After my somewhat downbeat last post, I’m pleased to say I feel more positive this week.
Despite what I said earlier in the my posts, we are entitled to the small business grant (link) notwithstanding sub-letting a room via Regus. It took some effort to get hold of the council and after making no progress, I got my MP involved who helped expedite matters.
I have really felt the pressure of being under lockdown over the last few days.
The weekend was lovely, helped by the continued blue sky and sunshine. I was hoping this week would allow me to make some good progress on that long list of things to do, but it just hasn’t happened despite trying really hard.
We are now half way through April, and so far 2020 has flown by.
I’ve a real mixed bag of emotions to talk about today. Over the Easter weekend I spoke with several friends whose businesses are on their knees. There is no sign of the promised support from the Government, because it’s just taking so long to actually get the forms, or speak to someone or whatever is it that is actually needed to get the grant, or a loan. These are people who know what it is like to work hard and it’s heart breaking for them to sit on their sofa at home, wanting to get stuck in and rescue their business but not being allowed to. This stress then leads directly to a sudden loss of income whilst at the same time having to pay their business and personal bills is beyond words. All I can do is listen and try to keep their spirits up.
As well as reacting to the economic turmoil, we have to carry on running Gibson Lamb too. It’s our business year end on 31st March so I’ve been getting the accounts in order, and one of our crucial (and obligatory) insurances – Professional Indemnity – comes up for renewal on 31st March as well.
I’ve just been out to post a tax year end letter and go for a jog in the sunshine, with the former being urgent work as far as I’m concerned and the latter my ‘out the house exercise’. Did I make a strategic error there, combining the two?
Boris has announced the inevitable shutdown, so I’ve collected a few bits from the office to make my home set up slightly better but I’m lucky to have a pretty good configuration already. I will miss my standing desk though, so need to work on a way to replicate it in a home environment.
I was pottering around the M25 on Tuesday morning when the nice man on Radio 4 explained that National Savings rates were being reduced dramatically from May 2020.
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.
Life expectancy is always an important topic in the world of pensions and financial planning.
Considering how long we might live is an important assumption to make when creating a long-term financial plan. For the purpose of retirement planning, you need to be confident that you won’t run out of money before you run out of life.
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.
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:
- What do you have?
- What do you want?
- 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.
Now whilst I do not read every financial publication, I do like to scan the headlines in case anything of interest appears.
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.