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Happy Birthday Mulberry Financial!
Mulberry Financial was first authorised with the FSA 5 years ago. At the time the company had no existing clients and started completely from scratch - this is not the conventional way to start an IFA firm!
I have learned a lot over the last 5 years as we passed through the various economic upheavals. The largest IFA firm in Macclesfield (Baskeyfields) has moved on, as well as some large businesses like TJ Hughes. Dozens of small shops in Macclesfield town centre have opened up and closed down. Times are still tough, but we are still trading and in a much stronger position than when we started. We are in business for the long term, and this is why we try to give sensible advice that will not come back to haunt us in the future.
Many thanks to all our loyal clients - both for using a local firm and for trusting us with your savings and investments. Customer satisfaction really is the most important thing to us.
Please call Mulberry Financial if you want a local adviser to help you through the maze of pensions and investments.
The Budget held a few surprises, although nothing too drastic. The over 65s were hit with a freeze to the age-related personal allowance, which benefits pensioners who have total income below £24,000 per annum. This was partly tempered by an increase to the personal allowance for everybody. As someone who has explained the age-related allowance to his dad at least a dozen times, I can concur that it was confusing and its removal will simplify the system, although I doubt this will be appreciated by the pensioners who are losing out. The target of a £10,000 personal allowance for all but very high earners should be achieved by April 2014. There was more talk of the new flat rate state pension of £140 per week although the full details of this change are yet to be fleshed out.
I often feel that setting a Budget is an impossible task, mainly due to the general propensity for the public to request lower taxes in combination with better public services. Higher tax rates do not always equate to higher tax receipts. The 50% tax rate for high earners has apparently brought in less revenue than was anticipated, so it will be dropped to 45% in April 2013.
I was happy to see no reductions to pension contribution limits or tax relief. People are still saving far too little for their retirement and they do not need any more disincentives to save.
Call Mulberry Financial if you want to discuss the Budget and how it has affected you.
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