We need to start thinking about our pensions

We need to start thinking about our pensions

We need to start thinking about our pensions?

Do you know how much money you will need for retirement? Do you know how much you have already saved? For most people, the answer is no. Even though national programmes have been put in place to try and tackle this problem the UK is still going into a pension crisis. According to a recent survey by NFU Mutual more than half of people aged between 25-54 years old say that they feel nervous about their retirement money. Furthermore, less than one in 10 people were confident they would be financially comfortable in retirement.

On average after a lifetime of saving there is £61,897 in an individual’s pension pot. Assuming you retire at the age of 65 years old a typical annuity may pay as much as £2785.36 per year for the rest of your life. If you add your state pension to this (you will have to have made National Insurance contributions for 35 years to receive the full state pension) which is currently £168.60 per week, this will mean that you will have £11,552.56 each year which is more than £3000 below a full-time minimum wage job (based on a 35-hour week). Would you be able to live on this? This is why you need to start thinking about you pension plan as soon as possible and plan how much you would like in your pot and think about how you are going to achieve this.

How can we help

At Hawsons Wealth Management our team of financial advisers will be able to give you expert advice about how to prepare for retirement. Our experts can help you find the right pension for you and help you meet your retirement goals. There is no simple answer to the amount you will need. It depends on the individual and their lifestyle.

If you would like to book a free initial meeting with one of our financial advisors click here.

If you would like to find out more information about our services visit our website here.

Free initial meeting

Natasha Fathers, Director of HWM

Natasha Fathers

Director of Hawsons Wealth Management Limited, Sheffield

0114 229 6557
UK Legal sector revenue increases

UK Legal sector revenue increases

UK Legal sector revenue increases 

A report conducted by TheCityUK revealed that UK legal sector turnover increased by 6% year-on-year to £35.5bn. For the top 100 firms across the U.K revenue increased to £26.4bn in 2019 representing 8% growth, 80% of this was made by the 25 largest firms.

The report suggests that specialist firms had stronger growth than general practice firms. Legal services trade surplus has more than doubled in the past decade to £6.5bn. Chief executive of TheCityUk Miles Celic said: ‘It is vital that international parties understand that the many benefits of using English law will endure, regardless of the outcome of Brexit,’ adding that ‘the benefits of choosing English law and England and Wales as a jurisdiction will remain, regardless of the Brexit outcome’.

The UK’s development in lawtech is one of reasons why the UK’s legal sector has grown so much, with the report stating that 44% of all EU start-ups are based in the UK.

‘The UK has become a global hub for lawtech, a global market which is now worth $15.9bn. It benefits from highly developed legal market, a technology talent pipeline, a competitive tax system, a liberal regulatory regime and the recognition of the importance of innovation by government.’

How can we help

At Hawsons we have a dedicated team of legal accountants at our offices in Sheffield, Doncaster, and Northampton. Hawsons has over 165 years of experience in accountancy and is one of the longest standing firms of independent chartered accountants in England. We in long-term client relationships which is why we offer all prospective clients a free initial meeting so we can get to know you and you can get to know us.

If you would like to book your free initial meeting with us click here.

If you would like to find out more about our specialist expert accountants visit our website here.

More from our legal sector experts

You can find all of our latest legal sector news and newsletters here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Simon Bladen

Partner, Sheffield

0114 266 7141

Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old

Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett.

Hawsons remains one of the longest-standing independent firms of chartered accountants in the UK. One of the main reasons why clients choose Hawsons is not just because of our experience and expertise in accountancy but the high-quality advice and service our team delivers.

Our mission is to provide our clients with service of the highest quality and value in a professional, friendly, and responsive manner, to assist them to develop their business, to develop the maximum potential of our people and thereby be the leading independent practice in the area.

Our unrivalled history demonstrates that through many periods of change, we have evolved as a business to ensure we continue to remain relevant to our clients, providing them with the quality and breadth of service they need.  Clients understand that irrespective of how small they are when they become a client or how large they will grow, Hawsons will always be there for them.

Our belief in long-term client relationships is why we offer all prospective clients a free initial meeting so we can really get to know you and your business and you can get to know us.

Chris Hill, Senior Partner at Hawsons, said on the firm’s development: “We’re proud of our extensive history and the success we’ve achieved since we were founded in Sheffield 165 years ago. To have reached such an age and still be going strong is a great feat. Despite our company’s growth and expansion into other areas across the UK, we’ve stayed true to our philosophy that no matter what size or sector, every business we work with will always receive the same high standard of advice and service from our team.”

If you are looking for an expert accountant book your free initial meeting with us here.

If you would like to find out more about us visit our website here.

 

Free initial meeting

The Election Result: What are the tax implications?

The Election Result: What are the tax implications?

Tax implications of the Election Result

The general election has ended and the Conservatives have secured a large majority winning 365 seats.

What does this mean for tax?  How will the election result affect you or your business?

Tax expert Craig Walker provides a recap of the key pledges made by the Conservatives during the election process:

Income Tax

 National Insurance

  • No increases to the rates of national insurance.
  • To increase the threshold at which national insurance starts to be payable to £9,500 from April 2020, with the aim of increasing this threshold to £12,500.
  • To increase the Employment Allowance from £3,000 to £4,000, to give small businesses further relief from national insurance.
  • To offer a one-year national insurance holiday for firms hiring ex-service personnel.

 Corporation Tax

 VAT

  • No increases to the rates of VAT.
  • To abolish VAT on sanitary products.

 Inheritance Tax

  • No significant changes proposed for IHT.

 Capital Gains Tax

 Property

  • A 3% Stamp Duty Land Tax (SDLT) surcharge for non-UK residents buying UK residential property, to be paid in addition to all other SDLT surcharges.
  • To increase the rate of Structures and Buildings Allowance to 3%.

 Business rates

  • To review the business rates system with a view to reducing the burden. To reduce the rates for retail businesses and extend the discounts to music venues, small cinemas and pubs.

 Tax compliance

  • To introduce tougher new anti-tax avoidance and evasion legislation.
  • To review the support offered to the self-employed.

Summary

The prime minister’s Brexit deal now looks likely to be pushed through Parliament by the end of January.  The economic consequences of Brexit are likely to give the Chancellor much to think about and significantly influence UK tax policy.

We can expect a Budget in February 2020 and it will be interesting to see to what extent the Conservatives’ tax proposals are implemented.  We should remember that politicians do not always follow manifesto pledges (and have even been known to borrow ideas from the opposition!)

We will keep you updated as tax policy unfolds.

For advice on how the election result could affect your tax position, please get in touch with your usual Hawsons contact.

More from our tax experts

You can find all of our latest tax articles and tax resources here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Craig Walker

Tax Director, Sheffield

0114 266 7141
The cost of keeping Britain on the rails

The cost of keeping Britain on the rails

The cost of keeping Britain on the rails 

On November 14 the Office of Rail & Road published its annual statistical release. This showed that the net support given to the UK rail industry in 2018/19 totaled £7.1bn.

The lion’s share of this went to Network Rail who received £3.86bn, whilst HS2 accounted for £2.6bn.

For the first time since 2009/10, the statistics showed that the government made a net grant payment to train operators of £417m.

The freight budget fell by £1.1m to £16m in 2018/19 continuing a trend which has been established now for a number of years.

Paul Wormald, partner at Hawsons commented: “An effective rail system is crucial to the efficient movement of people and goods across the nation, and this requires continued investment from Central Government.”

“In turn how these funds are utilised by the recipients needs scrutiny and monitoring on a regular basis. At Hawsons we are experienced in carrying out this type of work and in reporting to national and EU agencies on how funding is spent.

A link to our previous article “ Avoiding Grant Gremlins” can be found here:   https://www.hawsons.co.uk/avoiding-grant-gremlins/

At Hawsons we have a dedicated team of specialist transport accountants at our offices in Sheffield, Doncaster, and Northampton. We act for a large number of clients in this sector across our three offices, ranging from haulers to international couriers, and understand the challenges this dynamic sector faces.

If you would like to book a free initial meeting with us click here

If you would like to see more information about Hawsons visit our website here.

More from our transport and logistics experts

You can find all of our latest transport and logistics sector news and newsletters here.

If you are looking for advice in a particular area, please get in touch with your usual Hawsons contact.

Alternatively, we offer all new clients a free initial meeting to have a discussion about their own personal circumstances – find out more or book your free initial meeting here. We have offices in Sheffield, Doncaster and Northampton.

Free initial meeting

Paul Wormald, Partner

Paul Wormald

Partner, Doncaster

01302 367 262