MJB Partnership

The Autumn Budget was held on the 27th October 2021.  As far as financial planning is concerned, very little has changed.

• The minimum age at which pensions can be accessed is currently 55, but this will be changed to age 57 in April 2028.
• The charging cap for auto enrolment pension schemes is being reviewed and could rise from the current level of 0.75% per annum.
• The way tax relief is administered on employer pension contributions for lower earners could be revised to make the system fairer.
• The State Pension will be increasing in line with CPI and not linked to national earnings, as it was previously.
• Income tax on dividends is set to increase from 7.75% – 8.75% for basic rate tax payers and from 32.5% – 33.75% for higher rate tax payers.
• Employee and employer national insurance rates will be increasing as a ‘health and social care levy’.
• All ISA subscription limits and pension allowances have remained the same.
• Income Tax, Capital Gains and Inheritance Tax Rates and allowances have also remained the same.

This edition focuses on:

• Inflation
• Redrawing the Tax Calendar
• Pensions Lifetime Allowance
• The Budget

September 2021 Client Newsletter

Following the government’s relaxation of restrictions we have started to welcome more clients into the office.

We are still using a screen to ensure 1 metre plus social distancing restrictions are maintained.

If you would still prefer to contact your Adviser by telephone or video meeting, this is of course still available.

Enjoy the summer.

Best wishes,

MJB

This edition focuses on:

• The inclusion of Exchange Traded Funds (ETF’s),
• Pension age changes,
• Plans to increase the main Corporation Tax Rate.

CLIENT NEWSLETTER – MAY 2021

It was good to have confirmed yesterday (10th), that as of Monday 17th May, restrictions will be eased in various ways, some of which will have an impact on how businesses can operate.

We are now in a position to welcome clients to make appointments to see their Adviser, either at home or in our offices. However, due to the 1 metre social distancing restrictions still in place, we can only have one client meeting at a time (of one or two people) in the office using the dividing screen.

Advisers will need to ensure that no other client meetings are intended to be held at the time same time. We appreciate your understanding if an appointment needs to be re-scheduled.

If you would still prefer to contact your Adviser by telephone or video meeting, this is of course still available.

We hope that you are keeping safe and well.

Best wishes,

The MJB Team

As you are no doubt aware, restrictions will be easing from Monday 12th April 2021 and businesses can open.

We are now permitted to see clients, where necessary, either in their homes or in the office, provided that Covid precautions are taken.

Advisers are still often working from home and the preferred method of client contact is telephone or video meetings.

Please don’t hesitate to contact your Adviser by email or call the office.

We hope that you are managing to stay safe and well.

Best wishes,

MJB Staff

We are pleased to share with you our summary of the key announcements made in the Budget on Wednesday 3rd March. The structure of this Budget, like its predecessor, was driven by the pandemic’s impact on the economy. With some form of lockdown continuing over the next few months, Mr Sunak extended the main employment support schemes through to 30th September and added further grants and loans to assist struggling businesses.

The total cost of his pandemic measures in this tax year and the next are now projected to be greater than the amount that will be raised in income tax over the same period. How the government can claw back that expenditure, while rebuilding the economy, formed the focus of the Chancellor’s speech.

Some of the other highlights were:

• The expected freezing until April 2026 of the main allowances, thresholds and exemptions for income tax, capital gains tax and inheritance tax.
• The self-employment income support scheme being extended through until the end of September to allow more to claim.
• The rules for how much you can invest in tax efficient pensions and ISAs remain unaffected as does the taxation of income and gains from investment.
• The extension of the Stamp Duty Land Tax cut until the end of June and the new Mortgage Guarantee Scheme delivering mortgages with the need for only 5% deposits will both be of interest to those looking to buy their first (or perhaps another) home or move.
• A freeze in the Lifetime Allowance of £1,073,100 until 2025/26.
• The proposed increase in the corporation tax rate to 25% from 1st April 2023. However, this rate will only apply once profits hit £250,000 and if profits are below £50,000 the current 19% rate will continue to apply. There will be a sliding scale for profits in between.
• New provisions for all businesses to allow losses to be carried back for three years.
• A new “super deduction” for companies who incur qualifying capital expenditure. This super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest.

For further details please click on the following link to: Technical Connections Budget Analysis – Spring 2021

Since the second national lockdown began on 6th January 2021, we have had to employ stricter measures within the office.

We will not be holding any face-to-face meetings within the office and I think it ‘goes without saying’ that advisers will not be meeting with any clients in their homes or gardens.  All meetings need to be via telephone or video call and although we can of course receive and post mail, correspondence by email is preferable and faster.

Although we are classed as offering ‘essential financial services’ and are permitted to come to work, many of us are working mainly from home. Please be assured that the office is still open and phone calls will be picked up as there is usually someone in the office during office hours.

If you have any queries or concerns, please don’t hesitate to contact us.

Stay safe.

Best wishes,

MJB Staff

Following the announcements made by the government on the 22 September, we have had to revert back to our previous working conditions as per our Coronavirus (Covid-19) Update posted on the 22nd June 2020.

Despite the office being open for business, Advisers and ‘at risk’ staff members will be working from home where possible.

Please be assured that your emails will still be received and there will be someone here to answer the telephone during normal office opening hours.

We had begun to hold a few client meetings in the office using protective equipment and implementing social distancing measures. Meetings held in this manner, will only be where absolutely necessary and we would be grateful if you could continue to contact us on a non face-to-face basis, for everyone’s safety.  On entering the office a Covid-19 Health Questionnaire will need to be completed for ‘track and trace’ purposes.

Thank you for your understanding in this regard and we hope you are all staying safe well.

Best wishes,

All the Staff at MJB

Now that the restrictions have eased, the office is open more or less as normal. Staff and Advisers are still working from home some of the time, but most of us are using the office on a more regular basis.

Client reviews are still being conducted by telephone or video link where possible, and if you would prefer to keep in contact with us by this means for the foreseeable future, please feel free to do so.

If, however, you would particularly like to meet with an Adviser in person, we are in a position to hold meetings in the office.  We have purchased the required protective equipment, as set out in the government guidance.

When you arrive there is a bell to ring on the outer door and hand washing facilities on the ground and first floor.  When you enter the office there is hand sanitiser and a Covid-19 Visitor /Client Health Questionnaire to complete so that we can contact you for ‘track and trace’ purposes, should we need to.

We hope that you have managed to keep well during this pandemic and please don’t hesitate to contact us if you have queries regarding the above.

Best wishes,

MJB