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Auto enrolment guide
Are you an employer looking for help and guidance dealing with your auto enrolment responsibilities? We have produced a low-cost solution to auto enrolment - a low-cost auto enrolment guide. Starting your auto enrolment project We have had many discussions with other...
Colchester Business Awards 2014 – Winners
We are pleased to announce that Woodruff Financial Planning were winners of the Excellent Customer Service Award at the Colchester Business Awards 2014. This is now the second shiny plaque to add to our wall in 2 years! We are very proud of this award as it shows that...
Pensions and divorce
If you are considering divorce you should think carefully about your pension plans. The decisions you take now could have a significant impact on your future income in retirement. As part of divorce proceedings you have the right to ask the court how to divide the...
Pension death benefits changes
Pension funds will receive a boost in April 2015 when the tax on certain death benefits is removed. You can now pass your entire pension fund to anyone tax-free if you die before age 75, whether you have accessed the income or not. Tweet this You will no longer be...
We’re finalists for 2 awards at Colchester Business Awards 2014
Update: we won the award for Excellent Customer Service. We are pleased to announce that Woodruff Financial Planning has been selected as finalists for 2 awards at this year's Colchester Business Awards 2014. We have been selected as finalists in the following...
Dying without a will
If you have overlooked making a will this article applies to you, especially if you are not married or have step-children. You will be amazed at the inconsistencies in the law if you die suddenly without making a will. You could open some disastrous family issues if...
4 flexible retirement income options
The new flexible pensions will be introduced in April 2015. What are your flexible pension income options? We explore the 4 new flexible pension income options you can exploit from April 2015. This will help you to start planning methods to release your valuable...
Income: the overlooked power of ISAs
What’s the most powerful feature of your ISAs? One that’s so blindingly obvious that it’s often overlooked, even by the experts. This article explores the astonishing value presented by ISAs. Nothing else comes close when it comes to saving tax on income and...
7 powerful strategies to maximise your inheritance
Are you about to receive a sizeable inheritance? If so, you’ll grasp the importance of this unexpected money. This once-in-a-lifetime opportunity won’t come around again, so you’ll want to maximise it. Tweet this. Before you fritter away your precious inheritance, you...
New ISA rules
The tax-free ISA allowance is now £20,000 per person, per tax year. This article explains how the new ISA rules work, how they differ to the old ISAs, and why you should maximise your ISAs now rather than waiting until the end of the tax year (the “ISA season”). [box...
5 auto enrolment options
As an employer you should be aware of auto enrolment and what it means for your business. With your auto enrolment staging date approaching fast you are probably looking around at how to comply with the legislation. What are your auto enrolment options? This article...
6 reasons why you need a shareholders’ agreement
Are you a shareholder in a small company? A shareholders’ agreement is a way of avoiding problems in the management of your company. This document could save you time and money by providing all sides with a way to deal with difficult issues such as the future...
How auto enrolment postponement can save you money
Are you an employer facing auto enrolment? Auto enrolment postponement is a vital tool that can help you to ease the administration burden of your new pension scheme. You can also use it to save your company money. This article explains why auto enrolment postponement...
Flexible pensions – How to decide your retirement options
Do you need help deciding your retirement options? You know that important decisions are facing you. Imagine yourself free of all that complexity. You will learn how we helped Simon to make important decisions on his retirement options, and why he ruled out flexible...
What to do with an inheritance – investment advice
Have you received an inheritance? If so, you need to make important decisions, which may affect your future security. We are often asked about inheritance investment advice. Surprisingly, although an inheritance is a windfall, the sudden wealth this brings can mean...
We’re finalists in the Essex Countywide Business Awards
We are delighted to report that we were recently short-listed for a local business award. This time we were finalists for the Essex Countywide Business Awards in the "Small Business of the Year" category. Unfortunately, we didn't win the award this time. However, we...
£66,567 to leave University debt free
The typical university costs of a 3-year course is £66,567 in tuition fees and living costs. Despite this, it seems that the 2012 changes to allow tuition fees to rise to £9,000 are not saving the Government as much as previously expected. We examine student funding...
New ISA allowances explained for 2014-2015 (NISA)
Do you find ISAs confusing? They just got easier to understand, and a lot more generous after the Budget. This article explains all you need to know about the New ISA (NISA) allowances for 2014 to 2015. This article is now out of date. See here...
A Lamborghini for all retirees, or a £3 billion raid on pensions?
Are the new rules on flexible pension withdrawals what we need, or simply a cynical tax raid on pension funds? Would you like to get access to all of your pension funds when you retire? After this week's Budget announcements, it seems like the Government wants to give...
Would you like to retire at 70?
How attractive is the idea of retirement at age 70? Probably not very! A recent speech by an influential adviser to the Government, has raised the realistic possibility that the State pension should be only available from age 70. This could happen sooner than you...
What 5 years of record low interest rates mean for you
What would happen to your finances if interest rates went up to 3%? We know that interest rates won't stay at 0.5% forever. Where are interest rates headed, and what does it mean for you? It has been 5 years since interest rates reached their record low of 0.5%. To be...
What was the best investment in 2013?
What was the best investment in 2013? This article will give you all the information you need. This article aims to show you what was the best investment in 2013 and in the last 5 years - by investment sector. What we aim to show you is that predicting investment...
The ultimate guide to why you should make a will
You know you should have a will, but do you have one? If so, when was it last reviewed? We all know we should make a will, but most of us put it off. This can have disastrous consequences for your family, as this article explains. This article covers the English law...
Colchester Business Awards 2013 – Growing Business winner
We are delighted to report that we won the award for Best Growing Business at the Colchester Business Awards 2013 held on Friday 29th November. This was a great surprise for us all, and we are proud to have won against some excellent finalists. We feel that this award...
What is auto enrolment?
Read this if you are an employer. A major change in pensions legislation is about to affect you, and you can't avoid it. This is known as auto enrolment. All employers are required by law to set up a new pension scheme for your staff and contribute to this scheme...
How inflation hurts your savings
I was in my bank the other day so I took a look at the interest rates they were paying on savings accounts. It was not great reading - 1.59% for a cash ISA. You are probably well aware that bank accounts are not paying much interest at the moment. If you have...
Are your savings protected by the FSCS?
If you have savings or investments in any UK institution you may be aware of the Financial Services Compensation Scheme (FSCS). This is the Government-backed safety net for UK banks and financial institutions. Key points What is the FSCS? Check your savings are...
3 keys to success in financial planning
What is the difference between those who achieve their financial dreams, and those who don't? This article explores the 3 keys to success in financial planning - what you need to do to ensure that you give yourself the best chance of securing your future, and...
We’re finalists in the Colchester Business Awards
We are delighted to announce that we have been chosen as a finalist in this year's Colchester Business Awards. We have been nominated in the "Growing Business of the Year" category. Obviously, just to be nominated is recognition of the work we have put in to grow our...
How do investment charges work?
This is a regular question for us, because investment charges can be confusing. This article explains how investment charges work, and why this is important to understand. Key points Why are investment charges important? How investment charges typically work How...
The Single Tier State Pension from 2016
No doubt you have heard a lot about the Single Tier State Pension, which is due to come into force for all those who become entitled to their State Pension in the UK from April 2016. This article examines the main proposed changes, as the legislation passes through...
Why make a Lasting Power of Attorney?
It is a sad fact of life that we all know someone who has been seriously ill during their lifetime. This is why most of us insure our lives and probably our incomes. However, have you thought about the practical consequences of getting ill? If you get ill you may...
Do you really need a professional trustee?
We often help trustees and trusts to manage their investments. One of the most common questions is whether you need to appoint a professional trustee to manage the affairs of your trust. Please note that this article is not intended for trustees of registered...
7 reasons why people put off financial planning
We all know we should be working hard to plan our financial security, right? So why don't people put this knowledge into action on a regular basis, since we know that delay probably means you are less likely to achieve your goals. This article examines the 7 main...
How does pension tax relief work?
This article should tell you what you need to know about tax relief on pensions. Key points How pension tax relief works Reclaiming pension tax relief for higher rate tax payers and self employed Claim your free retirement checklist What is a pension plan? A pension...
Cash ISAs vs Stocks and Shares ISAs
We get a lot of questions about cash ISAs vs Stocks and Shares ISAs. The rules on ISAs are confusing so this article aims to help you choose which is better for you. The tax rates in this article have been updated to reflect the 2018/19 tax...
Pension options on divorce
If you are getting divorced then you will probably need to take account of pension assets in your financial settlement. This article explains the 3 main pension options on divorce. Key points Pensions can be a difficult asset to assess on divorce There are 3 main...
Impaired life annuity – boost your retirement income
If you are about to retire you are probably considering a retirement annuity to secure an income for life. You may have seen reports that retirement annuities have fallen in value in recent years. Impaired life annuities (also known as enhanced life annuities) are a...
Divorce: Court is not the only option
Since 1 April 2013, it is only possible to get legal aid for a financial application to the court in a divorce if you can show evidence of domestic violence. For people on low incomes, the only realistic option will probably be to represent themselves. Cases that...
How to choose a retirement annuity
This article explores how you can choose a retirement annuity and will help you to make decisions about the options available to you. There are many options when considering a retirement annuity, and the decisions can seem daunting. This article will show you how to...
Business owners – change leads to success
When I was asked to contribute an article, I jumped at the chance, as we are passionate about reaching out to business owners and helping those that want to and are actually ready to change. I could write a book or two on the subject. As business owners we have...
Investment fund rebates – capital gains tax barrier removed
We recently reported that investment funds which pay rebates to investors will attract an additional tax. You are now permitted to switch from these funds to new funds operating a simplified charging structure without attracting capital gains tax. Key points Switches...
Ban on promotion of unregulated collective investment schemes
Have you ever been contacted by someone offering you a fantastic investment opportunity in an exciting 'untapped' market? Perhaps this was in some sort of non-mainstream investment like wine or timber or stamps? We get these approaches regularly, and usually get rid...
How much is my business worth?
If you are thinking of selling your business you will probably start by asking "How much is my business worth?" This is a good place to start, but we want to challenge you to think differently. We want to encourage you to think about a different question: "How...
UK Inheritance tax rates and thresholds
This article gives you all you need to know about UK inheritance tax rates and thresholds. This information is for you if you need to get information about how inheritance tax is applied, and has data going back many years. Key points: Current position Why you need...
Inheritance tax insurance – a simple solution
Inheritance tax insurance is a simple solution to a complex problem. This article explains how inheritance tax insurance works, and why you might want to consider it if you have an inheritance tax liability. Key points: What is inheritance tax insurance? Why consider...
7 strategies to avoid inheritance tax
This article explores all you need to know about how to avoid inheritance tax in the UK (IHT). We explain who pays inheritance tax, how much inheritance tax might be due, and all the issues you need to know if you want to avoid inheritance tax legally. [box...
Cash ISA transfers – Banks give poor advice
A survey by the consumer group Which? has again uncovered poor advice by banks on cash ISA transfers. Key points: Which? survey highlights poor advice by banks on cash ISA transfers Customers are given the wrong information on cash ISA transfers An overview of the...
FSA becomes FCA
You may not be aware of it, but we are now regulated by a new regulator. The Financial Services Authority (FSA) is no more, and has been replaced by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA). What is changing for you? Well,...
Investment fund rebates to be taxed
In a surprise move, HMRC has announced that investment fund rebates are to be taxed from the start of this tax year (6th April 2013). This article explains investment fund rebates and informs you of the tax implications. This move is a surprise given that the...
Trustee Investments
If you are involved with the running of a trust you will probably need to know the rules around trustee investments. In this article we examine everything you need to know about trustee investments including the types of trust, their taxation and what types of...
Trustee Act 2000 summary – investment information for trusts
In this article we provide a Trustee Act 2000 summary - giving you all the information you need as a settlor, trustee or beneficiary if you have some involvement with the investments of a trust. This article applies to the position in England and Wales. There are...
Inheritance tax gifts
If you have worked out that you have an inheritance tax liability you may have considered inheritance tax gifts to reduce the amount of money your family will pay. This article examines the key issues surrounding inheritance tax gifts and why you might consider making...
Unregulated overseas property investments
Have you ever been approached to invest in a foreign development, which offered fantastic 'guaranteed' returns? Often these are unregulated overseas property investments. In our view these should come with some serious health warnings. Thankfully, the...
Property vs investments
Have you ever wondered which is better - property or investments? This article tackles this issue and compares property vs investments. Key points: Why compare property vs investments? Definitions of property and investments Issues to consider Why do we compare...
Investing for income in retirement
If you are approaching retirement, or are already retired, this article could be for you. We examine investing for income in retirement. Key points: The problems when investing for income in retirement Issues to consider How to invest for income in retirement 8...
Common investment mistakes – can you beat a rat?
One of the most common investment mistakes is that of prediction. We often believe that we see a pattern, even if there is none. Even worse, in the face of statistical data we often try to beat the system in some way. Key points: A study shows that rats beat humans...
What was the best investment in 2012?
If you are thinking about investing some of your money in 2013, you may ask yourself 'what was the best investment in 2012?' This article aims to show you what was the best investment in 2012 and in the last 5 years - by investment sector. Of course, experienced...
The best financial adviser in Colchester?
This is a common question - who is the best financial adviser in Colchester. This article examines the qualities to look for when employing a financial adviser. We'll also examine some of the competition but obviously we think we're the best! Key points: How to find...
Solicitors referrals to financial advisers
Last week the Solicitors Regulation Authority (SRA) announced that after its recent consultation, it would now permit solicitors to make referrals to restricted financial advisers. This is a change to the previous stance that stated that solicitors should only make...
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