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Autumn Budget Review 2021

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Is The Four-Day Week The Way Of The Future
Spring statement – Investors
Divorce And Your Finances
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How to prepare financially for long-term illness

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Appletree Finance @appletreefs ·

25 Mar

In this weeks blog we look at, 'Spring statement - Investors' - read more http://ow.ly/FMmw30suuSk

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If you’re a First Time Buyer we’re the advisors for you!
Your Home May Be Repossessed If You Do Not Keep Up Repayments On Your Mortgage

When they say “dress for the office” 🌳 #off

When they say “dress for the office” 🌳
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Here are its key points from the spring statement.

Here are its key points from the spring statement.

The UK is expected to avoid a recession
The Office for Budget Responsibility now predicts the UK will avoid two consecutive quarters of decreasing GB, meaning it will not, technically, enter a recession. They also predict that inflation will decrease by over 50% by the end of 2023.

The Chancellor advised that the UK economy was expected to contract by 0.2% throughout 2023, a vast improvement from a previous prediction of 1.4%. Growth is expected between 2024 to 2027.

Unemployment is expected to stay static, with a maximum predicted increase of 1%. As expected, many of the measures targeted getting people (back) into work and/or helping working people.

Pension lifetime allowance is abolished
Specific measures to encourage the over-50s back into work were predicted to be introduced. These are often people with significant experience, providing invaluable support to younger workers. The bold step was taken to abolish the lifetime allowance for pensions.

Free childcare is extended
Pressure on working parents has been making news headlines in major outlets. It’s been a significant concern for employers as it’s driven people, especially women, out of the job market, becoming a concern for equality campaigners.

The provision for free childcare has been extended; it will be rolled out in April 2024 when parents of two-year-olds can claim 15 hours of free childcare per week and will open to children over 9 months from September 2024. It will increase to 30 hours a week from September 2025. Parents on universal credit will have their childcare costs paid upfront instead of having to claim the money back.

Corporation tax is increased
The benefits for retirees and parents will be funded, at least in part, by an increase in Corporation Tax. From April, businesses with profits of more than £250,000 will pay 25% corporation tax, those with profits of less than £50,000 will continue to pay 19% with a prorated increase for those in between.

Fuel duty is frozen
Plans to increase fuel duty will not go ahead, and the temporary cut has been extended for another year.

Approved by the Openwork Partnership 16/3/23

Today it’s all green and red! We even managed to

Today it’s all green and red! We even managed to get David involved!
Whichever you’re celebrating, we hope you have a great day!
☘️
#rednoseday #comicrelief #stpatricksday #irish #lucky #green #laugh #charity #fun #officefun #team

Divorce is complicated, but the process can be ea

Divorce is complicated, but the process can be easier if you approach it clearly, understanding your rights and obligations. Here is a quick guide:

⭐ Children’s welfare must always come first
It’s the law and standard practice in family courts. It means if you and your ex-partner cannot work out suitable arrangements for your children, a judge will. It’s in everyone’s interests for a mutual agreement, as a judge’s ruling may not be the outcome either parent wants.

⭐ Child maintenance is a joint responsibility
Both parents are responsible for the upkeep of their children. If one parent has physical custody, the other parent will be expected to provide financial support, and if physical custody is shared, financial support will be adjusted.

⭐ Prenups and postnups
Prenuptial and postnuptial agreements are not legally binding in the UK but are likely to be upheld if they meet all the criteria for a legal contract.

⭐ Custody does not guarantee you will get the house
Family courts generally prefer to keep children in their established family home. However, it must be affordable after the divorce, and as one parent usually has to move out, the other must be able to get a mortgage in their name. If they can’t, the house must be sold. Even if affordable, the home may not be wholly owned by the custodial parent. They may have the right to stay until the children grow up, when it needs to be sold, and the equity is divided.

⭐ Splitting pensions pots is complicated
Pension pots are considered part of divorce proceedings, and splitting them can be complicated. It can be “offset” if sufficient assets exist, meaning the partner without the pension pot gets a greater share of other assets. If this is not possible, pensions can be shared or attached. Sharing means one partner owns part of the other partner’s pension fund, it's complicated and expensive. Attachment, the partner without the pension gets a share in their ex-partner’s pension when their ex-partner starts to claim it.

⭐ Professional advice
Three professionals can make your life easier, a financial advisor, a mediator, and a lawyer. There are costs attributed to professional advice.
#divorce #finance

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