Investing with a conscience

Seeking the best financial returns but with socially responsible principles

For investors concerned about global warming and other environmental issues, there are a plethora of ethical investments that cover a multitude of different strategies.

The terms ‘ethical investment’ and ‘socially responsible investment’ (SRI) are often used interchangeably to mean an approach to selecting investments whereby the usual investment criteria are overlaid with an additional set of ethical or socially responsible criteria.

Ethical criteria
The Ethical Investment Research Service (EIRIS) defines an ethical fund as ‘any fund which decides that shares are acceptable, or not, according to positive or negative ethical criteria (including environmental criteria)’.

Funds that use negative screening, known as ‘dark green funds’, exclude companies that are involved in activities that the fund manager regards as unethical. Each fund group has a slightly different definition of what is unethical, but this typically includes gambling, tobacco, alcohol and arms manufacturing. It could also cover pollution of the environment, bank lending to corrupt regimes and testing of products on animals.

Positive screening funds
Positive screening funds use positive criteria to select suitable companies. Funds that take this approach look for companies that are doing positive good, such as those engaged in recycling, alternative energy sources or water purification. So an ethical fund of this type might buy shares in a maker of wind turbines or solar panels.

Engagement funds
Engagement funds take a stake in companies and then use that stake as a lever to press for changes in the way that the company operates. This could mean persuading oil and mining companies to take greater care over the environmental impact of their operations or pressing companies to offer better treatment of their workers.

In addition, this process may involve making judgements regarding the extent to which such investments are perceived to be acceptable, and about the potential for improving through engagement the ethical performance of the party offering the investment.

Best financial returns
Ethical investors will believe that they should not (or need not) sacrifice their life principles in exchange for chasing the best financial returns, with some arguing that in the long term, ethical and SRI funds have good prospects for outperforming the general investment sectors.

Since ethical investment, by definition, reduces the number of shares, securities or funds in which you can invest, it tends to increase the volatility of the portfolio and therefore the risk profile. This can be mitigated by diversifying between funds, and between different styles of funds and fund managers. Like their non-ethical equivalents, some ethical funds are much higher risk than others.

Professional financial advice you can trust
Investing ethically considers your investment’s impact on society and the environment as well as its profitability. But profit doesn’t need to be at the expense of the world’s most pressing environmental problems. To find out more or to discuss your ethical options, please contact us.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of and reliefs from taxation are subject to change. Tax treatment is based on individual circumstances. The value of investments and the income from them can go down as well as up and investors may not get back the amount invested. This information does not constitute investment advice and should not be used as the basis of any investment decision, nor should it be treated as a recommendation for any investment. This information does not constitute advice and should not be used as the basis of any financial decision, nor should it be treated as a recommendation for any product. Although endeavours have been made to provide accurate and timely information, Professional Practice Services cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions.

Call our friendly, knowledgeable team for a confidential, no obligation discussion:
01527 880345

Visit our Website at:
www.pps-vet.co.uk
 

Professional Practice Services is a Veterinary Business Consultancy and Independent Financial Advisory Firm. Professional Practice Services is authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice.

Growing your wealth over time

Choosing investment vehicles that match your feelings and preferences is the key

It may no longer be enough to simply preserve what you have today; you also have to build what you will need for tomorrow. When deciding whether to invest, it is important that any investment vehicle matches your feelings and preferences in relation to investment risk and return.

Market volatility in recent years may have left some investors feeling uncertain and many have stepped away from investing in the stock markets. But not all stocks and shares are the same. For those seeking long-term total returns, there still are some high-quality companies – at attractive prices – offering the potential to grow wealth over time.

Long-range financial goals
Diversification is a term that can be summed up with this phrase: ‘Don’t put all your eggs in one basket’. Diversification is a technique that reduces risk by allocating investments among various financial instruments, industries and other categories. It aims to maximise return by investing in different areas that would each react differently to the same event. Diversification is the most important component of reaching long-range financial goals while minimising risk.

Hence your asset allocation needs to be commensurate with your attitude to risk. Another key question to ask yourself is: ‘How comfortable would I be facing a short-term loss in order to have the opportunity to make long term gains?’ If your answer is that you are not prepared to take any risk whatsoever, then investing in the stock market is not for you.

Asset allocation
If you are going to invest, you need to be prepared to take some calculated risk in the hope of greater reward. Risk is an implicit aspect to investing: shares can fall, economic conditions can change and companies can experience varying trading fortunes.

The process of deciding what proportion of your investment portfolio should be invested in the different types of investment is called ‘asset allocation’.

Asset classes
The various asset classes come with different levels of risk (volatility of returns) and thus deliver different expected returns over the medium to long term. But, no one asset class always performs best over an investment period. Asset classes consist of a group of securities with varying degrees of risk.

There are three main asset classes:

•    Equities
•    Bonds (also referred to as fixed income)
•    Cash

Each asset class has different investment characteristics, for example, the level of risk and potential for delivering returns and performance in different market conditions

Equities
Equities (also known as ‘ordinary shares’, or ‘shares’) are issued by a public limited company and are traded on the stock market. When you invest in an equity, you buy a share in a company and become a shareholder. Equities have the potential to make you money in two ways: you can receive capital growth through increases in the share price, or you can receive income in the form of dividends. Neither of these is guaranteed, and there is always the risk that the share price will fall below the level at which you invested.

Bonds
Bonds, also referred to as fixed income securities, are issued by companies and governments as a way of raising money and are effectively an ‘I.O.U.’ Bonds provide a regular stream of income (which is normally a fixed amount) over a specified period of time and promise to return investors their capital on a set date in the future. Once bonds have been issued, they’re bought and sold between investors without the involvement of the issuer. Bonds are generally considered to offer stable returns and to be lower risk than equities – and hence deliver lower returns than equities.

Cash
Cash tends to be held within a bank account where interest can be gained. Alternatively, cash funds use their market power to get better rates of return on deposits than you would get in an ordinary bank account. They often invest in very short-term bonds known as ‘money market instruments’, which are essentially banks lending money to each other. In addition, cash funds can provide exposure to global currencies, which may not be easy to purchase on the open market and could be costly transactions.

Different characteristics for risk
These asset classes have different characteristics for risk. When you are young you may want to invest in assets with a higher potential for growth but greater risk, because you have the time to benefit from their long-term growth. As you get closer to retirement you may want to choose more conservative investments that are steadier in both risk and return.

There is a wide variety of different asset classes available to invest in and commensurate risks attached to each one. While these implicit risks cannot be avoided, they can be mitigated as part of the overall investment portfolio by diversifying.

Different ‘styles’ of investing
Some assets are said to be ‘negatively correlated’, for instance, bonds and property often behave in a contrarian way to equities by offering lower, but less volatile, returns. This provides a ‘safety net’ by diversifying many of the risks associated with reliance upon one particular asset. It is also important to diversify across different ‘styles’ of investing, such as growth or value investing, as well as across different sizes of companies, different sectors and different geographic regions.

Growth stocks are held as investors believe their value is likely to grow significantly over the long term, whereas value shares are held because they are regarded as being cheaper than the intrinsic worth of the companies in which they represent a stake. By mixing styles that can out- or under-perform under different economic conditions, the overall risk rating of the investment portfolio is reduced. Picking the right combination of these depends on your risk profile, so it’s essential to seek professional advice to ensure that your investment portfolio is commensurate with your attitude to investment risk.

A ‘paper loss’
The important thing to remember with investments is that even if your investment goes down, you will only actually make a loss if you cash it in at that time. When you see your investment value fall, this is known as a ‘paper loss’ as it is not a real loss until you sell.

If you are going to invest, you need to be prepared to take some risk and to see at least some fall in the value of your investment.

While all investments carry an element of risk, the amount of risk you take directly affects any potential returns and losses. Generally speaking, if there is less risk to your investment, your money will grow more slowly, and with more risk, your investment may fluctuate more.

Currency risk
You should also be aware of currency risk. Currencies (for example, sterling, euros, dollars and yen) move in relation to one another. If you are putting your money into investments in another country, then their value will move up and down in line with currency changes as well as the normal share price movements.
Another consideration is the risk of inflation. Inflation means that you will need more money in the future to buy the same things as now. When investing, therefore, beating inflation is an important aim. Investing in cash may not beat inflation over the long term.

Professional financial advice you can trust
Our goal is to help you grow your wealth even in difficult market conditions. The objective of our advisory approach is to ensure that you find the right financial solutions for your situation and to provide you with full access to our investment expertise. To discuss your requirements, please contact us.

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of and reliefs from taxation are subject to change. Tax treatment is based on individual circumstances. The value of investments and the income from them can go down as well as up and investors may not get back the amount invested. This information does not constitute investment advice and should not be used as the basis of any investment decision, nor should it be treated as a recommendation for any investment. Although endeavours have been made to provide accurate and timely information, Professional Practice Services cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions.

Call our friendly, knowledgeable team for a confidential, no obligation discussion:
01527 880345
 

Visit our Website at:
www.pps-vet.co.uk
 

Professional Practice Services is a Veterinary Business Consultancy and Independent Financial Advisory Firm. Professional Practice Services is authorised and regulated by the Financial Conduct Authority
The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice.

NISAs - A New Phase for ISAs

Individual Savings Accounts (ISAs) enter a new phase from 1 July 2014. At present, ISA contributions for the 2014/15 tax year are capped at £11,880. The entire amount can be invested in a stocks & shares ISA, or up to £5,940 can be saved into a Cash ISA. However, from 1 July 2014, the ‘New ISA’ (NISA) limit will increase to £15,000 and you can invest as much as you like of this allowance in cash, stocks & shares or a combination of the two. Investors will also be able to transfer ISA savings from previous years freely between stocks & shares and cash.

Moreover, from 1 July, any interest on cash held within a stocks & shares NISA will be free of tax. This means that, from 1 July, you could have just one NISA, rather than separate NISAs for cash and stocks & shares. This simplicity might be attractive to some investors although, you should not assume you will receive the best rate of interest on the cash element, and it might be worth having a separate cash NISA if you want a competitive rate. You can also transfer your NISAs freely between providers – subject to any penalties that might be applied by your existing provider – but you can only have one cash NISA and one stocks & shares NISA in any single tax year.

 

Any ISA subscription made between 6 April and 30 June 2014 will be counted against the £15,000 NISA subscription and you will not be allowed to open up a new NISA for the current tax year from 1 July. Instead, you will have to top up the existing account. Do check with your provider’s terms and conditions – particularly if you have already opened a fixed-rate cash ISA.

 

The range of investments that can be held within a NISA is also expanding – for example, investors will be able to hold corporate bonds with less than five years left to maturity. This expansion is likely to lead to an increase in new products from providers that, in turn, will provide greater choice for savers. One thing will not change, however – once it’s gone, it’s gone. At the end of each tax year, you lose any unused ISA allowance, so make sure you act in good time and, if you are unsure about anything, do seek professional advice.

 

Professional financial advice you can trust

Our goal is to help you grow your wealth even in difficult market conditions. The objective of our advisory approach is to ensure that you find the right financial solutions for your situation and to provide you with full access to our investment expertise. To discuss your requirements, please contact us.

 

Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor. Tax treatment is based on individual circumstances. The value of investments and the income from them can go down as well as up and investors may not get back the amount invested. Investment into stocks and shares ISAs does not include the same security of capital which is afforded with cash ISAs.

 

This information does not constitute investment advice and should not be used as the basis of any investment decision, nor should it be treated as a recommendation for any investment. Although endeavours have been made to provide accurate and timely information, Professional Practice Services cannot guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough review of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions.

Next Steps

If you have an existing ISA which you wish to review in light of the new legislation, or you wish to start making new ISA savings, then please contact us for a confidential, no obligation discussion: 01527 880 345

 

Professional Practice Services is a Veterinary Business Consultancy and Independent Financial Advisory Firm. Professional Practice Services is authorised and regulated by the Financial Conduct Authority

The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice.

 

PPS GI are Mooooving!

 

Please Note that Professional Practice Services is staying at:

 

2 The Courtyard

Harris Business Park

Hanbury Road

Stoke Prior, Bromsgrove

Worcestershire

B60 4DJ

Tel: 01527 880 345  Email: enquiries@pps-vet.co.uk

BSAVA Congress 2014

Professional Practice Services and PPS GI are pleased to confirm we will be exhibiting again this year at the BSAVA Annual Congress held at The ICC and NIA, Birmingham from 3rd-6th April 2014.

 

 

Please do come and visit us at Stand 410 for an informal chat about your Practice needs.

 

Alternatively do let us know if you would like a more in depth conversation as we are offering 1-2-1 meetings throughout Congress.

Your Success is Our Business
The PPS Group provide personal expert financial advice and consultancy services exclusively to the veterinary profession.  We've been providing successful financial solutions since 1997. Our team of experienced and knowledgeable staff can guide you through a sometimes unexpected financial minefield.

With personal visits to your practice, no call centres or push button phones, you can speak directly to the people who matter.

Financial Services through Professional Practice Services

• Independent Financial Advice for Practice Owners and Staff
• Retirement/Succession Planning
• Practice Finance
• Business Protection
• Partnership/Share Protection
• Investment/Pension and Wealth Management
• Family Protection
• Income Protection
• Mortgages
• Employee Benefits
• Workplace Pensions
• Business Consultancy

General Insurance through PPS GI

• Market Leading Surgery Insurance
• Locum & Group Personal Accident Insurance
• Private Medical Insurance
• Motor Fleet & Home Insurance
• Veterinary Professional Indemnity Insurance
• Equipment Financing

Call our friendly, knowedgeable team from a confidential, no obligation discussion:

01527 880345

 

Or for General Insurance enquiries please call:

01527 832394

 

Visit our Website at:

www.pps-vet.co.uk

The PPS Group relates to Professional Practice Services, our Business Consultancy and Independent Financial Advisory arm, and PPS GI, our specialist insurance brokerage.

PPS Group is a trading name of Professional Practice Services which is authorised and regulated by the Financial Conduct Authority.  PPS GI is an appointed representative of Professional Practice Services, which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice

2014 Budget Summary

It’s fair to say that yesterday’s budget was unexpectedly eventful, including some major changes to ISA and pension rules that we think make financial advice more important than ever. The big headliners are highlighted below but we thought we would write with a snapshot of all the announcements and the background to the Budget itself.

What is the Budget?

The Budget is a report presented each year by the Chancellor of the Exchequer to Parliament and the nation. The primary role of the Budget is to control public finances by setting out how much tax the Government will collect, how much the Government will borrow and how much the Government will spend. The Budget Responsibility and National Audit Act 2011 requires the Government to produce a Budget Report (which is the formal name for the Budget) for each financial year. The Charter for Budget Responsibility sets out what the Budget Report must cover.

When the Government publishes the Budget, the Chancellor gives a speech to Parliament in which he sets out the key decisions on tax, borrowing and spending, and his reasons for taking those decisions. This speech is known as the Budget Statement.

The official forecast on which the Chancellor bases the Government’s Budget is provided by the Office for Budget Responsibility (OBR). The Budget Responsibility and National Audit Act 2011 requires the OBR to publish two economic and fiscal forecasts for each financial year, including one published at the Budget. The OBR’s duty is to examine and report on the sustainability of the public finances and it is required to do so objectively, transparently and impartially.

PLEASE NOTE: This update is not intended as an in-depth analysis of the Chancellor’s speech (we will leave that to the industry commentators) but we hope this brief snapshot helps you gain a quick grasp on the key points delivered by the Chancellor from the dispatch box.

Forecasts

• Due to the positive economic pictured described, the Chancellor announced adjustments to previous growth forecasts from those previously announced.
• Growth forecast for 2014 –  revised up to 2.7%
• Growth forecast for 2015 – revised up  to 2.3%
• Growth forecast for 2016 – remains unchanged at  2.6%
• OBR says UK growing faster than any other major economy
• OBR expects 1.5million more jobs over next 5 years
• Deficit  forecast for 2014 is 6.6% and for 2015 it is 5.5%
• Borrowing forecast to reduce to £95 billion for 2014/2015 and then reducing further with no borrowing forecast by 2018/19
• OBR revises down national debt to 74.5% of GDP
• OBR expects to meet 2% inflation target this year

Taxation/Welfare

• New cap on welfare bills.  Welfare cap of £119bn to be applied in 2015/2016
• Much harsher approach and measures to be applied to tax collection and tax avoidance schemes. HMRC budget increasing to assist in stopping tax avoiders
• LIBOR fines to be redirected to military charities
• 15% stamp duty to be introduced on property over £500k bought via a corporate envelope
• Tax receipts from North Sea Oil revised down
• Tobacco duty escalator extended (rising 2% above inflation)
• Beer duty escalator scrapped altogether and beer duty to be cut by 1p – Duty frozen on Whiskey and Cider.  All other alcohol duties to increase as planned in line with inflation
• Personal tax allowance – to increase to £10,500 from 2015
• Higher rate tax threshold to increase to £41,865 from April 2014 and then by further 1% in 2015
• Married couples tax allowance to rise to £1,050
• ISAs – Cash and stocks & shares ISAs to be merged into a simple, single ISA.  All existing monies can be transferred from stocks and shares to cash and vice versa. Limit increased to £15,000
• Junior ISA limit to increase to £4,000
• New pensioner bond to be introduced from January 2015
• Major far reaching reforms to tax treatment of defined contribution pension schemes:  Income requirement for flexible drawdown to be reduced to £12,000; increasing the amount of total pension savings that can be taken as a lump sum, from £18,000 to £30,000; increasing the capped drawdown withdrawal limit from 120% to 150% of an equivalent annuity; increasing the maximum size of a small pension pot which can be taken as a lump sum (regardless of total pension wealth) from £2,000 to £10,000 and increasing the number of personal pots that can be taken under these rules from two to three; complete freedom to drawdown as much or as little as needed; No pensioner will have to buy an annuity;
• 10p tax rate for savers abolished

Transport/Fuel/Energy

• Air passenger duty – all long-haul flights will carry same long haul US tax rate
• Start up support for more flights from regional airports
• £270million guarantee approved for Mersey Gateway Bridge
• Money pledged to improve flood defences and fund road repairs
• Charge on private jets to increase
• More investment in nuclear, renewables and shale gas
• £7bn package to reduce manufacturer’s energy bills
• Fuel – Car fuel duty rise planned for September scrapped

Small Business / Business in General

• Lending to exporters to increase to £3bn
• More money to be made available to support apprenticeships
• Corporation tax to reduce to 21% (20% in 2015)
• First enterprise zone to be introduced to Northern Ireland
• Annual investment allowance to be doubled to £500,000 and extended to end of 2015.
• Business rate discounts to be extended for a further three years

Public Sector

• Public service pensions to be properly valued

Housing

• Further reforms to planning to increase house building
• £150m to be made available for new build housing
• Help to Buy Scheme extended to 2020
• First new Garden City for 100 years to be built at Ebbsfleet

Other Points

• NEW £1 coin to be introduced in 2017
• Raising duty for fixed odds betting machines
• Bingo duty halved to 10%

And finally…

As is always the case with complex legislation such as this, it pays to seek advice from a professional financial planner.

The contents of this article are for guidance only and do not constitute financial advice. If you have any questions about the issues featured please contact us.

Call our friendly, knowledgeable team for a confidential, no obligation discussion: 01527 880345

Visit our Website at: www.pps-vet.co.uk

 The PPS Group relates to Professional Practice Services, our Business Consultancy and Independent Financial Advisory arm, and PPS GI, our specialist insurance brokerage.

PPS Group is a trading name of Professional Practice Services which is authorised and regulated by the Financial Conduct Authority. PPS GI is an appointed representative of Professional Practice Services, which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice.

PPS 2013 Autumn Statement Snapshot

  
The Chancellor delivered a relatively upbeat assessment of the UK economy in an Autumn Statement that, among other things, also introduced a rise in the state pensionable age and some new tax avoidance measures.

                         

Brighter prospects ahead?

Chancellor of the Exchequer George Osborne delivered a relatively optimistic assessment of the UK economy in his 2013 Autumn Statement. He hailed the ongoing recovery – the UK economy is growing more rapidly than that of any other major advanced nation, including the US and Germany – but warned that the country remains particularly vulnerable to future shocks from the eurozone.

Economic growth is picking up

The UK economy appears to be recovering more rapidly than expected. The Office for Budget Responsibility (OBR) more than doubled its forecast for economic growth this year from 0.6% to 1.4%, and also raised 2014’s prediction from 1.8% to 2.4%.

However, the forecasts for the following three years were trimmed to 2.2%, 2.6%, and 2.7% respectively. Looking back, the UK economy contracted more sharply than previously calculated during the recession – although the UK managed to avoid falling into a “double-dip” recession, the economy actually contracted by 7.2% from peak to trough in 2008/09, compared with earlier estimates of 6.3%.

Budget surplus sooner than expected

Government borrowing has fallen “significantly more than forecast” and the UK budget is predicted to be in surplus by 2018/19. The underlying deficit has fallen from 11% of GDP in 2010 to 6.8%, instead of the 7.5% forecast in March. The deficit is predicted to decline to 5.6% next year and to continue to fall over the following three years – by 2018/19, the OBR expects the UK to be running a budget surplus.

Cash borrowing is lower than expected. The UK will borrow £111bn during 2013 – £9bn less than previously estimated. Borrowing is then predicted to fall to £96bn next year, £79bn in 2015/16, £51bn in 2016/17, and £23bn in 2017/18. Overall, the government expects to borrow £73bn less over the period than expected.

Longer life – but a longer working life

A rise in the state pensionable age will be imposed earlier than expected, beginning in the mid-2030s rather than in 2046. The government plans to increase the state pensionable age to 68 in the mid-2030s and to 69 towards the end of the following decade. The increase in pensionable age is intended to keep track with increased life expectancy.

The government also intends to introduce a cap on total welfare spending, but this will not include the basic UK state pension or the “most cyclical of benefits for jobseekers”. The state pension will increase by £2.95 per week from April 2014 and individuals of pensionable age will be allowed to make additional voluntary National Insurance contributions to help boost their state pension.

Tax breaks and tax avoidance

The personal income tax allowance will increase to £10,000 from April 2014 and, from April 2015, the government will introduce a new transferable tax allowance for married couples and civil partners who pay the basic rate of tax. New rules on tax avoidance will also be introduced, and are projected to raise a total of £9bn over five years. Non-UK residents who sell residential property in the UK will become liable to pay capital gains tax from April 2015.

The Chancellor abolished stamp duty on shares bought in exchange traded funds (ETFs), in order to help persuade ETFs to situate themselves in the UK. The levy on banks will be increased to 0.156% from 1 January 2015 in a move expected to raise £2.7bn in 2014/15 and £2.9bn each year from 2015/16.

A helping hand for small businesses?

Business rate relief for small businesses was extended for another year. Increases on business rates in England and Wales will be limited to 2%, and firms will be allowed to pay their business rates in 12 monthly instalments. The Chancellor also announced a £1,000 discount on business rates for smaller shops, pubs, and restaurants for the next two years

Unemployment set to fall

The rate of unemployment is forecast to fall from 7.6% this year to 7% in 2015, and is expected to reach 5.6% by 2018. This is particularly significant because the Bank of England has stated an unemployment rate of 7% is the threshold at which policymakers will consider tightening monetary policy. Elsewhere, in a bid to improve prospects for youth employment, the Chancellor announced a plan to remove employers’ national insurance contributions from April 2015 on 1.5 million jobs for young people

More to do

Reacting to the Statement, the Confederation of British Industry commented: “As we enter the festive season, positive news on growth is clearly welcome but much remains to be done if the benefits of economic recovery are to reach every home in every corner of the UK.” For its part, the Ernst & Young ITEM Club pointed out the improvement is, at this stage, cyclical rather than underlying, and concluded this is “not an opportunity for a fiscal relaxation”.

And finally…
As is always the case with complex legislation such as this, it pays to seek advice from a professional financial planner.

The contents of this article are for guidance only and do not constitute financial advice. If you have any questions about the issues featured please contact us.

Call our friendly, knowledgeable team for a confidential, no obligation discussion: 01527 880345

Visit our Website at: www.pps-vet.co.uk

The PPS Group relates to Professional Practice Services, our Business Consultancy and Independent Financial Advisory arm, and PPS GI, our specialist insurance brokerage.

PPS Group is a trading name of Professional Practice Services which is authorised and regulated by the Financial Conduct Authority. PPS GI is an appointed representative of Professional Practice Services, which is authorised and regulated by the Financial Conduct Authority.

The Financial Conduct Authority does not regulate finance, will writing, commercial lending, taxation or trust advice.