SPRING 2022 STATEMENT OVERVIEW

The Spring Statement was delivered on 23rd March and although it is not a mini budget, it contained the following changes designed to help families, particularly in light of inflation having been announced at 6.2%. The highlights of this are as follows:

  • Petrol and Diesel duty will be cut temporarily for 12-months by 5p per litre from 23 March 2022.
  • VAT relief for the installation of energy saving materials (ESMs) will be extended.
  • The primary threshold for Class 1 National Insurance Contributions (NICs) will increase from £9,880 a year to £12,570 a year from 6 July 2022, which brings it in line with the frozen personal allowance.
  • For the self-employed, the lower profits limit will increase from £9,880 to £11,908 in 2022/23, rising to £12,570 in 2023/24. Class 2 NICs will not be payable if profits are below these limits. The maximum potential Class 4 NICs saving in 2022/23 is £208.
  • The employment allowance will be increased to £5,000 from April 2022.

COVID UPDATE – FEB 2022

Although there are no official restrictions in place we are still being careful. Hand sanitiser is provided by the door and we are still using a screen if you have a meeting with your adviser in the office.

We are still more than happy to have client meetings via video or telephone link, if you would prefer.  Advisers and admin staff are using the office but are still working from home for some of the time.

We hope you are staying safe and well.

Best wishes,

MJB Staff

 

NEW COVID PRECAUTIONS – DECEMBER 2021

Following the Government’s plan B announcement on the 8th December, we are updating our work practices and they are as follows:

  • Advisers have been working largely from home and this will continue.  They will be visiting and using the office on occasion, where necessary.
  • Administration and paraplanning staff may be working at home for part of the week but the office will be kept open and running.
  • Client meetings will continue to be held by video link or telephone link where possible, but can take place in the office if this is essential.

We obviously have screens and sanitising stations in place.

Please don’t hesitate to contact us if you have any queries and if you need to drop documents into the office, please ring the bell on arrival.

Best wishes,

MJB Staff

AUTUMN BUDGET 2021 OVERVIEW

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.

MJB – MAY 2021 – CORONAVIRUS (Covid-19) UPDATE

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

MJB – APRIL 2021 – CORONAVIRUS (COVID-19) UPDATE

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

Last Week in the Markets

 9 - 13 May 2022
Index Close Week’s Change 52 - Wk High 52 - Wk Low
FTSE
100
 7,418 +0.09% 7,687 6,788
Dow Jones
(US)

31,730

-3.61% 36,953 31,228
Nikkei
225

26,428

-2.15% 30,796 24,682
DAX  14,027 +3.74% 16,290 12,439

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