Moore Kingston Smith Financial Advisers: Winter 2020 Bulletin

There are good reasons to be optimistic as we end a very challenging 2020 and look forward to 2021: the recent news of a comprehensive vaccination programme for the UK and equivalent programmes globally; the furlough scheme’s extension to March 2021; and global markets have rewarded investors despite the market volatility and dip in the first quarter.

Our Winter Bulletin contains a wealth of thoughts and insight that we hope you will find helpful as you take stock of the year gone by and look outwards to 2021.

• Budget 2021 Government borrowing is at previously unheard-of levels in peacetime, and it seems inevitable that the effects will be felt in raised taxes. We focus on the year-end tax planning measures you can start to take now to minimise your bill for 2020/21.
• The importance of diversification With the UK stock market reflecting the tumultuous turns of the year, we discuss one of the key rules of investment management – a diversified portfolio.
• The pandemic retirement conundrum While many workers have been severely affected by the impact of Covid-19, those towards the end of their working life have different anxieties to manage. If you have had to retire early or put off your retirement date, we look at the impact on retirement plans.
• Child Trust Funds grow up The first Child Trust Funds (CTFs) have reached their maturity date on 1st September 2020, when their owners turned 18, but many have been overlooked.
• Scams on the rise The pandemic has seen a worrying increase in the number and sophistication of fraudulent phone and email messages. Exploiting people’s current fears about finances and their health, the scammers are becoming cleverer at accessing our personal information. We highlight some of the methods to be wary of.
• Savers feel the pinch While interest rates on many savings accounts are almost zero, there is some good news as new accounts are introduced to the market, but customers will have to move fast as numbers of savers are limited.

Please feel welcome to get in touch to discuss any of the issues addressed in our newsletter.

Our next edition will be with you in the Spring, with a new Budget, a new president in the White House and perhaps an accompanying new era of trade deals for the UK.

Lastly, on behalf of Moore Kingston Smith Financial Advisers, I would like to take this opportunity to thank you for your continued support; however you are celebrating over the holiday season, we hope that you and your families have a safe and happy time and we look forward to speaking with you in the New Year.