You may be able to save money by considering the following: 

·         Pension contribution ‘carry forward’ entitlements

·         Fixed protection for your pension pot(s)

·         ISA allowances

·         Income tax potential

·         Capital Gains benefits

·         Inheritance tax minimisation

   
There are lots of ways to impact the level of tax payable on your incoming and outgoing monies. If you would like an assessment of your investments or pension plans, or to simply find out more, why not contact us and speak to one of our financial advisers?

This would mean that whilst everyone pays their pension contributions net of basic rate tax,  they could no longer claim the additional 20% from the HMRC by way of getting tax codes increased.    

For those in Occupational Pension schemes, again, only 20% tax relief would be given against pension payroll deductions.

As we get closer to the Budget day on March 21st, the rumours are increasing in their intensity. With possible savings for the Treasury of some £5Bn each year, it is an area where the Government will look at to help with the national debt.

If they do change higher rate tax relief on pension premiums, it is likely to be from this year’s budget which is on March 21st. It will be an announcement along the lines of “… from midnight last night …”!

If you wish to discuss the above and what it may mean for you personally, please give us a call.

Daryl Franklin Cert PFS  |  01473 408422  |  franklind@wmibl.co.uk

“You must send your tax return online by midnight on Tuesday 31st January 2012.  The deadline is only later than this if you received your tax return, or the letter telling you to complete a tax return, after 31st October 2011.  In this case you’ll have three months from the date you received that letter.

If you miss the 31st January deadline for online tax returns, you will have to pay a penalty of £100.  You still have to pay this even if:-

• your return is just a day late
• you have no tax to pay
• you pay all the tax you owe on or before 31st January

The longer you delay, the more you’ll have to pay

If your tax return is three months late, you’ll have to pay a penalty for each additional day it is late.  If it’s six months late, you’ll have to pay a further penalty and another final penalty if it’s 12 months late.  Together these could add up to a penalty of £1,600 or more.

Don’t send a paper tax return now – the deadline for this was 31st October 2011.  You’ll have to pay a £100 penalty straight away if you do and the daily penalties above will start even earlier.  Send it online instead.”

The above information was sourced from http://customs.hmrc.gov.uk.  To see the full information please click here

Ok, so leaving the lights on may not stop this from happening!

Sadly, when you are out enjoying yourself, there is always the possibility that someone is trying to gain entry to your home, causing damage to precious items or even removing them.   

Whilst some can be replaced, what about those irreplaceable and priceless sentimental items?

Here are a few tips to deter burglars:-  

• Leave different lights on each time you go out (so anyone watching your house thinks someone is home).
   
• Install a burglar alarm; a worthwhile investment as they can prevent heartache and give complete peace of mind while you are out.
   

At this time of year the other worry is water damage so here’s what you can do to prevent frozen or burst pipes?:-  

• Wrap up pipes which are exposed to the elements, especially outside taps.
   
• Lag water tanks in the loft.
   
• If taking a new year break, leave your heating on very low.

These are just a couple of examples on how to protect your Home.  However, for a full Risk Assessment of your business, please contact David McGowan on 01473 408428 or mcgowand@wmibl.co.uk

The staff of Woodward Markwell were asked to enter a competition and write an article that they believe would be of interest to our readers.  The above is a winning entry which Carol Foreman, Claims Manager entered.

Carol ensures our Claims Department runs swiftly and reducing the impact on our clients in the event of a claim.

Our competition was judged by the one and only, Helen Oldfield of Affinity PR.  For further information on Helen and what she does, please visit her website at www.affinitypr.co.uk.  Thank you Helen for your kind assistance.

Being an avid Ipswich Town Football Fan and a regular Football Player, Gemma Howe, was accepted to be part of the ITFC Charitable Trusts, Kenyan Adventure, 2011.    

Upon Gemma’s return to the UK we were keen to hear about her trip, and here is what she said:-
  

How did you become part of the ITFC Charitable Trust?
I became part of the ITFC Charitable Trust by taking part in the ‘Kenyan Adventure’ trip and to do so I had to be over the age of 16 and raise just over £2,000.  I did this through fundraising and collecting donations which I would like to take the chance to say a big ”Thank You” ,  I wouldn’t have been able to take part if it wasn’t for everyone who helped out.
  

What Inspired you to take part in the adventure?
The chance to go to another country and experience their way of life and make a difference to a the people that live there.
  

Describe your typical day?
I would have to be up and ready for breakfast to be brought to us at 8am, we would then be picked up at 8:30am to be taken to our Projects.  I was involved in the project at Hadassah School for children aged 3 – 12 years old.
  

When we first arrived, we were given either a classroom or Kitchen to work in.  I was in the classroom and as soon as I walked in they all jumped on me, wanting to hold my hand and be with me, the children just loved all the attention.
  

Whilst in the classroom I got the chance to work  with the children.  Considering they were only 3 – 4 years old they were all extremely well behaved and very clever, they were all there to learn.  It amazed me that at even that age they were speaking 3 different languages; Kenyan, Swahili & English. 
  

When the children went out a breaktime we all got a chance to play games and get to know the other children at the school.
  

For the other 5 days we were there we all decided to try and improve the school so we all put in some money and time.  We made some football goals, a flag pole, a school sign.  We were able to provide a new kitchen and 140 new plates and cups for the children to eat and drink off.  This needed to be done because they only had plastic equipment in the kitchen and if they were found with these the school could be shut down therefore it was important for us to provide new metal plates and cups. 
   

A school day would end at around 4pm.  There were a couple of children  that were orphans and any food left over from that day was given to them before they left so that the school knew they had had something to eat at the end of the day.
   

"coaching grown men who hadn't seen a female play, let alone coach before"

We then all got picked up and taken either back to the apartments or to coach football.  I was a football coach and found it a  great experience, especially as we were coaching grown men and they had never seen a female play, let alone coach. 
  

By the time we got back it would be around 7:30pm, which was then time for dinner which was again brought to us.
  

At the weekend we had a break from school and held a football tournament for 4 mens teams.  It was great fun and again a new experience playing on pitches with molehills and the edge of the pitch being marked out by the longer grass. 
  

On the Sunday we went to ‘Nakuru National Park’ which was amazing, we were just metres away from the wildlife and scenery was stunning.  We also  travelled to the Equator.  We also visited Thompson Falls where we climbed down to the bottom it  was a long way down and then back up which was tiring.  It was such a good day and I will never forget it.
  

What is a typical day for one of the children you looked after?
The children would have to get up at a ridiculous time to be able to walk to school.  They would have to arrive at 7:30am and would not leave until 4pm, they would then have to walk all the way home to most probably a one room house being shared by other family members.
  

What have you learnt from your trip?
I have learnt loads from the trip from the way of life and culture, to learning new skills for football and I made loads of new friends.  I have met some amazing people who survive on basically nothing and still manage to have a smile on their faces, appreciating what they do have and not worrying about what they haven’t got.
  

Would you do it again?
If I was given the opportunity to go back I would jump at the chance!  This is because I have learnt so much and just loved being out there and being able to help even though its only a small few, it still makes you feel like you are giving something to people that haven’t got much.
  

Would you recommend this trip to others?
I would definately recommend this trip to anyone, its a once in a lifetime opportunity and the whole experience will never leave you!
  

ITFC Charitable Trust’s Website Quotes
“ITFC Charitable Trust is the registered partner Charity of Ipswich Town Football Club. We are very much a locally based organisation and use sport (in particular football) and our close relationship with the Football Club, as a way of making a difference to the lives of people living in and around Suffolk.
  

We work hard to provide children, young people and adults the chance to take part in sport, health improvement and education activities that perhaps they may not otherwise have access to.”
  

For further information on the ITFC Charitable Trust click here

The £20,000 per annum requirement can include state pensions, annuities and occupational pensions, but does not include investment or rental income.
   

Sadly, if in Flexible Drawdown, no further tax relief will be available on pension contributions. 
   

If you would like further advice and information please contact our Independent Financial Adviser and Pension Specialist Miss Daryl Franklin on 01473 408422 or franklind@wmibl.co.uk

‘it is attempting to influence the overall level of expenditure in the economy. When the amount of money spent grows more quickly than the volume of output produced, inflation is the result. In this way, changes in interest rates are used to control inflation.’

The interest rate set affects many aspects of financial life, across both business and personal finances. If you would like to know more about how this could be affecting your existing savings or expenditure, please contact one of our friendly Independent Financial Advisers using the contact details below.

Mark Barr on 01473 408417 or barrm@wmibl.co.uk or

Daryl Franklin on 01473 408429 or franklind@wmibl.co.uk

 Over the past year the world has suffered its fair share of Catastrophic losses detailed below:-

Despite this run of serious and tragic catastrophes, we have still not experienced the predicted market changing event.  Most sectors of the UK and international insurance markets remain relatively soft, with the exception of the UK Motor market which we will discuss later.  How long this market will remain is dependant on many factors that influence insurer behaviour.

The Down Side

• Investment returns, although better than the depths of 2008 remain poor when viewed against historic rates of return.
• Further major catastrophic losses during the remainder of 2011 may still cause rate increases.
• Claims inflation remains a big issue for liability insurers, estimates for bodily injury range between 8% to as much as 15%.  In motor the number of claimants per accident is rising despite a falling overall accident frequency.

On The Plus Side

• The continued reduction in the economic activity reduces the revenue and asset values of insurance buyers.  This impacts already soft total premiums.  Whilst detailed economic commentary is outside the scope of this review, there seems little prospect of a return trend of growth in the next 18 months.  This reduces premiums and perversely makes the market more competitive as insurers look to replace lost revenue.
• There are new insurers constantly joining the market and keeping the premiums low.

Motor

2010 was a difficult year in the Commercial Fleet Market, with several insurers re-evaluating their books.
Third Party injury claims costs have risen by 20% in the last two years with third party injury claims frequency rising by 10% in the same period.
On a more positive note, 2010 saw several new entrants to the market, increasing available capacity limiting the rise in premiums.
It is now clear that we are in a harder UK motor fleet market and we anticipate rating increases between 7.5% and 10% with more for fleets with poor loss records and deteriorating accident frequency.

  
2011/12 Outlook

Continually falling rates may lead to underwriting losses that will become unsustainable.  Willis has analysed rate changes over the past 10 years and is shown below.  There is no doubt that there are signs of stiffer resistance to reductions.  However, when a case is tendered, in most cases reductions and in some cases significant reductions can be achieved, except for motor.

It was quoted by Nikolaus von Bonhard, CEO of Munich Re, the world’s largest reinsurer, that he was expecting rates to increase this year.  Although he said it was too early to comment on specific trends and details in treaties from the April 1 renewals, he said he was anticipating general price increases in the current financial year.
The view received from Willis is:-

• Premiums will remain competitive for property and casualty business and they expect these conditions to continue through 2012
• Obtaining qualitative data will become prime importance to ensure the best cover and price is achieved
• Some trades continue to be tough from the property aspect, where insurers are becoming reluctant to write certain risks.
• Risks that have been heavily re-marketed in the past year may be at their lowest rates, but surprises can still happen.
• Long-term agreements SHOULD be considered in case of rate increase
• Insurers will still seek rate increases of between 2% and 5% especially for SME’s

To ensure you are receiving the best possible policy and to discuss the potential of a long term agreement, contact us on 01473 408408 or info@wmibl.co.uk

We would like to acknowledge Willis for providing some of the facts and figures above.

There are, however, options to protect funds held above the limit amount. If you think you may be affected by this, please do not hesitate to contact us to see how your additional funds can be protected.
 

At the other end of the scale, triviality rules (by which a whole pension fund can be taken as a lump sum) will also change. Any collective pension funds held will need to total less than a flat amount of £18,000, as opposed to the current 1% of SLA.
 

If you have any queries, or concerns, regarding either of the above matters then please contact one of our financial services representatives using the details below:
  

Mark Barr – Independent Financial Adviser – 01473 408417 – barrm@wmibl.co.uk

Daryl Franklin – Independent Financial Adviser – 01473 408429 – franklind@wmibl.co.uk

• Children who missed out on the child trust fund
• Who were born on or after the 3rd January 2011, or
• Any child under 18 years of age who was born before September 2002.
  

   

The initial Junior ISA allowance is set at £3600 per year.  Each eligible child will be able to hold both a cash junior ISA and an investment junior ISA (stocks and shares junior ISA) but the total combined investment allowance is £3600 per year. Both accounts do not have to be with the same provider and you are permitted to transfer your Junior ISA to a different provider should you wish. 
  

Anyone can contribute towards a Children’s ISA including grandparents, family members and friends however, a Junior ISA Account can only be opened by the child’s parent(s) or an adult with legal parental responsibility of the child.
 

The Junior ISA is tax efficient, just like an adult ISA, but the funds can only be accessed by the child when they reach 18 years of age.
 

Once the child reaches 16 years of age they can manage their Junior ISA(s) but cannot make any withdrawals until they are 18 years old.
 

Parents cannot withdraw from the account as it is designed to help with the child’s financial future.
 

The government will not contribute towards a Junior ISA like they did with the Child Trust Fund.
 

Any child with a Child Trust Fund will not currently be able to transfer it to a Junior ISA.

If you would like more information on this please contact our Investment Specialist, Mark Barr on 01473 408422 or barrm@wmibl.co.uk