Goals Based Financial Planning

Do you have an emergency fund? Life loves to throw us a curveball every now and again, and whether it's a business change or simply an unexpected vet bill, these unforeseen expenses can cause issues if you haven’t planned ahead. This is why having an emergency fund is so important, and here are a few tips on getting started: - Start Small: Even £25 a week can add up quickly! A good way to get started is to automate transfers from your current account to a high-interest savings account. - Review Expenses: Track your spending and identify areas to cut back, after all, every penny saved strengthens your emergency fund. - Set Goals: Aim for 3-6 months worth of living expenses. This can be adjusted based on your circumstances and comfort level, but even starting with 1 month's worth of expenses could be a huge help in an emergency. - Stay Disciplined: It can be tempting to dip into your emergency fund when you know that you have money there, but maintaining discipline will ensure your funds are available for when you truly need it. For more financial planning advice, speak to our team today on 01603 859480 or email enquiries@goalsbased.co.uk.

Compound interest: what is it? Compound interest is something we talk about a lot with our clients, and for many it holds a huge amount of potential for wealth creation. At its core, compound interest is interest calculated on both the initial principal and the accumulated interest from previous periods. Unlike simple interest, which is calculated solely on the principal amount, compound interest amplifies wealth accumulation by reinvesting earned interest over time.

What do you want? This is one of the first questions we will ask you during your initial meeting. And we don’t just mean how much money do you want your business to be turning over. Your financial advisor wants to know about all the key goals that are driving you - Do you have children? What position would you like to put them in? What kind of holidays do you want to go on? What kind of house do you hope to live in? What is your dream car? Whatever it is that is truly driving you in life, we want to know about it. Supporting your personal finances is vital to your businesses’ financial plan. Find out more - drop us a message or visit our website!

Have you heard about our ‘Future Millionaires’ Program? For many of you, a key goal is putting your children in the best position possible. And at Goals Based we believe that should be integral to all aspects of your financial planning. Which is why we have put 35 of our clients kids into our future millionaires program, meaning that each child should have over £1million by the age of 65, without any cost to the parents. Want to know more? Get in touch. Drop us a message and lets have a chat.

Selling your business can be a significant milestone, but it's crucial to understand the tax implications to make the most of your hard-earned success. Here are a few points to bear in mind: Business Relief (BR): If you’ve held shares in a UK-registered trading company for at least two years, you usually qualify for Business Relief, meaning those shares are free from inheritance tax. However, when you sell your business, you lose this relief, and any proceeds from the sale could be taxed up to 40% subject to inheritance tax. Replacement Relief Solution: If you reinvest the money from your business sale into an Inheritance Tax solution within three years, you should get replacement relief. This means you'll qualify for Business Relief again immediately, keeping your money free from inheritance tax! Business Asset Disposal Relief: The first £1 million generated from the sale of your business is taxed at a reduced rate of 10%. Anything over this amount is taxed at 20%. However, it's worth noting that this relief applies per person, not per business. So, if you’re planning to sell, make sure you understand how these rates can benefit you and how you qualify for them. To learn more about the tax implications of selling your business, or for expert financial planning advice, get in touch with our team on 01603 859480 or email enquiries@goalsbased.co.uk.

In the previous (2023/2024) tax year we advised clients to put £1,461,548 into their pensions saving them £365,387 in corporation tax. As we approach the second half of this year, we are excited to be opening up our new client intake - we are looking to help 12 more business owners, founders or managing directors save on their tax bills, make informed financial decisions and ultimately grow. If this sounds like you and you are looking for financial advice - get in touch. But hurry - in the first half of this year, we filled out new client intake within the first six weeks!

Did you know that giving money away can impact inheritance tax when you pass away? When you give money or assets to loved ones, they might still be subject to inheritance tax if you pass away within seven years of making the gift. But don't worry - there are allowances to help reduce this burden. Annual Gift Allowance: Each tax year, you can give away up to £3,000 tax-free. This means you can reduce the taxable value of your estate and pass on more to your loved ones. If you didn't use your allowance last year, you can carry it forward to this year, allowing you to give away up to £6,000 tax-free. Additional Exemptions: Gifts to your spouse or civil partner, gifts to charities, and small gifts up to £250 to any number of people are also exempt from inheritance tax. Potentially Exempt Transfers (PETs): Larger gifts made more than seven years before your death are generally not subject to inheritance tax, however, if you survive for seven years after making the gift, it’s tax-free! To make sure your loved ones can benefit without unnecessary tax deductions, get in touch, and we can help you plan for the future.

Meet our team!! We love getting to know our clients, and we'd love for you to get to know us too! Let's take a closer look at the talented individuals who make up our team here at Goals Based. Carl Rich : As a Chartered Financial Planner with Fellowship status, Carl excels in guiding successful business owners towards their goals. He's dedicated to helping clients understand their financial needs beyond their business value and passionate about how clients can achieve their goals faster. When not at work, Carl enjoys family time, cycling, BBQs, and will love telling you that his children have had pensions since they were 6-weeks old!! James Softley DipPFS : James brings an analytical approach and years of industry experience to his role as a financial planner, and is currently working towards Chartered status. Specialising in assisting business owners, his versatile approach allows him to hone in on what truly matters to them. Outside of work, James loves to cook and entertain, as well as set cheeky examples for his nieces! Emma Allen Cfap : Emma is our back-office saviour, bringing a unique perspective from her extensive experience in offshore finance. Currently pursuing her Level 4 Diploma, Emma handles administration, reviews, and client relations. Outside of work, she's a passionate advocate for Neonatal care, and also enjoys unwinding with reading, music, and long walks. While the members of our team are unique, we are united by a shared commitment to excellence, innovation, and client satisfaction, and we look forward to working with you and helping you achieve your financial goals!

We are just one week away from the general election, and many of us are thinking about what the results will mean for our finances. Pensions are proving to be a key topic for both the Conservatives and Labour, and both parties have proposed changes that will impact the way our pensions work. If you’re concerned about what the upcoming election might mean for you, feel free to contact one of our advisors. Get in touch - drop us a message here, follow the link to our website, or connect with either Carl Rich or James Softley DipPFS. https://lnkd.in/edZ9s4AS

Coming off the back of our best ever month at Goals Based Financial Planning our plans to help as many people as possible get full fat financial planning continue. If this sounds like you, give Carl Rich a call on 07730783287