LIFE INSURANCE
Protecting your family is normally top of most peoples agenda when talking about financial planning.
Would you like to make sure that your family avoids any financial hardship if you were to die? Would they be able to cover such things household bills, child care costs, university fees and of course rent or mortgage payments?


Life Insurance is an extremely low cost method of removing this worry. If you were to die the insurance contract would pay out a lump sum or regular payments which would support your family, thus removing any unnecessary upset and financial difficulties.

We can even arrange for some contracts to be run through the Umbrella Company, which makes the exercise extremely tax efficient.

If you would like a free consultation or quotation please get in touch with your account manager who can introduce you to Paul Mckie, our fully regulated financial adviser. He is independent from us, and provides whole of market advice to make sure you are offered the best possible solutions.

INCOME PROTECTION
Do you insure your TV?
Do you insure your phone?
Do you insure your Pet?
Do you insure your jewellery?
Do you insure your Income?

Protecting your income should be very high on peoples agenda, especially if you’re self-employed or contracting, but it is often overlooked.

If you think logically, without your income you can’t afford to pay for your TV insurance, your phone insurance, or any of the other insurances, let alone food, rent, or loan repayments! The state benefits are unlikely to provide adequate support so if you were off work due to accident or illness, you could quite quickly find yourself in financial difficulty.

Solutions can be put in place for any budget or scenario. Something is always better than nothing, so if you would like a free consultation or quotation please get in touch with your account manager who can introduce you to Paul Mckie. Paul is fully regulated financial adviser and he is independent from us. He provides whole of market advice to make sure you are offered the best possible solutions.

INVESTMENTS
The term “investments” covers so many different areas, but if any of the following comments ring true please consider speaking with Paul Mckie, who we have appointed as our preferred Financial Adviser. He has a tremendous amount of experience and will be happy to hear from you if you have any questions.

  • Are your investments held in the most tax efficient place?
  • Am you making use of your tax efficient annual allowances?
  • Do you actually understand where your money is invested?
  • Do you appreciate how much risk you are taking?
  • Has anybody ever reviewed your investments?
  • How are your investments performing?
  • I prefer my money being in the bank – this can actually be dangerous in periods of high inflation because your money could actually lose value.
  • Do you pay higher rate tax? If you are married it may be sensible to assign your investments to your spouse if they pay basic or no tax.
RETIREMENT PLANNING
Not enough people are saving for their retirement, and of those that do most don’t have any idea if they’ll have sufficient amounts to support them in.

Whatever your age, some sort of savings plan should be considered, but this doesn’t necessarily need to be a pension. The biggest question is how much do I save, and where to I put my money?

Also, if you have any old plans and would like to understand what sort of pension you’ll receive in retirement, please contact your account manager.

They will with introduce you to Paul Mckie, who we have appointed as our preferred Financial Adviser. He has a tremendous amount of experience and will be happy to hear from you if you have any questions.

INCOME BANDS & TAX RATES

Find out the latest taxable income bands and tax rates:
Download Tax Guide 2014/15

MORTGAGES
Most banks and building societies still have concerns over offering mortgages to contractors, so it usually proves difficult for them to secure a mortgage.

Paul McKie is a fully qualified Financial Adviser, and he works alongside us to provide additional support to our contractors. He has a wealth of experience and in particular has relationships with a number or lenders who are willing to support contractor mortgages.

Please contact your account manager who can introduce you to Paul.

Mortgage Calculator

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Pauls Tips

  • Do not overlook your annual Capital Gains Tax allowance. The amount for the current year is £10,900 and both husband and wife have the allowance – so there is scope for transferring assets between you in order to reduce your tax bill.
  • If you believe that your estate might be liable for Inheritance Tax (the current limit is £325,000) then it makes sense to do something about it. Inheritance tax is an area where a little planning can go a long way. You can make annual gifts of £3,000 free of any tax liability and use any unused allowance from the previous year. You can also make gifts from regular income, providing they do not reduce your ‘normal’ standard of living.
  • An increasing number of employers now offer arrangements whereby employees can sacrifice salary for approved share options or pension contributions. This can be very tax efficient and should be explored.
  • Review your existing pension arrangements, particularly as the Government reducing the Pension Lifetime Allowance from 6th April 2014. The reduction to £1.25m has potentially serious implications for many people, if you think you may be affected seek advice.
  • You can make pension contributions for your children, even if they do not have any earnings. A net contribution of £2,880 will be grossed up to £3,600 with tax relief, a generous bonus from the tax man!