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Wealth, just like your health, must be carefully preserved. Your assets need to be protected against the potential threats of erosion by taxation, the effects of inflation & investment risks.
Whatever your level of wealth, there is nothing wrong in deciding to prepare a risk aversion strategy. This is reasonable and prudent for anyone who is sure that they already have ample to provide for themselves and their family into the future.
All businesses are exposed to risks in their day-to-day operations. Without insurance cover to provide protection against some of these risks, businesses would find it difficult to operate efficiently and profitably.
Adequate insurance is therefore not a luxury - it is an absolute necessity.
These days, many people are not afraid to seek compensation.
If you're over the age of 55, equity release offers you a way to use the value of your home to raise money.
There is a range of equity release schemes available on the market offered by reputable equity release providers, and they fall into two main categories, Lifetime Mortgages and Home Reversion Plans.
Professional Financial Planning is the process which aims to help you realise your ambitions. As professional financial advisers we can help you make informed decisions about your financial future, short, medium and long term.
You will almost certainly have plans of some kind - buying a home, starting a family, living abroad, perhaps retiring, but such ambitions have financial implications and you can't leave it all to chance.
This is an area of financial planning that is often overlooked. Traditionally, we have our buildings and contents insurance with our mortgage lenders, which may be uncompetitive in a very competitive marketplace. It may also be the case that a property may be underinsured, due to decoration, extension or the increase in house prices.
In addition to home insurance, we can also provide access to ...
Health Insurance is probably one of the most important types of insurance you can own. Without it, an illness or accident can have serious financial implications for you and your family.
Most people will be aware that Health Insurance can cover the cost of private medical treatment for any acute conditions you may suffer in the future. However, there are a number of other types of Health-related Insurance policies.
The main purpose of Life Assurance is to provide money for those people who may depend on you financially, in the event that something should happen to you. These people could include family members or business partners.
It can provide the reassurance of financial protection for you, your family and your business associates.
Your mortgage is probably the largest financial transaction and commitment you are likely to undertake. Surely then you should seek mortgage advice which is individually tailored to your needs and requirements?
We are not tied to any particular lender, which means that we have the ability to act on your behalf, representing your best interests, in order to establish the most appropriate mortgage solution for you.
When you retire you still need food and shelter as an absolute minimum, but of course you will want to maintain the lifestyle to which you have become accustomed, so unless you can guarantee a large windfall, you need to provide yourself with a secure income for the rest of your life.
A well prepared pension plan which is regularly reviewed should go some way to providing this.
When someone talks about savings and saving money, it could be referring to a piggy bank or a high interest deposit account. Savings are effectively cash or cash instruments, such as deposit accounts, term bonds etc.
Investing is what you can do with the savings you have - if you are looking to generate a greater return on your money than is available to you through your savings instruments.
Most of us face being taxed on our income, our capital gains, and in some circumstances the value of our estate when we die.
Taxation can be very complicated and the rules, reliefs and allowances often change, so it is worth obtaining a clear grasp of how these taxes work by discussing with a professional adviser the most efficient way to arrange your finances. An expert will be able to help you plan your taxes in advance ...
PLEASE NOTE: the figures shown below apply to English taxpayers. Scottish taxpayers have different rates and bands. For more details, visit https://www.gov.scot/publications/scottish-income-tax-2025-2026-factsheet/pages/1/.
The income tax Personal Allowance for the year 2025/2026 is £12,570 (2024/2025 - £12,570). If your total income is less than this during the tax year, you have no tax to pay.
Tax rates 2025-2026: Income Tax Personal Allowances
2024 / 2025 | 2025 / 2026 | |
---|---|---|
Personal Allowance(1) | £12,570 | £12,570 |
Income limit for Personal Allowance(1) | £100,000 | £100,000 |
Income limit for married couple's allowance(2) | £37,000 | £37,700 |
Maximum amount of Married Couple's allowance for people born before 6 April 1935(3) | £11,080 | £11, 270 |
Minimum amount of Married Couple's allowance for people born before 6 April 1935(4) | £4,280 | £4,360 |
Blind Person's allowance | £3,070 | £3,130 |
Transferable Tax Allowance for married couples and civil partners(5) | £1,260 | £1,260 |
Dividend Allowance(6) | £500 | £500 |
Personal Savings allowance for basic rate taxpayers(7) | £1,000 | £1,000 |
Personal Savings allowance for higher rate taxpayers(7) | £500 | £500 |
(1). This allowance is subject to the £100,000 income limit. The individual’s personal allowance is reduced where their income is above this limit. The allowance is reduced by £1 for every £2 above the limit.
(2). This age-related allowance is reduced by £1 for every £2 of income above this limit
(3). This allowance is subject to the £37,000 income limit. The individual’s married couple’s allowance is reduced by £1 for every £2 above the limit. That reduction only applies after any reduction to their personal allowance (see note 1). The individual’s married couple’s allowance is never reduced below the minimum amount. Tax relief for the Married Couple's Allowance is given at the rate of 10%.
(4). This is also the maximum relief for maintenance payments where at least one of the parties is born before 6 April 1935.
(5). This transferable allowance is available to married couples and civil partners who are not in receipt of married couple’s allowance. A spouse or civil partner who is not liable to income tax; or not liable at the higher or additional rate, can transfer this amount of their personal allowance to their spouse or civil partner. The recipient must not be liable to income tax at the higher or additional rate. The recipient is eligible to a tax reduction of 20% of the transferred amount up to a maximum of £252..
(6). Individuals will not have to pay tax on the first £500 of dividend income they receive.
(7). Basic rate taxpayers will not have to pay tax on the first £1,000 of savings income they receive, and higher rate taxpayers will not have tax to pay on their first £500 of savings income.
Income tax bands and rates 2025-2026
2024 / 2025 | 2025 / 2026 | |
---|---|---|
Starting rate limit for savings(8) | £0 - £5,000 | £0 - £5,000 |
Starting rate for savings income(8) | 0% | 0% |
Basic rate band | £1 - £37,700 | £1 - £37,700 |
Basic rate | 20% | 20% |
Higher rate band | £37,701 - £125,140 | £37,701 - £125,140 |
Higher rate | 40% | 40% |
Additional rate band | Over £125,140 | Over £125,140 |
Additional rate | 45% | 45% |
(8). You may also get up to £5,000 of interest and not have to pay tax on it. This is your starting rate for savings. The more you earn from other income (for example your wages or pension), the less your starting rate for savings will be.
If your other income is £17,570 or more, you’re not eligible for the starting rate for savings if your other income is £17,570 or more.
If your other income is less than £17,570 your starting rate for savings is a maximum of £5,000. Every £1 of other income above your Personal Allowance reduces your starting rate for savings by £1.
The rates available for dividends are the 8.75 per cent ordinary rate, the 33.75 per cent dividend upper rate and the dividend additional rate of 39.35 per cent.
The self-employed can claim business expenses against their income. So make sure you include all possible justifiable business expenses on your self-assessment form. This also applies to capital allowances for expenditure on plant and equipment, including computers and tools, for example, used for your business.
It is worth remembering you may be able to pay further contributions to your pension, which can utilise unused tax relief.
Since its introduction in 1990, Gift Aid allows taxpayers to receive tax relief on gifts made to qualifying charities.
One other point to remember is if one spouse is a tax payer and the other is not or pays tax at a lower rate it is worth considering switching certain investments to take advantage of their unused tax allowances.
For further information about the 2025 Budget changes please click here.
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Contact Us
Neales Financial Management Limited
Suites 32/33, Pure Park
137 Pastures Avenue
Weston Super Mare
Somerset
BS22 7SB
T: 01934 806578
Email : Email Us
The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.
Neales Financial Management Limited is authorised and regulated by The Financial Conduct Authority. Neales Financial Management Limited is entered on the Financial Services Register (www.fca.org.uk/register) under reference 191772.
Registered in England under reference 3878665
Registered office address: Belmont House, 8 Frog Lane, Felton, Bristol, BS40 9UN