autumn newsletter 2022
Autumn (September) 2022 Newsletter
26th September 2022
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Your Winter 2022 Newsletter

Winter Newsletter

Few will have been surprised at the contents of Jeremy Hunt’s November Autumn Statement, but the detail confirmed what the febrile reaction to his predecessor’s ’unorthodox’ mini-Budget of September foretold – a strategy of tax increases, and extended tax threshold freezes. The Institute of Fiscal Studies has called it “a new era of high taxation”. Added to double digit inflation, ongoing energy price challenges and the resulting cost of living pressures, the picture feels less than rosy.

It’s not a very Christmassy message, but there are ways to feel more in control, as so much this year has not. Our feature for this winter edition of our newsletter summarises the major changes from the Autumn Statement likely to affect taxpayers and highlights key areas where tax planning ahead of 6 April 2023 could make a real difference. For example, if additional-rate taxpayers delay pension payments until the new tax year they may gain more tax relief than topping up before the deadline. Realising capital gains before next April could also be a wise move as the annual exemption will halve in 2023/24, and then again the following year.

Alongside analysis of the impact of the Autumn Statement, changes in the investment markets and consumer spending habits our other stories include:

Retirement now and later – Annuity rates have improved significantly this year, making them more attractive for those concerned about retiring now as the country enters a recession. At the same time, numbers of over-65s in employment are also rising as people stay in work longer to delay receiving their pension longer to top up their income. Your plans may need a review.
Untangling NICs developments – After seven months of the increased rate, NICs have returned to their 2021/22 level creating administrative headaches. The timing of any bonus and decisions on bonus or dividends are even more crucial following the Autumn Statement.
Inheritance gifting  why wait? – Children born in the 1980s and later are likely to be less financially secure than their parents. Increasingly adults are being gifted money by their parents to help them out with house purchases, funding business ideas or just the cost of living. But such gifting should be carefully managed.

We will share the next phase of developments with you in March. Please do get in touch if we can continue to help or provide you with more information on any of the topics covered here. In the meantime, we wish you a very Happy

Christmas and all the best for the New Year.

Yours sincerely

Daljit Dahil APFS
Director & Chartered Financial Planner
Godiva Wealth Management Limited

Tel            : 02476 998058
Mob         : 07971 678462
Address  : 8 Eaton Road, Coventry, CV1 2FF
FCA  IRN                 : DSD00016
FCA                          : 832613
FCA Register         : https://register.fca.org.uk/

Godiva Wealth Management
Godiva Wealth Management
Independent Financial Advice | Expertise you can trust

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