In todays’ podcast Haze Carver AKA The Zinger talks with the brilliant Mark Keeler, Director of Keeler Recruitment, an agency that specialises in finance and Accountancy. They are joined by the equally brilliant Nigel Cushion. Nigel is an Investor in Mark’s business and his Mentor, he is also Founder of leadership mentoring business – Nelsonspirit.
Mark share’s his journey, from running a new business against the backdrop of Lockdown, how he grew Keeler from 1 person to a team of 5 in just under two years, smashed his sales budget in the first year and also how he found time to work on some incredible and exciting initiatives last year.
Specialists in Accountancy & Finance Recruitment
Keeler Recruitment’s aim is to build a great company through developing value-adding, long term relationships with our clients, and developing access to leading candidates.
The time for setting resolutions for a brand-new year is upon us. And if you’re wishing for a healthier and happier life in 2023, these finance-related resolutions could go a long way.
Image provided by Ascot Lloyd
Let’s face it: for most of us 2022 has not been the kindest year on our wallets. With inflation rising to double digits for the first time in four decades and energy bills skyrocketing, we have all had to get used to a much higher cost of living. Wages have struggled to keep pace, mortgage rates have soared and volatility has reigned in both the equity and gilt markets.
Surely 2023 can only get better? Well, not necessarily. Having been told by one prime minister and chancellor in September that we will pay less tax and our energy bills will be capped for two years, come November the British population were being told quite the opposite by a new prime minister and chancellor. Following the Autumn Statement, we now face the highest tax burden since World War II and energy support will be phased down from April.
“We’ve had almost 14 years of austerity and now we’re told we’re going to have another two or three and to pay more tax through another recession,” says Graham Bentley, Chief Investment Officer at Avellemy. “Inflation will remain higher than people have been used to. It’s unlikely to stay at double figures but it could settle at 4% or 5% for the foreseeable future. For those used to low inflation and interest rates, it’s a drastic change in conditions.”
At times such as these it’s more important than ever to have an astute, robust financial plan which will not only see you through the short-term challenges over the next couple of years but also stand you in good stead for the longer-term. So rather than setting the usual hollow promises for the New Year to purchase a gym membership or drink less wine, these finance-related resolutions could prove far more impactful for living the life you want.
Make use of your capital gains exemption and dividend allowance
The chancellor announced in his Autumn Statement that the capital gains tax annual exempt amount, which has already been frozen for several years, will reduce from £12,300 to £6,000 in April 2023 and then just 3,000 from April 2024. Meanwhile, the tax-free allowance for dividend income, which was cut from £5,000 to £2,000 in 2018, will be reduced once again to £1,000 in April 2023. Then in April 2024 it will go down to just £500.
This double whammy raid will see hundreds of thousands of people, including retirees who rely on their general investment accounts to top up their pensions, liable for higher tax. Therefore, it’s wise to maximise use of the current tax-free exemptions before they reduce.
“Not only are people going to pay more tax, but many are going to find themselves having to file tax returns with HMRC, which is an added burden or, if you don’t feel equipped to do it yourself, an extra cost to get someone to do it for you,” says Gill Philpott, tax and trusts specialist at Ascot Lloyd. “Roll your gains or move the money over as much as you can into tax-free wrappers such as ISAs, for which you have a £20,000 annual allowance to use.”
Increase your pension contributions
The pensions triple lock survived the public spending cull in the Autumn Budget, which is no doubt welcome news for pensioners who will enjoy a double digit increase in their state pension next year. Those of a working age are likely less cheerful, given it’s reasonable to suspect that the triple lock will not survive until they reach their own retirement age, while the freeze on their pension lifetime allowance (£1,073,100) has been extended until 2028.
More positive for them, however, was the government’s decision to resist tinkering with tax relief on pension contributions. This very favourable tax relief is pegged at your income tax band: 20% for basic-rate taxpayers, 40% for higher rate and 45% for additional rate. The fact that millions of workers will be dragged into either the higher rate or additional rate income tax bands due to the personal allowance freeze until 2028 will come as a blow to those affected, but it does present an extra incentive to increase your pension contributions.
Start thinking about inheritance tax
Remarkably, the inheritance tax nil rate band of £325,000 hasn’t changed since 2009, though a £125,000 top-up for homeowners was introduced in 2017. Following the Autumn Statement, both of these bands will remain frozen until 2028. Traditionally viewed as a tax on the very wealthy, a combination of these prolonged freezes and property price growth will mean inheritance tax is something that millions of people will need to be thinking about.
Fortunately, there are plenty of ways to reduce the inheritance tax liability that falls onto the loved ones you leave your legacy to after you die, but they require careful planning. The sooner you begin this planning, the more options that’ll be available to you and your family, so a New Year’s resolution to begin that conversation in 2023 would be highly worthwhile.
Get the best mortgage deal
A large majority of mortgage holders are on fixed-rate deals and over a quarter of these will end in 2023, according to the UK Mortgage Holders Consumer Research Report 2022. If you are one of these millions of people whose current mortgage deal will be maturing in 2023, you are sure to have been relieved to observe the steadying of mortgage rates following some anxious weeks after the doomed mini-Budget where markets were predicting the Bank of England would increase its interest rate to 6% or more next year.
Yet while average mortgage rates are now highly unlikely to reach the lofty heights that some experts were forecasting just a month ago, they are already much higher than they were this time last year and are likely to remain at this level for the foreseeable future. This means mortgage holders whose deal is maturing in 2023 must be braced for a hike in their monthly repayments, but they can limit the pain by enlisting a trusted, whole-of-market mortgage adviser to look beyond what your current lender is offering and find the best deal.
Reassess your investment strategy
Though 2022 has been sluggish for many markets and, in the midst of a recession, 2023 will be challenging too, through every economic period there are opportunities. A point comes in a recession when a market hits its bottom and, while it is unwise to try to time an investment, your Ascot Lloyd adviser will be able to identify investment opportunities, matched to your risk profile, which are more likely to grow in the coming few years.
“We’ve lived through periods of higher interest rates and inflation before and markets have done reasonably well,” says Graham Bentley, Chief Investment Officer at Avellemy. “There are going to be areas that will benefit. At the end of the day, people want to buy shares in companies that make good profits because they make quality goods that people want to buy. That stays the same whatever the background issues. Your investment adviser can help create a strategy to meet your goals.”
If you would like to speak with one of the trusted Independent Financial Advisers at Ascot Lloyd about getting your finances into the best shape possible in 2023, please request a call back.
You can view this original article from Ascot Lloyd here
Despite the menopause affecting roughly 50% of the population, it’s often left unspoken, and its symptoms misunderstood. In fact, a survey found that 91% of women aged 50-64 felt that there was little to no acknowledgement of the menopause within their workplace. This can lead to struggles at work being attributed to poor performance rather than medical symptoms, such as brain fog, hot flushes, anxiety, and fatigue.
Sadly, this can in turn negatively affect financial security, and result in reduced work hours, lower paid positions, and for 25% of menopausal women, it can lead to considerations of leaving employment all together.
What is the menopause?
The menopause mostly affects women aged 50-64 but can affect people in their 30-40s, and some transgender men/non-binary people. Certain medical treatments such as chemotherapy can also trigger menopause.
Menopause is a perfectly natural change in the balance of the body’s hormones that occurs with age, but despite the millions of workers affected, it is often misunderstood.
How can the menopause impact finances?
1 in 5 menopausal women suffer with extreme symptoms, and 75% of those experiencing symptoms feel it affects their performance at work. It is also not uncommon to hear of women reducing their hours, opting to work below their skill level, or turning down promotions due to their symptoms.
Menopausal symptoms are therefore a factor in the gender pay gap, which in April 2022 showed that women in full time work earn 8.3% less than men. There are several factors that can be attributed to this, but some key factors are age, occupation, region, and childcare requirements.
How can the menopause affect pensions?
The gender pension gap is the percentage difference of how much female pensioners have compared to male pensioners. In 2021 the gender pension gap was 33.5%, and in 2018 women in the EU aged 60+ received a pension that was on average 30% lower than that of a man.
Menopausal symptoms can affect how much you can put away for your pension, as some women may struggle to keep up with full time work without the proper provisions and accommodations in place. With women in the UK retiring at 64 on average, and menopause symptoms lasting up to 4 years (and sometimes longer), there is a huge amount of time where women could be missing out on putting money into their pension pot, and benefiting from employer contributions.
What can be done to help?
If you are worried about your pension when it comes to menopause, the best thing you can do is plan ahead, and stay informed about your pension and the menopause. If you are an employer, you should be aware of how the menopause may affect your employees, and the accommodations you can make. These could include offering flexible working, mental health support, regular breaks, and a supportive environment that acknowledges the struggles that can come with the menopause.
If you are looking for financial advice or pension support, contact our experts at Face to Face Finance. Whether you are experiencing menopause or would just like to plan ahead, we are always here to help you secure your financial future.
Times are tough at the moment for many businesses, to say the least. The current UK inflation rate is sitting at 11.1%, so employers are under a lot of pressure to increase salaries and keep up with the rising cost of materials and products they require.
Many businesses have had no choice but to review their budgets and prioritise as best as possible, which can, unfortunately, involve cutting out or skimping on less urgent costs.
One of those costs facing the chop may well be the training budget. Before you make that decision, read on and find out why learning and development for your business should remain a priority.
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“Impressed by the speed with which MAD-HR responded to my query. The fact that I had the opportunity to properly explain the issue I was grappling with, and the confidence and obviously ability of the person who then offered advice.” Read the full review
Training is an investment that, if done correctly, can have a huge positive impact on your team’s performance and the success of your business.
According to the LinkedIn 2022 Workplace Learning Report, having opportunities to learn and grow is now the number one factor that people say defines an exceptional work environment.
Learning and development in many businesses has become a more strategic function, helping organisations to refocus on rebuilding or reshaping their business to future-proof for what is next.
The benefits of training
A well-planned and thought-out training budget can bring the following benefits:
Reduced Costs
Training can help to reduce costs in the long run by upskilling your staff to carry out work in a more efficient way. This could prevent the need for outsourcing services, streamline processes and mitigate the need for micromanagement, freeing up your senior employees to allow them to focus on improving your business.
Improved capability
Having development and training plans in place for your staff will greatly improve their capability. This means that, if new opportunities for growth arise in the future, you have the skills in-house already and can look to recruit internally, reducing the need for external recruitment, which takes up valuable time and money.
Better customer service
Your employees are the key gatekeeper between the business and your customers; make sure your employees have the skills and capability to give the best service possible.
Realised potential
Training can bring out the best of your employees’ potential, increasing employee engagement and, in the long run, maintaining retention. If you are seen to be investing in your employees’ continuous improvement, their loyalty to you will strengthen.
Retention of talent
In relation to recruitment, when prospective candidates are looking for their next job opportunity, it’s not just about the pay package; in addition to this, one of the main things which is desired and valued is the opportunity to develop and learn. To ensure you stand out in a competitive market, you need to promote what investment you will make to that person’s development. This will also help to improve your business’ employer brand.
Keeping up to date with trends and developments
In this ever-changing technological world we live in, it is crucial for many businesses to keep up to date with technological changes, stay one step ahead and ensure your employees are informed with technological advancements and are ready for whatever is thrown at your business.
Meeting legal requirements
Last but not least, it is important to remember that for certain qualifications, renewal is required. It is important to stay on top of this, not just to make sure the qualification is valid, but also to improve knowledge, keep up to date, and maintain and improve confidence.
Will you reconsider your training budget?
In the broader sense, a lack of training and development opportunities is also having an impact on the UK’s economy; according to the Learning and Work Institute, employer’s investment in training has plummeted 28% since 2005, which has put the Government’s ambition of a highly skilled, high wage economy at risk.
Where next?
To help ensure that your training budget is relevant and going to reap the rewards, create a ‘training needs assessment’ to really focus on what your business priorities are in terms of future-proofing.
Ask yourself: What skills are currently missing and what is already available? You may already have resources in-house to upskill your employees without the need of training, meaning you can use your training budget more effectively.
At MAD-HR, our team work hard to ensure that your training budget is used effectively, developing and implementing training plans and interventions with clear measures to ensure the training is supporting your business’s output and growth. Contact a member of our friendly team today to find out how we can help build the skills and capability of your team.
Following yesterday’s announcement from Government on a new energy support package for businesses, which will run from 01 April 2023 to 31 March 2024, Nova Fairbank, Chief Executive of Norfolk Chambers of Commerce said:
“Despite Government efforts, an 85% drop in the financial envelope of support, will fall short for thousands of Norfolk businesses, who are seriously struggling.
“Many businesses have been fighting for their survival for months, and rising energy costs have fast become the tipping point. Whilst we welcome the 12-month duration of this package, its value is nowhere near far enough and means that for some firms, energy will now be a cost too far.
“We understand Government must consider public finances, but any support package, short or long term, should be right for business – otherwise we’re going around in circles. The wrong type of support will continue to see business confidence deplete and the Government having to revisit its package.
“This is not about giving a handout to failing firms. It is about investing in British businesses, many of whom are confident about the strength of their order-books despite being hammered by eye-watering energy costs.
“Our economy will not be able to grow if our businesses are in decline.
“Alongside an energy support package, we need an energy support strategy to get businesses on the right track to longer term efficiency.
“There are several options to consider, and Norfolk Chambers, together with the British Chambers of Commerce and the wider Chamber network are urging the Government to prioritise the following three:
Increase OFGEM’s powers: Ensure effective competition in the business energy market for non-domestic contracts by extending OFGEM’s regulatory powers to guarantee businesses access competitive fixed rate contracts, and energy providers move swiftly to pass on wholesale price reductions.
Energy production: Government to bring forward ambitious plans to enable more renewable and sustainable energy production across the UK.
National energy saving campaign: Government should launch a national campaign with support initiatives for businesses to drive down current consumption through energy efficiency measures, such as green grants and tax incentives.
“It is a critical year for the UK economy and with the right focussed support, businesses can help turn the economy around and get the UK back to growth and prosperity.”
If you’ve had to reassess and shelve some of your businesses goals, then listen in to today’s episode as Andy will share some top tips for Visioning and setting measurable goals to help you grow.
Andy Gray is a Local Enterprise Manager at NatWest and is responsible for supporting businesses across the East of England through a range of programmes, services and partnerships all aimed at enabling local enterprises to flourish. This activity includes work with the local LEP, one to one mentoring and attendance at local events.
Amongst the programmes Andy will be supporting is NatWest’s Business Builder. Business Builder has been developed and tailored to support businesses and entrepreneurs at all stages in their development whether they are just starting out or already established. The programme is free, and participants don’t have to be a NatWest customer to join. Business Builder includes a portal which hosts modular content of bitesize, self-lead modules which cover the three main pillars of business support: growth, mindset and financial support. It also includes access to a Facebook group with more than 5,000 members to share skills and experiences with.
In this weeks episode, Emma Julie and Becky are exploring their top 5 steps to help you plan your finances post lockdown. Talking through the pros of saving when you are paid, checking over old bank statements and setting up a separate account for bills this episode is a great starting point for any journey into the world of finance!Podcast formerly Your Recipe for Financial Success. Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
In this weeks episode, Emma, Julie and Becky talk over the essential for every financial planner, PIPSI which is the order in which your financial objectives should be considered and achieved. What is PIPSI we hear you ask? Well it’s Protection, Income Protection, Pensions, Savings and Investments. Podcast formerly Your Recipe for Financial Success. Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
In this weeks episode, Emma and Becky are discussing all you need to know when it comes to writing a will. Talking about the what’s the whys and the key things to consider, this episode will point you in the right direction when it comes to your Will.Podcast formerly Your Recipe for Financial Success.Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
In this episode, Emma Becky and Julie navigating their way through Income Protection. Discussing the key points including deferral periods and sick-pay amounts, this week’s podcast is a real expedition! Podcast formerly Your Recipe for Financial Success. Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
This week, Becky, Emma and Julie are getting stuck into the world of Store Cards and finding out whether they are all they are cracked up to be. From APRs to special discounts, can they navigate their way around these intriguing cards?Podcast formerly Your Recipe for Financial Success.Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
In this weeks podcast, Julie and Emma are exploring the psychology of investing and 5 key irrational behaviours to look out for. If you want to know why we do the things we do when it comes to investing then look no further!Visit themoneycompass.co.uk for more information on this topic, news and more episodes.
