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Pensions, although much maligned in recent years, are a great tool to individuals for many reasons, in particular since Pension freedom rules came into...

The prospect of divorce inevitably equates to heartache and difficulty but our experts are on hand to help you through the entire process. Whilst most people immediately think to engage the services of a solicitor when going through a divorce, few...

An individual Savings Account (ISA) is a tax-efficient method of saving and can come in various forms. In recent years, more products have become available to invest in under an ISA wrapper, to appeal to more consumers. These include structured products,...

Birkett Long is delighted to announce that Paul Chilver, an Independent Financial Adviser at the firm is celebrating 20 years of service this year. Birkett Long IFA is part of the wider Birkett Long group, meaning that clients have the advantage of their...

Brighter evenings and warmer weather have signalled the start of Spring. Whilst you may set some time aside to spring clean your house, it can also be a great opportunity to Spring clean your finances. Spring cleaning your finances can help you to...

The last two years have been stressful and uncertain, however, it’s important to ensure that you’re in control of your finances as we approach the end of the 2021/2022 tax year. The tax year will, as usual, finish on 5 April and people all over...

Inheritance tax is often in the news, normally when it is announced how much HMRC has received in the most recent tax year! There are many options available to individuals worried about their IHT liability, but some are put off due to , in most cases,...

Brighter evenings and warmer weather have signalled the start of Spring. Whilst you may set some time aside to spring clean your house, it can also be a great opportunity to Spring clean your finances. Spring cleaning your finances can help you to understand...

We all know that one day we will need a funeral, but what we don’t know is how much it is going to cost. The average price of a funeral is now £3,785 * and rising. For many families this can become a great burden at such an emotional time. ...

Many people might consider their most valuable asset to be their house, car or pension savings. They often overlook the obvious – themselves and their income. It is often said that being a parent is the hardest job in the world and this may be right....

This year sees the 30th anniversary of BLIFA. In November 1989, it was an innovative move by the solicitors to launch a separate financial services department. The synergy between legal and financial advice, and providing both services under one roof, has...

We are often reminded about the importance of reviewing our pension arrangements. Pensions are also an important consideration if you are going through a divorce or dissolution of a civil partnership. They are often one of the most valuable assets in the...

Stanway Rovers Girls Infernos team at well-established Stanway Rovers Youth Football Club is celebrating following a sponsorship boost from Birkett Long Independent Financial Advisers (IFA). Stanway Rovers Youth Football Club is a development-based,...

Pension reforms introduced significant changes to the taxation of pension death benefits, which, of course, are still not straightforward.  The table below explains how pension benefits are taxed on death and highlights the difference between...

Christmas dinner and cheese boards are now a distant memory and 2019 is already in full swing, with the end of the tax year fast approaching. The tax year finishes on the same date each year, 5 April. But each year there’s the same rush to make last...

Equity release is a way of releasing money from your home, without having to move or sell your property. It has often been considered the product of last resort, but times have changed and many people are now looking to unlock funds from their home. There...

With bank and building society savings account interest rates providing minimal returns, cash savings for investors remain unattractive. Currently, investors are typically receiving interest rates of between 0.5% and 1.6% per annum on their savings. Whether...

At Birkett Long, financial advice goes hand in hand with legal advice to give you a joined up service. One of our team will meet with you and your family to obtain the full picture regarding your existing financial arrangements and your future, or...

Andrew Carnegie, the American industrialist and philanthropist, once said “men and women, not machines, are the real source of profits in any business”. Interestingly, whilst business owners insure their equipment, buildings and cars, most have...

I will be at our seminars presenting on discounted gift trusts, which I touched on at our annual investment seminars earlier this year. “What is a discounted gift trust?” I hear you ask?  Well, a discounted gift trust is an Investment Bond...

Farmers work tirelessly to run an efficient and profitable business and to provide an income for the family, but what happens if disaster strikes and you can no longer work.  Is there anything that can reduce the impact to that loss of income and halt...

It is said that failing to plan is, in fact, planning to fail.  That certainly seems to be the case when it comes to protecting your wealth for future generations.  Nicola Ward, Associate and Financial Planning Manager at Birkett Long IFA,...

Hard-working Chris Jarrold has qualified as a Financial Planner after passing five exams in 18 months. Chris, from Coggeshall, joined Colchester-based Birkett Long IFA in 2015 after gaining experience in the pensions, investment management and banking...

Birkett Long’s experienced team of Independent Financial Advisers has been shortlisted for Money Marketing’s Best Small Adviser of the Year award. The 12-strong team recently became a separate entity, Birkett Long IFA LLP, providing innovative...

Two years of study have paid off for Shane Ali who has just qualified as a Paraplanner with Birkett Long Independent Financial Advisers. Shane decided on a career in the financial services profession as this would suit his strengths, which include...

There have been many changes to pensions recently, one of which is that policyholders are now allowed to pass on their pension savings to a nominated beneficiary, potentially without having to pay a tax bill.  It is thought this relaxation of the rules...

I am pleased to advise that Paul Chilver, one of our financial planning managers was promoted to Associate level at Birkett Long IFA, with effect from 1 June 2016. Paul joined Birkett Long as a trainee at age 17, undertaking exams in his own time, and...

Investment bonds are a form of collective investment which, unlike unit trusts and other investment types, use an insurance policy as the “wrapper” for the underlying investments.    This has a number of tax advantages, one being that...

In the UK in 2016, there are 23 million people aged 50 and over.  We all know that in recent decades life expectancy has increased and it is expected that over the next 17 years the number of people aged 65 plus will rise by 40%.  In Age UK’s...

Kate Barnett joined Birkett Long in January 2014 as a trainee paraplanner, having previously worked in the legal team at the Financial Services Compensation Scheme (FSCS). With Birkett Long's encouragement and support, Kate progressed quickly through...

Two members of staff at the well-respected Essex firm Birkett Long are celebrating after learning they have been promoted to Associates. Daniel Sturman, a commercial property solicitor who has been qualified for 10 years, is based in the Chelmsford office,...

Kate Cudmore has become a fully fledged Financial Adviser for Essex independent financial advice firm Birkett Long after passing all six of the Chartered Insurance Institute’s Financial Planning Exams. The 33-year-old former paraplanner from Great...

There are ways to reduce inheritance tax liability on death.  Below, I highlight some of the gifts that can be used without your needing to survive seven years following a gift, together with an investment option that we will cover at our seminars in...

Sue and Graham Smith have divorced. They have a daughter, Millie, aged six and a son, Thomas, aged nine. The couple have agreed that Millie and Thomas will live with Sue, and Graham will pay £900 maintenance per month (£450 for each child) until...

Maintenance payments often form part of a divorce settlement and can therefore be legally binding.  Whilst this provides some security of payment for a fixed period of time, what is often overlooked is that the payments would cease on death of the...

Following the 2015 summer Budget, those earning more than £150,000 will no longer qualify for an annual allowance of £40,000 (the annual allowance is the maximum that can be paid into a pension in a single tax year).  Instead, high earners...

When a couple enter into a marriage they are undertaking a duty to support one another, both emotionally and financially. What many spouses do not know is that, in the event of separation, whilst the emotional duty may come to an end, the duty to financially...

Following the implementation of the pension freedom rules in April 2015, tabloid headlines have given us the impression that pensions now operate like a bank account.   Although pensions have become more flexible, the reality is that they cannot be...

A dearth of quality Independent Financial Advisers is hampering the expansion plans of one of the oldest and largest financial advisers and law firms in Essex. Birkett Long partner and Business Development Director David Cant explains how the firm is...

The role of trustee is not to be undertaken lightly, especially as trustees are personally liable should a beneficiary claim some form of negligence. Trusts are often created as a result of an instruction in a will, especially when someone wants to leave...

Independent financial advisers in Essex, Birkett Long, has welcomed a new face – financial planning manager Mike Greely. As a married father of one Mike knows a thing or two about providing for the future of a family and has had 13 years in the...

The future can seem a long way off; however, the reality, of course, is that it’s not!  This is why planning ahead and making the right decisions today will give you peace of mind, knowing that your personal and financial affairs are organised in...

As a parent, you want to provide the best for your children and plan for their future.  We all know that raising children is expensive.  In 2011 the average cost of raising a child was £133,848 and in 2013 this had increased by 15% to...

A Basildon young apprentice has impressed his bosses at Essex legal firm Birkett Long so much that he’s now on the road to a career in financial services after they gave him a permanent job in the Financial Services business in Colchester. Sam...

A celebratory afternoon tea event, complete with cake, at Colchester’s Wivenhoe House Hotel marked the silver anniversary of the Financial Services team at Essex law firm Birkett Long. For a quarter of a century the department has been giving...

On 19 March 2014 in the Government’s 2014 Budget the Chancellor, George Osborne, surprised the Financial Services industry by announcing major changes to the Individual Savings Account (ISA) rules.  It was announced that ISAs would be reformed...

If you are looking for good ideas about how to invest and grow your money, Birkett Long, legal and independent financial services firm, is staging a free seminar in Colchester and Stock. Paul Chilver, a financial planner with the firm, says people...

With the Bank of England base interest rate held at a record low level of 0.5% for over four years, bank and building society savings account interest rates remain unattractive. Investors with bank and building society Cash Individual Savings Accounts...

As a parent, you want to provide the best for your children and plan for their future.  As we all know raising a child/children is expensive, in the last two years the average cost of raising a child has increased by 15% from £133,848 in 2011 to...

Over the next few years all employers will have to auto-enrol all “eligible” workers into a workplace pension scheme.  The biggest employers started doing this in October 2012, when the Pensions Act 2008 came into force. An employer must...

On 31 December 2012 the landscape for giving financial advice changed drastically. The Financial Services Authority, now Financial Conduct Authority, brought into effect the Retail Distribution Review (RDR).  The intention of the RDR was to raise...

With the Bank of England base interest rate being held at a record low level of 0.5% for over four years, bank and building society savings account interest rates remain unattractive. Investors with bank and building society Cash Individual Savings Accounts...

During 2012, Britain slipped into the first double-dip recession since the 1970s – a time which saw a period of economic stagnation throughout much of the Western world – and at the time of writing, fears grow of a triple-dip recession with a...

Seasoned and potential investors looking for investment opportunities and financial advice will benefit from the knowledge of a panel of experts at a free event run by Legal and Independent financial advisers Birkett Long in February. ‘The financial...

Gifts that mitigate tax As you may have seen on page 1, four brave members of Birkett Long entered the Trailwalker UK 2012 in aid of Oxfam and the Gurkha Welfare Trust.  This gruelling walk involved trekking 100km across the South Downs in less than...

The Accounts team at Birkett Long looks after the financial management of the firm - a very complex and fast moving environment. The cashiers deal with all move- ments of money in and out of the firm, processing thousands of transactions each month, which...

Over the last few years we have seen widespread disruption and damage caused by flooding.  The Met Office predicts that climate change will lead to an increase in extreme weather events, meaning the UK will have to learn to live with severe flooding. ...

With our South Essex office now over a year old, working with clients and business partners is going from strength to strength. Following our announcement in our last edition that we would be opening a South Essex office in Basildon in October 2011, working...

We insure our homes, our cars, our phones and our holidays but sometimes we forget to insure ourselves. In a survey carried out by Bright Grey, nearly 2,000 people were asked what they insure.  Home contents insurance (84%), car insurance (78%) and...

Mike Cracknell from Birkett Long examines how you can make the most of tax efficient financial planning opportunities before the current tax year ends on 5 April 2012 and the new year commences 6 April 2012. 1. Make the most of Individual Savings Accounts...

The fact that you will need a funeral is one of life’s inevitabilities.  However, the cost of even the most basic funeral is out of reach for many people.  Funeral costs have risen, on average, by 7.32% per annum over the last five years...

Background   The 2003–2005 Pension Commission reviewed the UK pension system and concluded that: i. up to 12 million people were not saving enough to provide for their retirement, ii. the State Pension could not meet the financial commitment of...

One of the negatives for pension savers is the new annual £50,000 limit on contributions, and this is already causing high earners to look for alternative forms of tax-efficient investment, such as Enterprise Investment Schemes (‘EIS’),...

The new tax year marks a new era for pension saving in which the keynote is flexibility. With effect from 6 April 2011, the obligation to crystallise pension savings in the form either of an annuity or a restricted type of pension drawdown called...

The Treasury has announced that the successor scheme to Child Trust Funds (‘CTFs’), dubbed Junior ISAs, will be available in November 2011 and will have an annual contribution limit of £3,000. Also that the investment limit for existing...

New pension rules - giving greater flexibility to individuals taking retirement benefits - are expected to be operative from 6 April 2011. Historically, individuals have had to set up a lifetime annuity or move into an Alternatively Secured Pension (ASP)...

Employers should utilise salary sacrifice for their employees making pension contributions to an employer's pension scheme to contra rises in both the rate of Primary and Secondary Class 1 National Insurance.   Third party pension contributions -...

For individuals with a "relevant income" of £130,000 or more (i.e. effected by the "anti-forestalling rules") for the 2010/2011 tax year, to make gross pension contributions to the value of £20,000 or £30,000, as...

In another major pensions concession by the coalition Government, the requirement that pension savings must be 'secured' by the purchase of annuities is to be scrapped as from April 2011. Savers will be able to maintain their pension policies in...

The Government has announced that the annual ISA investment limit will be increased from £10,200 to £10,680 with effect from 6 April 2011. For a couple, this means that £21,360 can be invested with no tax on dividends or interest, no...

Interest in Venture Capital Trusts ('VCTs') has been subdued for the past couple of years. Investors have fretted about the global economy and managers have preferred to sit on cash, the return on which has usually been lower than their costs. ...

Following the demise of Child Trust Funds (‘CTFs’), the Government has announced that an alternative tax-free savings plan for children is to be introduced, which has been dubbed the Junior ISA. The new product will be available from the Autumn...

The maximum value of the pension pot which can be accumulated during an individual’s working life without incurring a tax penalty (the “Lifetime Allowance”) will be reduced from the current level £1.8m to £1.5m from April 2012....

The maximum pension contribution on which tax relief is allowed is also changing. With effect from 6 April 2011 a new limit of £50,000 p.a. will apply to personal pensions and other defined contribution schemes, whether the payments are made by the...

The new coalition Government indicated that it is committed to simplifying pension schemes and granting tax relief on contributions paid. Although subject to possible further amendments, the most significant rule changes are: Permitted contributions The...

With care home fees expected to double in the next 20 years, people in their 50s are being urged to take action now to cover costs and ensure loved ones are not left empty handed. That is the message from a leading firm of Essex solicitors which is offering...

Graham and Susan had been married for more than 40 years but sadly irreconcilable disagreements had led them to seek a divorce. At 63 and 62, Graham and Susan were retired and living on pension. The family home was without mortgage and valued at...

You save money in your personal pension for the majority of your working life but is the return you receive at retirement the best available? If you automatically take the retirement benefits from your existing pension provider you could be losing out. In...

George Osborne has just delivered his first Budget as Chancellor of the coalition Government and has certainly made his presence felt. Facing a huge deficit in the public finances, his radical and tough five-year plan features new measures which aim to...

1. Capital Gains Tax Q: What is Capital Gains Tax? A: A tax payable on the difference between the value of an asset when you acquire it and the value when you dispose of it. Even if you give it away and make no profit at all. It is particularly...

Those with taxable income in excess of £100,000 per annum face a significant increase in personal taxation as from 6 April 2010. An individual’s Personal Allowance (£6,475 – 2010/11) will be reduced by £1 for every £2 of...

Over the last two decades the pension barometer has swung away from the civil servant “final salary” style of scheme to the now more common “money purchase” scheme. In simple terms (with the aid of various tax relief concessions) a...

Fixed-rate mortgages have become increasing popular among residential homeowners after borrowing rates for three, five and ten-year deals dropped between March and May, a UK broker has said. Stephen Smith, Director of Housing at Legal & General, said...

A family has won a landmark court case that has enabled them to keep their home after they almost lost it through a sale and rent-back (SRB) scheme. Shrewsbury couple Paul and Amanda Jackson entered into an SRB deal after getting into mortgage arrears. SRB...

Banks need to lend more to meet high demand from potential property buyers and pull the UK out of the economic downturn, says the National Association of Estate Agents (NAEA). The NAEA, which represents UK estate agents, believes the majority of buyers in...

A charity has described European Commission figures revealing high poverty levels among over-65s in the UK as "shocking". Data from the European Centre showed that the UK has the fourth highest level of poverty among over-65s in the 27 member...

Unemployment in the UK might be at a 12-year high amid the ongoing problems caused by the recession, but property investors could have one foot on the road towards economic recovery. According to Gary Smith, president of the National Association of Estate...

Investors have been urged not to take their 'eye off the ball' when it comes to bagging a good mortgage deal while the Bank of England base rate is relatively low, at 0.5 per cent. Neil Young, Chief Executive Officer of property management firm the...

Using a bank loan to fund a deposit on a property purchase is effectively taking out a 100 per cent mortgage 'through the back door' and will not be accepted by lenders, a mortgage expert has warned. Louise Cuming, Head of Mortgages at price...

The property sector is suffering as first-time buyers (FTBs) remain priced out of the market due to the absence of high loan-to-value (LTV) mortgages, an expert has warned. Louise Cuming, head of mortgages at price comparison website Moneysupermarket.com,...

Honest consumers with genuine insurance claims could be losing out as more people attempt to abuse the system amid the economic downturn, research has suggested. Gordon Hannah, Director of Claims and Operations at insurance firm esure, said fraudulent...

More homebuyers opted for longer fixed-rate mortgage deals in May to protect themselves against further economic volatility, research has suggested. Figures published by Mortgage Force, the national broker, have shown that 56 per cent of fixed-rate deals...

The early months of the tax year are a good time for savers to think about tax planning for the current year. In particular, now is a good time to think about investments that produce regular income – if you can find them. If you expect to have a...

The CBI has warned that firms struggling to survive the recession risk being dragged down further by their final salary pension schemes. Many businesses face closure unless they are given more time to pay off the shortfalls, the lobby group claimed. It...

The current 2008/09 tax year will be remembered for an unprecedented series of financial and economic events. With Bank solvencies, cash flow and in some instances merely financial survival in the foremost thoughts of many, it is more important than ever to...

Managing an active retirement can present significant problems for the many people who are blessed with good health but cursed by the effects of the poor performance of pension funds and low annuity rates over the last two decades. This combination of...

Here is a quick checklist of things you should look at before the tax year ends on 5 April. It is not exhaustive and, of course, all financial planning should be done with proper professional advice. Ask before you act! Income Tax If one of a couple is a...