I am a fully qualified UK Independent Financial Adviser (IFA) at Sterling & Law Independent Wealth Management, qualified to advise in all areas of financial planning including pensions, savings, investments and protection. I believe that independent financial advice should be accessible to all and am committed to providing a continuous high level of customer service.
DISCLAIMERS: The content of my videos is for information only and does not in any way constitute advice or a recommendation to act. If you wish to take action based on what you have seen in my videos, then please seek independent financial advice first. The aim of these videos is to provide you with factual information only.
Opinions are my own.
Sterling and Law is a trading name of Sterling and Law Group plc which is authorised and regulated by the Financial Conduct Authority.
What if you earned £51k in total (pushed up by an upcoming public sector payrise & interest on saving). Do you get charged 40% on everything or just 40% on the £50271 - £51000 amount (& 20% up to the £50271)? Thanks
Hi Lou, thanks for the RO video's they are very informative. I passed the RO4 exam yesterday after putting it off a couple of times - i think it's been the hardest one yet for me. Anyhow my last exam is the RO6 - do you think it is advisable to look through all the RO's taken to date before taking the RO6 on? as it's been a while since i did them?
@@TT-it6cr thanks for watching. If you've done them all fairly close together then you probably have retained enough knowledge. But give the past papers a go first and see how you get on.
If you have a flexible share porfolio purchased for £10K that is now worth £20K, can you now sell a proprtion equal to £10K (the original purchase price) now without any CGT issue?. All the remainder would a capital gain (when cashed in) and provided it was drawn out at £3K or less each year would it be free of CGT?
You may be able to sell half your share portfolio, equating to your original £10k investment, without triggering Capital Gains Tax (CGT). This is because you'd essentially be recovering your original investment so there's no gain to be taxed. The remaining £10k would then represent a capital gain. When you sell portions of this, you'll need to consider CGT. Your plan to draw out £3k or less each year is a good start. This amount falls within the current annual CGT exemption. However, it's important to note: Cumulative Gains: While each individual withdrawal might be below the exemption, the total gain from the entire £10k portion will eventually exceed the exemption. Tax Years: You need to consider CGT on an annual basis. If you withdraw more than £3,000 in a single tax year, you'll pay CGT on the excess. Additional Considerations: Bed and Breakfasting: Selling and repurchasing the same asset quickly (usually within 30 days) can be considered 'bed and breakfasting' and may affect CGT calculations. Tax Rates: CGT rates vary depending on your income and the total gain, and are subject to change. In any case, it's crucial to keep detailed records of your purchases, sales, and valuations. This will help you accurately calculate any CGT liability when you file your tax return. For precise advice tailored to your circumstances, consider consulting an accountant. They can provide expert guidance on CGT implications and help you optimise your investment strategy. I hope this helps! Please note this is not financial advice.
Very detailed video,thank you.I am on tier2 visa,on my BRP card it says NO PUBLIC FUND,I am not British citizen either,am I eligible for child benefit?
Unfortunately, as a Tier 2 visa holder with the condition "No Public Funds" on your BRP card, you are generally not eligible for Child Benefit. This condition restricts your access to most government benefits, including Child Benefit. The purpose of this condition is to ensure that individuals on Tier 2 visas are financially self-sufficient and do not rely on public funds. While the general rule is that you cannot claim Child Benefit, there might be very specific circumstances under which you could qualify. It's essential to check the most up-to-date government guidelines or seek professional advice. The immigration rules and regulations can be complex, and even small changes can impact eligibility. Therefore, it's strongly recommended to consult with an immigration advisor or the UK government's immigration department for accurate and personalised guidance. Disclaimer: This information is intended as general guidance and does not constitute legal or financial advice.
@@Louise.Fitzgerald_IFA Thanks for sharing these great info. I would like if there are any other benefit for Tier 2 visa holder with the condition "No Public Funds" .
While Tier 2 visa holders with the "No Public Funds" condition have limited access to certain benefits, there are still some available options: Non-Means-Tested Benefits - These benefits are generally accessible to Tier 2 visa holders, regardless of their income: New Style Jobseeker's Allowance (JSA) New Style Employment and Support Allowance (ESA) State Pension Bereavement Benefit Other Potential Support - Depending on specific circumstances, other forms of support might be available: Council Tax Reductions: While not technically a benefit, some local authorities offer council tax reductions based on income and circumstances. Discretionary Support: Local authorities might offer discretionary financial assistance in exceptional cases of hardship. However, this is not guaranteed and varies by region. Important Considerations: Eligibility: Always check the specific eligibility criteria for any benefit you might be considering. Professional Advice: If you're unsure about your entitlements, consider seeking advice from an immigration or benefits specialist. The "No Public Funds" condition is a significant restriction. It's essential to maintain financial stability to avoid potential difficulties. Please note this is information only and not advice. Consider seeking further help from an immigration or benefits specialist.
is there an option to become charted after?? EDIT: You mentioned you are trying to become charted, have you got an additional video explaining that process too?
Yes, absolutely! With the CII the process is continuing to take exams with a certain number needing to be level 6, and the other credits can be made up from any units you like. I believe you need 290 credits in total to become chartered. This is something I'm still working towards.
Life insurance payouts can be used for whatever purpose you like. Though there are specific policies to cover mortgages that may be more suitable if that is your goal.
Thanks for your great video! Do I need to report my tax return if my gains are below my allowances ? I keep track of my gains very carefully and I know it is below CGT allowance but I don’t know if I have to file a tax return even though I do not have to pay CGT tax
No, you generally don't have to do a tax return if your capital gains are below the allowance. However, there are some exceptions: * Selling property (except your main residence): You might need to report the sale even if your gain is below the allowance. * Losses: If you want to claim capital losses to offset future capital gains, you'll need to submit a tax return. * Registered for Self Assessment: If you're already registered for Self Assessment for other reasons (e.g., running a business), you might need to report your capital gains even if they're below the allowance. Here are some resources for more information: *GOV.UK - Capital gains tax: [www.gov.uk/capital-gains-tax/rates](www.gov.uk/capital-gains-tax/rates) * GOV.UK - Do you need to send a Self Assessment tax return?: [www.gov.uk/self-assessment-tax-returns](www.gov.uk/self-assessment-tax-returns) It's always best to consult with an accountant if you're unsure whether you need to file a tax return.
Suggested amounts you need for retirement are a lot of money. But then someone living in the SE in a rented home will need a lot more than someone living in their own mortgage free home in the NE say. Also depends on your retirement life style - you don't need expensive hobbies for a good retirement. Makes me think the guide figures are really not that meaningful.
Can you opt out of a work pension scheme at any time Or does it have to be within one month...... I know if within a month u can be refunded But i mean can u just choose to stop paying into it at any time As my daughter started work just over month ago and im worried shes been automatically enrolled for a pension she doesn't want and can't leave as month is up
Here's a breakdown of opting out of a workplace pension: *Automatic Enrolment: Most employers are required to automatically enrol eligible employees into a workplace pension scheme. *Opt-Out Period: Once you're automatically enrolled, there's usually a one-month period where you can opt out and get a full refund of any pension contributions you've made. *Outside the Opt-Out Period: If you miss the opt-out window, your contributions will stay in the pension scheme until you retire or reach a specific age when you can access the funds. Here are some resources for more information: *UK Government - Workplace Pensions: [www.gov.uk/workplace-pensions/if-you-want-to-leave-your-workplace-pension-scheme](www.gov.uk/workplace-pensions/if-you-want-to-leave-your-workplace-pension-scheme) *The Pensions Regulator - Opting out of an automatic enrolment pension: [www.thepensionsregulator.gov.uk/en/business-advisers/automatic-enrolment-guide-for-business-advisers/opting-out](www.thepensionsregulator.gov.uk/en/business-advisers/automatic-enrolment-guide-for-business-advisers/opting-out) Whether you can get a refund on your pension contributions depends on a few factors: When you left the scheme: * Within the Opt-Out Period: If you're automatically enrolled in a workplace pension, you typically have a one-month opt-out period. During this time, you can usually get a full refund of your contributions. * After the Opt-Out Period: Once the opt-out period is over, getting a refund becomes less likely. Type of Pension Scheme: * Defined Contribution Scheme: In these schemes, your contributions and any investment growth belong to you. There might be specific circumstances allowing a refund, but it's less common. * Defined Benefit Scheme: These are less common today, but in these schemes, your employer takes on more risk and your contributions are generally not refundable. Here's what you can do: 1. Check Your Scheme Rules: The rules of your specific pension plan will outline your options regarding refunds. You can usually find these rules on the provider's website or by contacting them directly. 2. Contact Your Pension Provider: They can definitively tell you if a refund is possible based on your situation and the type of scheme you're enrolled in. Here are some resources for more information: * UK Government - Workplace Pensions: [www.gov.uk/workplace-pensions/if-you-want-to-leave-your-workplace-pension-scheme](www.gov.uk/workplace-pensions/if-you-want-to-leave-your-workplace-pension-scheme) * MoneyHelper - Getting your pension contributions refunded: [www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/getting-your-pension-contributions-refunded](www.moneyhelper.org.uk/en/pensions-and-retirement/building-your-retirement-pot/getting-your-pension-contributions-refunded) **Important Note:** There can be tax implications for withdrawing money from a pension scheme before retirement. I hope that helps!
Would be grateful if someone could direct me to a free downloadable CGT calculator. I've generated one in Excel based on the HMRC example, but an error check by comparing it to another tool would be helpful. Background - the 24/25 CGT allowance is only £3k, so transferring £20k of shares into an ISA puts you at risk of paying CGT if they have gained more than approx. 15%. I'm OK this year, but I can see that in 3 or 4 year's time I will have to reduce the amount moved into the ISA to less than £20k. Note - a transfer to an ISA is regarded as a sale followed by an immediate purchase by the ISA, and the same day/30 day rules do NOT apply in this scenario.
No, a CeMAP qualified mortgage advisor typically cannot arrange commercial loans. The CeMAP qualification focuses on residential mortgages, not commercial lending. It equips advisors with the knowledge and skills to advise individuals on buying a home and securing appropriate mortgages. Commercial loans are a different beast altogether. They involve financing for businesses, with unique considerations like property types, risk assessments, and loan structures.
I've got a deferred local government pension, but i now work for the NHS. I'm 60 now and thinking about claiming my LG pension, but still work full time. Is this possible?
Each adviser firm will charge differently. The best thing to do is to ask the adviser firm you're speaking to you to give you a full breakdown with examples. And any quotes provided should have a full breakdown of the fees charged.
In the UK, Child Benefit can unfortunately not be backdated to the date your child was born if the birth was registered after 3 years. The general rule is that Child Benefit can only be backdated for up to 3 months from the date you submit a claim. Since your child's birth wasn't registered within the standard timeframe (usually within 42 days), it creates a gap that can't be covered by the backdating policy. However, there is a silver lining. You can still claim Child Benefit starting from the date you register the birth and submit a claim. This means you'll receive the benefit moving forward, but you won't be able to recover any payments for the period before registration. Here's what you can do: * Submit a claim for Child Benefit as soon as possible. You can do this online at [assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1154589/CH2_Child_Benefit_Claim_Form_English.pdf](assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1154589/CH2_Child_Benefit_Claim_Form_English.pdf). * Gather necessary documents: You'll need your child's birth certificate and proof of your identity and residency. * Contact the Child Benefit Office: If you have any questions or require further clarification, you can reach them at 0300 200 3100. I hope that helps!
My responsibilities are larger than my wage packet. But because I have overcome financial mountains before I know I can achieve it again. This time I have in mind to gain more knowledge in how to make your money work for you. In this area I have zero knowledge. Thank you for the video
Sadly not. If one of the parents is not paying NI because they're not working, for example, they should be the one claiming child benefit to get the national insurance credits towards their state pension entitlement.
So this is why people have kids so they can sit on their arse and claim benifits .no wonder immigrants come here for their free money .absolute disgusting .working doesn’t pay single people are fucked .you have to sit on your arse with 5 kids to have a good life
My cash does not hurt my financial goals! It's in my HYSA and a cd ladder, all earning above inflation rate. This cash gives me not only peace of mind but also great financial flexibility. I can afford to wait out price surges; I can take the time to shop around. I get discounts on big ticket items like replacing the roof and repainting the house because I can pay cash. I never have to sell stocks at a loss to meet an emergency need. It's up to the individual: how much cash for peace of mind, and how to manage it. Mine serves me well. I also have healthy retirement funds and a brokerage account - all in conservative portfolios.
Hi, great video, very helpful, I'm currently studying for R01, using the book and then following up with revision mate to solidify as best i can. Do you know where to access a large bank of questions? I feel like having hundreds of questions to work through would actually be the best thing to revise after you have covered the book. Many Thanks,
You can get the latest revision guides on the cii website under the individual R0 exam headings, down the right hand side. They are the past exam papers with loads of questions. I hope that helps. Good luck!
The gut feel is if a government can afford to send millions or even billions abroad while people in my country are short on food that the people of my country pay too much tax . Simple. The swiss have a thing on the boil as do many others. Time my country came to the table and said those taxes that pay for others while my nation starves is a little crazy.
Im curious, why are videos about “How to choose a Financial Adviser” from financial advisors, and skip the question “Do I need a financial advisor?” It’s rather like “How do I pick a home interior decorator” when you may not need to redecorate. As a person who is within 5 years of retirement with a mid seven figure value of investable assets, I went shopping for a financial advisor. I came up with my own list of vetting questions. To jump to my conclusion, 0 of 4 are a fit for me. Based on my experience, I can tell you how to find a bad financial advisor, but I don’t know how to find a good one. Generally in life, as you repeat a process you get better at it. Well, my last two financial advisor interviews lasted under an hour. I ended the discussion once I was confident we were not a fit. Not even close. No way I could work with them, nor would I want to. At this point I’m jaded. Turned off about the financial advisor field. They all want me. Why do they all want me? Oh, probably because of one and only one reason, my investable asset value. After my interview, I don’t want any of them. Not the four I interviewed. The last two I started by controlling the conversation, not having them read their prepared long sheet of whatever about them that would put me to sleep and add no value to the conversation. I emphasized multiple times how much I hate annuities for me. Not for me. Fixed annuities for me = bad. Variable annuities = bad. Indexed linked annuities = bad. If it’s annuity but you try to mislead me by not using the word annuity = I’ll figure it out, get upset with you, end our relationship and may threaten to punch you in the face, which is very very bad. 3 of 4, thats interviews number 2,3,and 4, once we finished intros and got to the advice portion, they recommend …….. an annuity. This is after I said the only investment I will not consider ever is an annuity. I had told them and made a big deal about it. An annuity is the financial industry equal to a vacation time share in my opinion. Its not for me. They generate lots of commission for the salesperson and their firm but it’s never ever good for the customer, and defiantly not any good for me. It’s pure evil. Anyone with knowledge who says different is evil. But, they can’t help themselves. They will always promote annuities, often with a new name, new marketing, complex options you can’t follow, and…….big, big BIG sales commissions for them. It’s the crack cocaine level of profit that causes them to ignore what you said, whats right for you, and push annuities. The latest “financial advisor” thing is to sell an annuities but never mention the word annuity. Again, I’m actively looking for a financial advisor but have only learned how to find a bad one. But at this point I’m jaded. My wall is high. My suspicion of the “financial advisor” industry is even higher. I’m not sure I could put the damaged opinion I’ve developed over financial advisors behind me to work with a good one even if I found one. If I were to define “financial advisor” based on my personal experience only, it would be a person who will try to get your money into their pockets, but done in a sneaky, barely legal way. Sadly, 99% of financial advisors have given the rest of them a bad name. Fining a good financial advisor is like trying to find a wife at a brothel. At least thats what I’ve found.
Hi Louise! Hope you're well. I'm exploring a possible career change as an IFA and your videos have been really helpful. My backround is in sales and from the research i;ve done there seems to be a lot of transferable skills that employers would value highly as an IFA, such as people skills & relationship building. One thing that concerns me is that I never completed my A levels and actually left school at 16, and i'm wondering if I self studied, passed the exams and applied to firms, would they care that I didn't go to university and didn't graduate secondary school? Thanks for your insight!
It's fantastic that you're considering a career change as an IFA, and your sales background positions you well for the transition! While a university degree can be beneficial, it's not necessarily a dealbreaker for becoming an IFA, especially considering your transferable skills. To become an IFA, you MUST complete a Level 4 Diploma in Financial Advice, regardless of your educational background. This qualification can be obtained through various providers and often involves self-study combined with exams. Your sales experience is a major asset. As an IFA, you'll be building relationships, understanding client needs, and presenting financial products. These are all areas where your sales skills will shine. While some firms might prefer candidates with a university degree, many value relevant experience and qualifications more. Your sales background demonstrates your ability to build rapport, communicate effectively, and achieve results - all essential for an IFA. Focus your efforts on successfully completing the Level 4 Diploma. This qualification demonstrates your commitment to the profession and equips you with the necessary knowledge. When applying to firms, clearly showcase your sales experience and transferable skills. Highlight your achievements and how they translate to the world of financial advice. Additional Tips: * Network with established IFAs to gain insights into the profession. * Consider taking additional financial qualifications to further strengthen your profile. * Emphasise your self-motivation and drive to learn in your applications. Don't let your educational background discourage you. By focusing on the Level 4 Diploma, leveraging your transferable skills, and demonstrating your drive, you can become a successful IFA. Remember, the financial services industry values experience and results alongside qualifications. I hope that helps!
Hi Lou Have you done a video on HMRC real time service , paying tax on capital gains from shares ? do you know if it is relatively easy to do . Regards Clive
@Louise.Fitzgerald_IFA Thanks for responding. One question if I have a child in another country can I claim Child benefit? Or does the child have to live in the UK?
Couples with kids get far too much in free handouts these days. When our daughter was born in 2001 my annual salary was £14560.00 plus overtime when available. We applied for Child Tax Credit but werent eligable because in their eyes I earnt too much.Where were my free handouts? Exactly there weren't any.
