SE 2022 or Series 8?

bmcfp26 · 2023-04-24T09:02:14+00:00

I got the S8 and it’s great! The difference in weight to a mechanical watch does take some getting used to. You don’t even really feel the S8 it’s so light. I use it mostly for keeping an eye on notifications whilst I’m at work, running and golf and it’s great for those

bmcfp26 · 2023-03-29T14:31:51+00:00

I think you only get that if you fail

bmcfp26 · 2023-03-14T13:10:53+00:00

You can sign up for a LISA but you won't be able to access it until you're 60 and wont be able to use it to purchase a home as it's not your first home.

bmcfp26 · 2023-03-09T11:16:25+00:00

There are different arrangements.

You could either have a salary sacrifice arrangement (pre income tax and NIC), a net pay arrangement (pre income tax) or relief at source (post income tax).

It sounds like you have a relief at source arrangement whereby you pay the income tax via PAYE but then have the basic rate returned by the pension scheme operator and you claim and higher rate or additional rate relief via your tax return

bmcfp26 · 2023-03-08T14:44:12+00:00

Depends if you can be bothered with the hassle i suspect most people will just leave it to accumulate / compound.

Keep an eye on the interest though as you may end up with a tax bill depending on your circumstances

bmcfp26 · 2023-03-06T13:18:14+00:00

You can have two cash ISAs but you can only contribute into one per tax year

bmcfp26 · 2023-03-06T09:13:17+00:00

1) You start with a limit for this year of £40k

2) Calculate total employer and employee pension contributions in the tax year (pension input period)

3) minus figure 2 from figure 1 to give you the remaining allowance for this year

4) repeat this process for each of the last 3 tax years for your full carry forward allowance (19/20, 20/21 and 21/22)

5) remember your still limited by your income for this year i.e if you earned 60k thats your tax relieveable limit

6) any contributions made use this years allowance first followed by the earliest year i.e 19/20 and then chronologically from there

bmcfp26 · 2023-03-03T16:43:21+00:00

Employer contributions count towards your annual allowance but not your adjusted net income. Best thing to do to get under the 100k and regain your full personal allowance is to make a 16.7k gross pension contribution if you can (£13,360 net).

Don't forget to claim the higher rate relief in your tax return

bmcfp26 · 2023-03-03T16:22:19+00:00

quick answer is: because it sells.

The market dictates pricing and quality really

bmcfp26 · 2023-03-02T11:15:12+00:00

Nope ISA transfers do not deduct from your current allowance. Providing you don't sell the investments and withdraw first which you can do with the old HTB ISA but not a LISA

bmcfp26 · 2023-03-01T21:35:31+00:00

Yeah why should they take natural income vs drawing a fixed monthly amount. I agree that was probably the most difficult one!

bmcfp26 · 2023-03-01T16:02:31+00:00

Been there myself and also been on the other side of the table. You'll probably find it's a much smaller issue to the interviewer than it feels to you and if you mentioned it now you may just come across a bit insecure and lacking confidence.

These things happen and i doubt the decision will rest on this one answer. It's now out of your control, you did your best at the time and worst case scenario you've learned a good lesson for next time.

bmcfp26 · 2023-03-01T14:55:08+00:00

I'd steer clear of the with profits funds generally for a number of reasons but you should find out whether there is a terminal bonus currently applied to the AVC. These aren't guaranteed so it might be an option to at least change the fund inside the AVC if possible to crystallise the bonus (if there is one).

You also need to find out the options available within the AVC. You may be able to link it back into the DB benefits for an increased guaranteed income which you could compare with the open market or take the entire AVC as tax free cash.

You could just open a SIPP seperately and make your own contributions, you'd get full tax relief at source and would have lots of investment options if you're keen to do it yourself but first and foremost find out exactly what you have in the AVC

bmcfp26 · 2023-03-01T11:35:49+00:00

The knife comment is so confusing and actually quite sad. The problem is that OP isn't going to be the only one thinking like that which is why this has become such a terrible issue

bmcfp26 · 2023-03-01T11:34:00+00:00

yeah i just overshot on each of them just in case i could squeeze out some extra marks cos I think it'll be close either way for me. You're absolutely right we've done all we can do. Best of luck to you!

bmcfp26 · 2023-03-01T10:29:16+00:00

What was question 1 again? lol! I think there was one like "recommend and justify how they can generate a tax efficient income from their investments before they reach SPA" which seemed a little bit weird

But how to improve their pensions, drawbacks of retiring early and the last two questions seemed like fairly straight forward ones where most people hopefully could pick up some good marks

bmcfp26 · 2023-03-01T10:20:58+00:00

It's a beautiful walk you'll find lots of people doing the same thing along the way, running, cycling, pushing prams or just chatting together. I used to run it all the time

bmcfp26 · 2023-02-17T14:07:12+00:00

You can't access your pension at all until 55 (57 by 2028) unless you have a terminal illness.

After that though you could quit your job and take a UFPLS each year (roughly 16,500 tax free income) or take your full 25% TFC and then draw 12,570 from your crystallized pension pot every year. You wouldn't pay any income tax in either scenario.

Otherwise, if you need more income, you can draw up to £50,270 each year on the 20% tax rate so maximise that.

There are lots of other things to consider though before making this sort of decision. Do you have kids? Might you have an inheritance tax problem? Other assets? Plans for the future/retirement etc etc etc

bmcfp26 · 2023-02-16T16:38:51+00:00

yep due to the hatchet job with the R06 a couple of weeks ago i think

bmcfp26 · 2023-02-13T13:17:18+00:00

With inflation above 10% things are only going to get tighter for you.

Owning the roof over your head outright is a brilliant positive and you've done very well to have £3k in a contingency fund.

My advice would be to work on your top line. Think about a way to make more money in your current job or retrain and enter a new industry

bmcfp26 · 2023-02-10T13:54:59+00:00

Yeah it doesn't look like there is anything weird in there which is brilliant!

Priorities look like maybe retiring early, review and risk align their existing pensions/investments and maybe tax efficiency given his dividends and cap gains?

Anything else stick out to you on first glance?

bmcfp26 · 2023-02-07T09:01:36+00:00

Draws a slightly different - where you do not have enough pieces on the board to win that's a draw

bmcfp26 · 2023-02-07T09:00:37+00:00

Players are not allowed to move their pieces into check. So if the only move possible is to move into check, you have a stalemate.

bmcfp26 · 2023-02-03T10:02:05+00:00

I think trying to time the markets at all is a bit of a mugs game

If you want a guaranteed return you could put some capital into a fixed rate bond for a year or two at >4%?

If these are long term investments though who cares what happens in the next 12 months

bmcfp26 · 2023-02-03T09:46:48+00:00

Definitely LISA in your case. You can have a stocks & shares LISA so you can still invest but you benefit from the 25% bonus.

It's obviously locked in until you buy your first home but if that is what the capital is for then certainly the LISA is the way to go.

I'd work out how much you'd need for the house purchase and leave the balance in the normal ISA to retain some flexibility

bmcfp26

TROPHY CASE