Whether you are established in your career or starting out as a newly qualified barrister, as a self- employed professional working long and unsocial hours, it can be challenging to allocate time to efficiently plan for your financial future.
Being time-poor, personal finance matters can often fall to the bottom of the pile, behind the focus of family and clients, as well as unforeseen events which can expose you to unneeded financial stress.
Financial stress can be caused by:
• Income irregularity
• Cash flow, for example, twice-yearly tax bill payments
• Family protection
• Financial quirks that accompany a profession at the Bar
• The financial implications of being self-employed
To understand the challenges of time pressures and sporadic earnings, you need to work with a trusted professional and financial services firm or adviser that will help you plan for the unforeseen ‘rainy day’ and your future.
Your financial goals may involve achieving financial independence, passing on your wealth in a tax efficient manner, investing for a future event or simply gaining clarity and peace of mind.
• Investment Planning – are you optimizing the tax efficient investment opportunities that exist, do you have the time to spot potential investment opportunities and monitor progress?
• Inheritance Tax Planning and Probate – legislation changes and your circumstances can negatively impact wealth protection strategies that you’ve implemented. Regular reviews of your estate, taking into account incoming legislation, will ensure the impact to you and your beneficiaries is minimised.
• Retirement and Pension Planning – recent legislation changes have made it more important that you assess your existing pension arrangements.
• Alternative savings after using pensions and ISA allowances
• How to minimise tax before and after retirement
• Income Protection – you need to implement measures to protect you and your family to safeguard your income should you fall ill.
• Mortgages – finding a mortgage that is right for you and your circumstances forms the bedrock of your financial security. Being a self-employed barrister on a variable income brings its own challenges.
• Pension provision obligations for chambers support staff
• Financial planning and support for chamber staff
How Wilton can help
Whether you need assistance with controlling your day-to-day finances, planning for a rainy day or looking to the future, Wilton’s team of highly-qualified experts can help with:
• Investment planning
• Wealth management
• Taxation planning
• Trust and Estate planning
• Corporate finance
• Multi-family Office
• Pensions and pension planning
• Income protection
Led by an experienced team of specialists, Wilton prides itself on establishing long-lasting relationships with business partners and clients by providing a professional, friendly and discreet service, helping clients achieve their financial goals.
With offices in London, Isle of Man, Dublin, Dubai, Bristol, Leicester, Blackburn and Lancaster, Wilton provides a personal and fully integrated range of advisory services to corporates, entrepreneurs, retail clients and high-net-worth individuals and their families.
To find out how Wilton can help give you financial peace of mind, leaving you free to focus on your extensive work demand, call +44 (0)20 7355 3525.
End of Tax Year Checklist
On 5 April the current tax year (2019/2020) closes. Before the deadline make sure you consider:
– To your pension – you could still receive worthwhile levels of tax relief especially if you are an additional rate taxpayer
– If you have any unused carry-forward allowances – these may be lost if not used by 5 April 2020
– Into an ISA – the 2019/2020 allowance of £20,000 cannot be carried forward if you do not use it
– Profits from existing investments to utilise the 2019/2020 annual Capital Gains Tax exemption
– Other investment options such as:
o Enterprise Investment Schemes
o Venture Capital Trusts
o Seed Enterprise Schemes
o Gifts to family members
o Charity donations
PROFESSIONAL | FINANCIAL | PENSIONS
T: +44 (0)20 7355 3525
26 Grosvenor St
London W1K 4QW