With the widespread take up of the Covid-19 vaccination, and the latest booster campaign offering a third vaccine to all adults, we’ve all been looking forward to a more festive season than last year. The advent of the latest omicron variant unfortunately seems likely to put a damper on some of that optimism. Although planning how to maintain a family Christmas may be top of your list for now, the new year will soon be upon us, traditionally a good time to make sure your finances are in order.

As there is no spring Budget for 2022, we can plan more confidently without worrying about what could be sprung on us in April. While the Chancellor has committed to taxes going down by the end of the parliament, from April they are most definitely going up, so our feature looks at the best ways to make sure you are in a good position for the new tax year. Late in November, the Chancellor finally also took the options for revising capital gains tax and inheritance tax off the table, making year end planning more straightforward. Other stories for this edition include:

The cost of retirement: setting your own standard Following on from our story in the last newsletter about the growing trend for phased retirement, in this issue we consider a recent report that puts a price on minimum, moderate and comfortable living standards in retirement, highlighting the gap you will need to fill from state provision.

Social care plans for England: not all they seem As more of the detail emerges on the new social care plans in England, we look closely at the numbers and implications.

Christmas gifts that keep on giving: If you want to avoid that sinking feeling from the words ‘out of stock online’ and guarantee your gift can’t be spoiled by delayed delivery, you could consider investing on behalf of children or grandchildren this year. and setting up a fund for the child’s future.

We are happy to talk you through any of the issues addressed in our newsletter. Our next edition will be with you in the spring, when the new tax year will be almost upon us.

In the meantime we wish you all the best for a Happy Christmas and prosperous New Year.

At Godiva Wealth Management we endeavour to cover topics of interest to a diverse range of personal financial investors and savers; please contact us if you would like to follow up on any of the issues raised in the articles – we would be happy to advise.