Do You Need Financial Advice? When To Get It, When Not To Get It Discussion Area

stanleycooper

I have the business card of the guy that set the mortgage up at the time - when I told the Halifax that I could not understand the small difference between the two endowment payments they told me not to worry -as I said they said I had got a good deal.

Years later I was discussing finances with a guy from my bank and I showed him the paperwork he told me it was def. wrong I went back to the branch and once again was told not to worry, but I persisisted they looked into it and realised it was wrong. I have the Budget House Plan illustration and can see where they have made the error - they then put me on a retirement plan which I dont really understand. I have kept all paperwork since 1985 I have made an appointment to see a guy at the Halifax they have told me that they have very little paperwork regarding my initial set up and have asked me for all my correspondence.

taxhelp2011

Should I be Paying more tax? I have been pay 40% tax for the last 6-7 years, and am currently on a tax code of 647L. I have numerous bank accounts for holidays, car, house bills, Christmas etc with amounts ranging from £150 to £850 in each. I also have my main bank account which I use for salary and to pay into all other accounts and general day to day which goes from about £3400 down to £500 from start to end of month. I also have about £6k in a cash isa and savings in building society of about £16k, for which I pay £400 every month into. I also have my own stakeholder pension which I pay every month into (not through employer). I have been told that I should be liable to claim tax back from my pension as I am a 40% tax payer. Could you confirm if this is true and how do I go about it? In addition, based on the above info, I am very worried that I should somehow or other be paying more tax based on savings, but do not understand enough to know if this is true? I have never done any form of tax return, nor would I know how to?! Please can you advise? thanks

dunstonh

I have been told that I should be liable to claim tax back from my pension as I am a 40% tax payer. Could you confirm if this is true and how do I go about it?

Much the same as you declare your interest on your savings (and income from investments not in an ISA). Either by completing a self assessment form or notifying HMRC of what you owe or are due.

btbloke

Apologies if this is posted in the wrong place but I need some help and have presumed that an IFA would be the right place to go. Could someone confirm please?
My Father recently passed away after retiring to a foreign country (he had been retired for all of 2 weeks). I am trying to help his wife (my step mum) with solicitors, probate etc as she has a history of mental health problems and is finding it very hard to cope since coming back to the UK. I'm concerned that if everything of my Dad's goes to my step mum that she won't then be able to claim any benefits or housing until all the money has gone. There certainly won't be a large amount of money/assets but I'm sure that my Dad would have wanted at least some of it to go towards bringing a bit of joy rather than all going on rent/bills.
Would an IFA be able to advise on the best way to organise this?

jem16

btbloke wrote: »

I'm concerned that if everything of my Dad's goes to my step mum that she won't then be able to claim any benefits or housing until all the money has gone.

If your step mum has the ability to pay her own way then why would you expect the taxpayer to pay?

There certainly won't be a large amount of money/assets but I'm sure that my Dad would have wanted at least some of it to go towards bringing a bit of joy rather than all going on rent/bills.

I expect your dad would have wanted his wife to be able to make her own choices with her own money rather than rely on the state to look after her.

Would an IFA be able to advise on the best way to organise this?

An IFA would help to organise and make the most of her money not help her to commit fraud.

btbloke

Jem16 - thank you for your reply which comes across as being very judgemental and also makes presumptions about what my Dad would have wanted. I use this site regularly but this is the first time I have asked for advice/guidance from people who know about money issues. Your reply will probably mean that it is the last time I ask.

jem16

btbloke wrote: »

I use this site regularly but this is the first time I have asked for advice/guidance from people who know about money issues. Your reply will probably mean that it is the last time I ask.

If you had asked advice on what was the best way your step mum could manage the money that she is going to inherit you would have got plenty of help.

What you asked for advice on was how mum could somehow "hide" this money away and rely on the state to provide for her by paying her rent and bills.

Do you think that's right?

WHITEVANMAN

btbloke wrote: »

Jem16 - thank you for your reply which comes across as being very judgemental and also makes presumptions about what my Dad would have wanted. I use this site regularly but this is the first time I have asked for advice/guidance from people who know about money issues. Your reply will probably mean that it is the last time I ask.

Its irrespective of what your dad would have wanted to use the money for, the money is there for your (step) mother to support herself now that your father has passed, it enables her to keep a roof over head and food on the table e.t.c for at least some time,this is not the job of the state or the taxpayer if one can afford it.

You have the solicitors and and are getting probate sorted, when the money comes through maybe an IFA will help her invest it in a way that she can take some income for as long as possible to go along with any pension payments so that she will be able to use some of the funds to do anything she may want to.

Although you have an image of her being mentally unable to cope because she has a history of psychological issues, her life partner has died recently, and has now to face a new life alone, this takes time to first come to terms with and even longer to get it together, im sure the stability that the funds she will recieve will in future give her some comfort and joy, as over a period of time she will gradually wittle it away living the rest of her life, if there is nothing left your fathers legacy will have been spent wisely supporting his Love in her time of need.

Whether you like that or not is another issue.

stringer_2

Hi

I need a CETV checked and need a decent IFA to look at it.

Any ideas, sunderland area if possible

what would the fees be?

Need help

Please


got one no advice needed

hisneilness

My partner and I have never visited an IFA until today, when we had a free one hour session. We are both in our late forties with no savings, some credit card debt, a fixed rate mortgage and are both members of the civil service pension scheme.
My partner will be made redundant in a couple of months and intends to start a small business and we wanted advice on making the best use of the redundancy payment. In short the advice we received was that we should clear the debt and after setting aside an amount to start the business, should invest the remaining £14,000 in a unit trust to be overseen by the IFA.
All this seems like good advice but he says that if we decide to take his advice he will produce a report which will cost £800. This seems like a large amount for a relatively small investment, but as he's the only IFA we have seen, we have nothing to compare the charge to. Can anyone tell me if this charge seems expensive or whether it would be good value?