Money Matters: contingency planning
Many well thought through plans have been affected by the lockdown restrictions in place across the country and further afield. It may feel as though your options have narrowed significantly, or that you are no longer in control of your circumstances. Those with some form of income protection in place may feel some comfort, but are not immune to worry.
While it is impossible to de-risk every scenario, often knowing how to reduce the impact of a loss of income, or ill health, provides comfort.
In this second instalment of ‘money matters’, we consider three aspects of the current lockdown and the impact on you and your family. We have produced a short series of videos, looking at some of the issues, and the options available to help you take back control where possible.
Our specialist private client group are embedded in our tax, legal and financial planning teams. Together they partner with you, covering all aspects of your affairs with joined-up expert advice.
Income tax loss relief for sole traders and partners
From a tax perspective, what appears to be a dire financial situation may possibly be alleviated by a claim for loss relief if a personal business is not doing as well as expected, especially if it is relatively new and only been in existence for a few years. Tax partner Guy Sterling explains more.
Pensions and furlough
Separately, many of those who are furloughed are concerned about the impact on their pensions. Rob Edwards, one of our financial planners offers some advice.
Business lasting powers of attorney
Finally, if you are unwell, or are looking after someone else who cannot manage their own affairs, our legal team look at how lasting powers of attorney can help in a business situation. Director and head of private client legal, Mahendree Naidoo talks you through business lasting powers of attorney arrangements.