News

Griffins Financial Solutions Limited is authorised and regulated by The Financial Conduct Authority. Griffins Financial Solutions Limited is entered on the FSA register under reference: 118099. The advice and/or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at customers based in the UK.

Calling a halt on mini-bonds

Posted: Dec 11, 2019

The Financial Conduct Authority has announced a temporary ban on the promotion of most ‘mini-bonds’.

Have you ever been tempted by those advertisements offering 8%+ yields on property-backed bonds?

If you have, then you’ve probably been looking at a promotion for ‘mini-bonds’. These investments are not always what they seem and have already resulted in losses for investors, notably in the case of the failure of London Capital Finance (LCF) at the start of 2019.  

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Time to start your year end tax planning

Posted: Dec 11, 2019

The Autumn Budget may have been deferred, but the tax year clock is still ticking. 

The deferral of the Autumn Budget, originally due on 6 November 2019, created several problems. It meant that the political parties went into the election with just a government sanctioned economic forecast produced back in March, alongside Mr Hammond’s Spring Statement. Plenty had changed in the intervening eight months.

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Higher state pension increases on the cards

Posted: Dec 11, 2019

Recently released economic data suggest a relatively large increase in the main state pensions for the next tax year, but it’s still inadequate for a happy retirement.

The new levels of state pension for the coming financial year (2020/21) are usually revealed in or alongside the Autumn Budget statement. But as 2019 has been a strange year – in particular with no Budget – there has been no official announcement yet on what state pensions will be from April 2020.

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HMRC keeps an eye on offshore fund investors

Posted: Dec 11, 2019

In early November, HMRC undertook a distinctly non-festive bulk mailing.

“We receive information about investment funds and this information shows that you may have invested in Offshore Investment Funds.”

Those slightly discomforting words are contained in a letter which HMRC sent out in early November. It was sent to a subset of taxpayers whose tax affairs are dealt with by HMRC’s Wealthy & Mid-Sized Business unit. What the letter shows is:

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31 January tax reminder

Posted: Dec 11, 2019

The clock is ticking for the 11 million or so people who have to file a self-assessment tax return. Most now do so online. But last year around 700,000 people missed the deadline of 31 January and incurred a £100 penalty. Any tax due also has to be paid by this date.

To file online, you need to register with the gov.uk website. HMRC will then send you a secure PIN. This takes up to a week to arrive, so don’t leave it to the last minute.

To file the return, you need information on earnings for the year ending 5 April 2019.

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Still holding a cash ISA?

Posted: Dec 11, 2019

Does a cash ISA still make sense?

The most recent ISA statistics from HMRC show that in April 2018 over £270m was invested in cash ISAs, which represents around 44% of the total adult ISA funds.

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It won’t happen to me…protecting your income

Posted: Dec 11, 2019

The cornerstone of good financial planning is ensuring you have enough income to meet essential bills. But what happens when this source is cut off?

For most of us, our income comes from our earnings. However there is no guarantee that this money will be maintained, as recent company failures such as Mothercare show.

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Five ways to develop better spending habits

Posted: Dec 11, 2019

At a time of year even more focused on spending than usual, there are a few simple habits you can develop to help you keep a rein on your resources.

Prioritise saving: Move money into your savings account or ISA before you have time to spend it with a direct debit on pay day. Set a budget for spending and stick to it.

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All change on company car tax from April

Posted: Dec 11, 2019

If you are changing your company car soon, make sure you understand the impact of next April’s new tax rules.

CO2 emissions have been the basis of company car taxation for over 15 years, with each new tax year usually seeing a nudge up in the scale charge for most emission levels. However, from 6 April 2020, the tax scales undergo a more radical set of changes:

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