The Magic Of Pensions
Many people see pensions as boring. Here’s my take on why they’re the best investment vehicle around…
We’re Going National with the Help of our New Marketing Coordinator!
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We’re Going National with the Help of our New Marketing Coordinator!
Team Expansion March 2024
We are expanding our team and brand exposure with the arrival of our new Marketing Coordinator.
Ebony Ritchie joins SSA from the Cumbria Local Enterprise Partnership with a history of working in government relations.
Our Director Emma Sherlock says: “Marketing is a real passion of mine. Demonstrating how we can help more people with their lifelong financial success is such a rewarding job and crucial for the longevity of our business. Now, I have the joy of sharing that passion with a very talented marketing coordinator, Ebony. I’m so excited to see what she will achieve. Ebony and I already have some exciting plans in the pipeline and I’m really looking forward to working closely with her. As we move into a more national arena with a client base from further afield, it’s great be able to showcase our Cumbrian expertise to a wider national audience.’
Ebony started working in marketing at 17 years old having secured a place on a scheme called Dream Placement… designed to give more young people experience of working with Cumbrian businesses. During her 3 years in industry so far, Ebony’s work has taken her to a Q&A with the Prime Minister, she has represented Cumbrian businesses at regional events, and developed further awareness of the successes of Cumbrian businesses through a 70% increase in engagement with the LEP.
Ebony says: ‘I’m so excited to be joining the SSA team. I’m looking forward to working on new marketing materials and getting SSA onto a national podium. I can’t wait to achieve our business goals and roll out all the interesting projects we have planned for the future.’
Ebony’s experience of working within strict parameters will hold her in good stead as she navigates around FCA marketing regulation.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 21/12/2023.
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The Magic Of Pensions
May 2, 2024
Ever Heard of a Junior Pension?
- Uncategorized
Ever Heard of a Junior Pension?
Junior Pensions: What You Need to Know
Do you want your children to have a secure financial future?
Ever heard of a Junior Pension?
Yes, it’s true – your children or grandchildren can have their own pension!
Here’s how it works:
Junior pensions permit a contribution of £3600 per year (you contribute £2880, and HMRC adds in £720).
And here’s the great part – family and friends can also contribute to these funds.
Let’s break it down:
So, let’s say you were able to start with the maximum of £240 per month when they’re born… And continue this investment until they turn 18, you will have invested £64,800.Assuming an annual investment growth rate of 6% before fees, their pension will be worth £116 205.96.
Leaving that sum invested for 39 years (until your child or grandchild reaches age 57), assuming they achieved the same average growth of 6% per annum before fees, they could retire with a pot worth £1,199,348.25. Having not invested a penny more! This is in today’s money, not allowing for inflation. Why 57? The minimum pension age is changing from 55 to 57 in 2028.
If you’d like to know more give me a call now on 01228 598821. Or drop me a line at arran.pamphilon@stansherlock.com
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
Approved by the Openwork Partnership 17/03/2024
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Ever Heard of a Junior Pension?
March 19, 2024
More Support for our Clients and Advisers
March 16, 2024
More Support for our Clients and Advisers
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More Support for our Clients and Advisers
We are continuing to grow at SSA, with more support for our expanding network of clients and adviser team.
We’ve added another member to our business support team to enable advisers to process more mortgages for more clients whilst maintaining our high standard of service.
Kayleigh Aitken joins the team with previous experience in financial services having worked at one of the larger international banks and with accountants.
Our Director Emma Sherlock says: “Our Business Support Team is crucial to the smooth running of client relations. The whole team plays an important part in the advice process, from preparing client appointments, to the submission of a mortgage or pension through to completion and keeping in touch with clients throughout their financial journey. Without our business support team, the cogs stop turning. Kayleigh is an excellent fit and her knowledge from her previous roles will no doubt prove to be useful as she settles into her time with SSA. We’re thrilled to have her on board.”
Kayleigh says: “I’m excited to finally get stuck in and support the team. I feel that the finance industry is where I’m meant to be. I’m interested in all aspects of finance but particularly the mortgage side of things, which is great, as I’ll predominantly be supporting the mortgage team. I’m looking forward to building a career with SSA and hopefully I’ll be able to help you in the future.”
Welcome to the team Kayleigh!
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Tax Year End Checklist (Part 2)
March 11, 2024
Tax Year End Checklist (Part 1)
March 11, 2024
Tax Year End Checklist (Part 2)
- Financial Planning
Tax Year End Checklist (Part 2)
ISA Allowance
Everybody has an ISA allowance of £20 000 per year. An ISA is basically just a ‘wrapper’ that can hold an asset, normally cash or stocks and shares. As described above, you can earn a certain amount in savings interest each year before being liable to tax via the Personal Savings Allowance and Starting Rate Band.
Therefore, depending on how much you have in Cash Savings, you may want to consider investing in a Stocks & Shares ISA. That way you are protected against dividend tax and capital gains tax.
Dividend Allowance
Everybody is entitled to receive up to £1,000 per year of dividends tax-free. This is due to half again to £500 for tax year 24/25. This is particularly useful for if you own shares (outside of an ISA) or are a director of a company.
If you own a company, consider appointing your spouse as a director to make use of their dividend allowance also.
Capital Gains Allowance
If you make a gain/profit on an investment (or second property) you pay capital gain tax. Everybody has a capital gains tax allowance of £6000 per year, set to decrease to £3000 in 24/25.
If your spouse is on a lower tax bracket to yourself, it may be feasible to transfer ownership of said shares/property to them before selling
You can also sell taxable investments and reinvest them tax efficiently. For example, you could sell an investment and reinvest the proceeds in a stocks and shares ISA. This uses your capital gains tax allowance and ensures that any gains in the future are tax-free.
Pension Carry Forward Allowance
On top of the annual allowance of £60k, you can carry forward any unused pension allowance from the previous three tax years. The annual allowance for the previous 3 tax years was £40k, so in theory a £180k lump sum contribution could be made.
Tax Advantaged Venture Capital Schemes:
The Enterprise Investment Scheme (EIS), Venture Capital Trust Scheme (VCT) and Seed Enterprise Investment Scheme (SEIS) aim to help unquoted companies attract equity investment by offering investors a range of tax incentives including tax relief and capital gains exemptions.
Don’t invest unless you’re prepared to lose all the money you invest. EIS’, VCTs and SEIS’ are high-risk investments. You may not be able to access your money easily and are unlikely to be protected if something goes wrong.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested.
Approved by The Openwork Partnership on 04/03/2024
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Tax Year End Checklist (Part 1)
- Financial Planning
Tax Year End Checklist (Part 1)
Personal Allowance
Personal Allowance:
The first £12 570 of your earnings are tax-free. Make sure you fully utilise your Personal Allowance each year as it can’t be carried forward
Marriage Tax Allowance
If you’re married or in a civil partnership and one of you earns less than the £12 570 Personal Allowance, up to £1260 of Personal Allowance can be transferred to your partner providing they are a basic rate taxpayer. This can result in a tax saving of up to £252.
Personal Savings Allowance
On top of the Personal Allowance, you can also earn savings interest up to certain limits without paying any additional tax. For Basic Rate Taxpayers, this is £1000 and for higher rate taxpayers £500. For additional rate taxpayers there is no Personal Savings Allowance.
Personal Savings Allowance
On top of this, if you earn less than £17 570 then you may be eligible for the Starting Rate for Savings, which means you can earn up to £5000 in savings interest before paying any tax.
Pension Contribution
Up to the age of 75, you can contribute up to 100% of your earnings or £60 000 into a pension (whichever is less). There are some restrictions for high earners, in the form of the tapered pension annual allowance.
Even if you have no income, you can contribute £2,880 per year into a pension. You benefit in the form of tax relief at your highest marginal income tax rate. As a basic rate taxpayer, a £100 contribution costs you £80, for a higher rate taxpayer it costs you £60, and as an additional rate taxpayer £55.
As a Ltd Company Director, you can pay into your own private pension out of the business and treat it as an allowable business expense.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances which cannot be foreseen.
The value of investments and any income from them can fall as well as rise, and you may not get back the original amount invested.
Approved by The Openwork Partnership on 04/03/2024
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Multiple Myeloma… Sandra’s Story
May 15, 2023
Better Financial Advice for North Cumbria
February 7, 2023
Mortgage Myth Busting
- Mortgages
Mortgage Myth Busting
Buying a property is a significant milestone for most of us, and often involves a mortgage. However, misconceptions about mortgages can create unnecessary anxiety and confusion. In this article, we aim to bust common mortgage myths and help you separate fact from fiction.
Myth 1: You Need a Perfect Credit Score
One of the most prevalent misconceptions is that you need a flawless credit score to secure a mortgage. While a good credit score is desirable, it doesn’t have to be perfect. Lenders consider your income, employment history, and debt-to-income ratio. Even with a slightly lower credit score, you can still qualify for a mortgage.
Myth 2: A 25% Deposit is a Must
Contrary to popular belief, you don’t always need a 25% deposit. A higher deposit does have advantages, like lower interest rates, but it’s not a requirement. Many lenders offer options for lower deposits. There are also Government-backed loans for those struggling to save a deposit.
Myth 3: You Must Stick with a 25 year Term
This is simply not true! While 25 year term mortgages are popular, they’re not the only option available. Mortgages are available in various terms, ranging from 5 to 40 years. Shorter-term mortgages may have higher monthly payments, but can often reduce the overall interest. Consider your financial situation, long-term goals, and monthly budget to determine the term that suits you best.
Myth 4: You Should Always Choose the Mortgage with the Lowest Interest Rate
While securing a mortgage with a low interest rate is desirable, it shouldn’t be the sole factor driving your decision. You need to evaluate fees, loan terms, and the overall package offered by different lenders to make an informed decision.
Myth 5: Paying Off Your Mortgage Early Is Always the Best Strategy
The idea of being debt-free and paying off your mortgage early may seem appealing, but it’s not necessarily the best financial strategy for everyone. Mortgage loans typically come with relatively low interest rates, and the interest paid may be tax-deductible in some cases. Instead of solely focusing on paying off your mortgage early, it may be more advantageous to consider other financial goals. Assessing your overall financial situation is crucial.
Navigating the world of mortgages can be overwhelming. By debunking common mortgage myths, we hope to provide clarity and empower you to make well-informed decisions. Remember, there is no one-size-fits-all approach when it comes to mortgages and financial planning.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 21/12/2023.
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We’re expanding into South Cumbria and North Lancashire!
December 1, 2022
Further growth for SSA!
November 28, 2022
More focus on training, development and culture. SSA takes HR in house!
- Team
More focus on training, development and culture. SSA takes HR in house!
New to Stan Sherlock: HR Department
A few months ago we decided it was time to bring HR into the business. As we grow, and are therefore inevitably exposed to a wider variety of people with different backgrounds, expectations and development needs, it made sense to bring an HR manager on board to provide further support for the team.
Step forward Rachel Smithson, no doubt the best HR manager in the world! Rachel joins SSA with more than 13 years experience in human resources. She has extensive knowledge of talent management, team development and upskilling, alongside top-level strategic planning. She has worked with an array of teams in high profile industrial sectors such as nuclear and transport.
Our Director Emma Sherlock says: “I am absolutely thrilled to have Rachel joining the team. I’ve been searching for the right HR person to help take us forward with our growth plans for quite a while. Rachel’s experience combined with her drive and fantastic personality make her the perfect fit. HR is such an important part of any business and to have someone in-house for the team is brilliant. With her focusing on our SSA family, the directors can now focus on growing our business, knowing the team’s needs are being taken care of”.
Rachel says: “I was looking for my next opportunity when I found out that Stan Sherlock Associates were looking to move their previously outsourced HR provision in house, as their team continues to grow. Emma and Bobby have a great vision for their business, and they know that their people are right at the heart of driving this vision forward. Their commitment to investing in their people is fantastic and I’m so excited to be on this journey with them helping them and their employees achieve their goals!”
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Multiple Myeloma… Sandra’s Story
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Multiple Myeloma… Sandra’s Story
I reached the age of 62 with no major health issues at all.
The only times I had spent in hospital were for the birth of my 2 daughters. I suppose like many people I took my good health for granted and adopted the ‘it will never happen to me’ attitude.
I have worked in the financial services industry for almost 25 years and know the importance of having financial protection in place, but I kept putting it off convinced that ‘it would never happen to me’. I should have known better.
After contracting Covid in March 2022, I became quite ill and suffered horrendous fatigue. I really struggled to carry out everyday tasks, and the condition was initially blamed on ‘post Covid fatigue’. However, after having a blood test, it was discovered that my kidneys were failing and were only functioning at 2%. I was admitted to hospital where I was diagnosed with Multiple Myeloma, a type of blood cancer which had damaged my kidneys.
I had 6 months of chemotherapy and my cancer is now in remission but regular blood tests are required to check that it hasn’t reared its ugly head again. My consultant hoped that with treatment, my kidneys would start to work again, but sadly this did not happen, so I am now faced with spending 12 hours each week hooked up to a dialysis machine for the rest of my life.
Those 2 little words 'if only' keep popping into my head. If only I had income protection in place, if only I had critical illness cover...
Chemotherapy and dialysis have really taken their toll on me and with the time spent on dialysis, I can no longer continue to work full time. I am very fortunate to have such an understanding and supportive employer and I have returned to work part time, but obviously my earnings have dropped dramatically.
Those 2 little words ‘if only’ keep popping into my head. If only I had income protection in place, if only I had critical illness cover… If I had a mortgage or children at home, I would have been forced to sell my home which, on top of my illness would have been so stressful.
So, to anybody who has a mortgage or a family, please listen to your adviser and ensure that you have sufficient cover in place – I never dreamt that it would happen to me, but it did.
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August 14, 2022
Lifetime Mortgages and Equity Release
June 29, 2022
Better Financial Advice for North Cumbria
- Financial Planning
Better Financial Advice for North Cumbria
We are raising the bar for financial advice in Carlisle and the surrounding areas.
Considering the nature of the current economic climate, Stan Sherlock Associates, is inviting financial advisers from across the city to take part in a technical learning event, in conjunction with The Prudential. The event is for advisers from across the city to further advance their knowledge in specialised subjects, enabling us all, as an industry, to increase our expertise to deliver excellent advice to clients.
Robert Sherlock, our Practice Principal and Financial Adviser says “It’s important for advisers to stay abreast of the latest developments in the industry and the market. Here in Cumbria, we’re a long way from Manchester or London or any of the other larger city hubs so we wanted to bring the investment management firms to us to keep us at the peak of best practice advice. We want everyone in our area to have access to excellent, forward thinking financial advice – not just from SSA’s advisers but from our peers in other firms too.”
Peter Hartley from The Prudential says “We are delighted to be working with Stan Sherlock Associates to provide technical training for Financial Advisers in the Carlisle area. This will benefit advisers through increasing their understanding of complex financial planning areas which will enable them to provide advice to clients, that will help them achieve positive outcomes and meet their own financial objectives.”
Deborah Riding our Head of Compliance and Development and a Financial Adviser said: “We hope to hold more events like this one, in collaboration with other financial services companies, and large investment management firms. It’s now more important than ever that people within our local community have access to good well informed advice from advisers who are at the cutting edge of their industry. Development and learning never stops and it’s up to us as advisers to ensure we are giving the right advice and have the right tools and skills at our fingertips.”
The event will be held at Stan Sherlock Associates offices on Lowther Street and will be attended by their own advisers and paraplanners along with financial planners from CMD and Professional Financial Centre.
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Meet Matt Duncan
May 20, 2022
