News

How can the Taxman oil your machinery purchase

How can the Taxman oil your machinery purchase

Purchasing machinery is a huge financial commitment and when timed right can be extremely tax efficient. In years where there has been a good harvest, re-investing some of that profit into new plant and machinery before the end of the year is one of the best tools to reduce your tax liability.

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57 is the new 55!

57 is the new 55!

From 6 April 2028, the earliest age you will be able to draw your pension will be 57. Unfortunately, there is no phasing into this as there has been with previous state pension age increases.

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LAMMA 2022

LAMMA 2022

Ellacotts are delighted to be attending LAMMA 2022, the show will be celebrating its 40th anniversary on 4th & 5th May 2022 at the NEC Birmingham.

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How much do I need to save to retire

How much do I need to save to retire

Questions to help you live your best life in later life. The question, ‘have I saved enough to retire? is a difficult one. It requires a lot of information about you, your family, your income needs in retirement, and an understanding of the various financial vehicles available for saving and investing before it can be answered definitively.

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Improving your financial health

Improving your financial health

Staying on track to achieving specific financial goals
All of your financial decisions and activities have an effect on your financial health. To help improve your financial health during this period of rising inflation and interest rates, we look at three areas that could help keep you on track to achieving your specific financial goals.

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Getting ready to retire?

Getting ready to retire?

Have you ever wondered what you need to consider as you approach retirement? Whatever your concept of what is a good pension pot, one certainty is that relying on the State Pension alone will not give you a good enough pension to live on comfortably through your retirement.

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Pension Freedoms

Pension Freedoms

You work, you save and then you retire. A full and happy retirement is a priority for many. But no two people are alike. A ’one-size-fits-all’ system cannot accurately account for everyone’s individual lifestyle choices, so it makes sense that the way you prepare for your future is likely to be different from others.

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Positives and pitfalls of PPR

Positives and pitfalls of PPR

Principal Private Residence Relief (PPR) is a relief that enables homeowners to sell their homes without having to pay capital gains tax (CGT).  However, in order to claim the relief, the property must be the main residence of the person selling the property.

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Tax relief on finance costs for residential lets

Tax relief on finance costs for residential lets

It may come as no surprise to learn that HM Revenue & Customs (HMRC) have started writing to those taxpayers who may have incorrectly completed the property pages on their tax return specifically in relation to the amount of tax relief that can be obtained on residential property finance costs.

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