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Gibson Lamb Report: Philip Hammond’s Budget, October 2018

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Yesterday’s budget took place on a Monday for the first time since 1962 and was delivered by ‘Fiscal Phil’ who seemed in a jovial mood. Here is our usual summary of the main changes that relate to individuals. As with every Budget, the devil is often in the detail. As more details come to light we will let you know.

With the UK’s deficit coming down and the government getting better at collecting tax, there was some room for manoeuvre. The reception in this morning’s papers is generally positive.

Care homes: a review of the rules

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Choosing a residential care home for an elderly parent, relative or friend can be an emotional decision and when you finally make a choice, you expect the care home to treat you fairly as a consumer.

It was interesting to read that following a year-long market study, the Competition & Markets Authority (CMA) is consulting on new advice to help care homes meet their consumer law obligations.

The study concluded that there is a risk care home residents are being treated unfairly, with some residential care homes potentially breaching consumer law.

Three questions to ask yourself to start understanding your finances

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Financial planning doesn’t have to be daunting. Framed the right way, it can be incredibly intuitive. When working with our clients we find out three important things from them:

  1. What do you have?
  2. What do you want?
  3. When do you want it?

Sound financial planning is tailored to the individual. You will know when you’ve found a good financial adviser because before they event start thinking about investment options, tax or estate planning, they will ensure they have a sound understanding of your answers to these three questions.

The key reasons 9 out of 10 people don’t retire

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Our business is over 40 years old and our many of our clients have known us for a very long time; indeed it could be said we’ve matured together over the years. In practical terms this means quite a reasonable proportion of the work we do on a daily basis is helping people in the run up to one of their most important lifetime financial decisions, namely retirement.