October Budget Update

Personal Tax-free Allowance & Higher Rate Tax

The personal allowance – how much you earn before you need to start paying income tax – will increase by £650 in April 2019, to £12,500.

Higher-rate income tax threshold to rise to £50k
The earnings threshold at which you’d need to pay the higher rate of tax (currently 40%) is going up to £50,000, from £46,351.

Both changes come into effect from 6 April 2019, a year earlier than planned. The Treasury estimates that around 32 million people will benefit as a result.

Lifetime Allowance

As announced earlier, the Lifetime Allowance is due to rise by 2.4 per cent to £1,055,000 in 2019 in line with September’s consumer price index (CPI) inflation figure, which is good news for pension savers. The Lifetime Allowance is the maximum you normally can save over the lifetime of your pension pot without paying extra tax.

There were no changes to pensions tax relief rates and allowances, which is good news for those saving into a pension.

ISA (Individual Savings Account) allowances for 2019-2020

ISAs are a tax-efficient way to save, so it’s good news that the Junior Isa allowance will get an inflationary increase from April 2019 to £4,368. There’s no change to the adult ISA limit, which stays at £20,000.

Stamp duty abolished for more first-time buyers

First-time buyers of shared ownership properties of up to £500,000 no longer have to pay stamp duty, in a move which will help more people get on the housing ladder. The stamp duty cut is being applied retrospectively to 22 November 2017, so anyone who is eligible will be able to claim a refund. This applies to England and Northern Ireland.

Capital gains tax allowance up

The capital gains tax allowance will increase by £300 to £12,000 from April 2019.

National Living Wage Increase

National Living Wage increasing by 4.9%, from £7.83 to £8.21 an hour, from April 2019.

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Ben Allen achieves the Later Life Adviser Accreditation with SOLLA

SOLLA was established in 2008 as a not for profit organisation dedicated to higher standards and accessibility to regulated financial advice for older people and their families. There are no shareholders and any profit is used to sustain the Society and its objectives.

All SOLLA later life advisers specialise in the financial needs of older people. Professional qualifications, whilst essential, do not always give a full picture of an adviser's experience or expertise. Those advisers who have taken the further step to become independently accredited can offer the added reassurance that they can give the practical help and guidance needed to help you make the right decisions at the right time. All full members of the Society must achieve the Later Life Adviser Accreditation and adhere to a Code of Practice to ensure their clients know what to expect from their services.

SOLLA helps people and their families in finding trusted accredited financial advisers who understand financial ne…

Parents attempting 24hour 3 Peaks Challenge

Parents Ben and Rebecca Allen (Allen Tomas & Co employees) are part of a group of intrepid West Norfolk parents that are training hard for the 3 Peaks Challenge to raise vital funds for their local school (Ingoldisthorpe Church of England Voluntary Aided Primary School). They will summit the highest mountains in England, Scotland and Wales in 24 hours from dusk on 31st August, walking over 37kms, climbing a total of over 10,000ft and driving 1830kms.

The completion of the challenge will help secure two exciting new developments for Ingoldisthorpe Primary: an outdoor log cabin classroom which will provide much needed space at their children's school and a stage piano to strengthen the school's music provision. A log cabin to match the existing classrooms will cost around £8,000 to buy and site on the school field. It will offer the school space for Music Lessons which are an important part of the curriculum, along with room for art, reading and intervention sessions for sm…

Charity Golf Day

The 3rd Allen Tomas & Co Financial Management Ltd Charity Golf day was held on Friday 14th September at Heacham Manor.

Organisers and Directors Ben Allen and Michael Crisp said "We had a fantastic day, the weather held and all that entered enjoyed the Golf and the well deserved hog roast afterwards. We are delighted to announce we raised £2,100. This will be split equally between the Norfolk Hospice and the Stroke Unit at Queen Elizabeth Hospital (West Raynham Patient and Equipment Fund). We chose the charities based on experience of personal family treatment from the QE staff and our recent visit to the Norfolk Hospice’s purpose built facility at Hillington, which has cemented our admiration of what has been achieved here during the 5 years of our ongoing charitable support".

The format for the golf event was team friendly Texas Scramble, which all the guests enjoyed thoroughly. First place went to Ward Gethin Archer Solicitors led by Chris Dewey, second place to Home I…

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