Building a Financial Home

When starting a new life together, the building of a marital home goes beyond the physical. Senior financial consultant Joseph Tan, from OO Advisory Services, dishes out advice on  pre- and post-marriage financial planning.


What Do I Plan Before I Plan For The Wedding?

A matrimonial union is one of the top three defining moments in a person’s life (besides the beginning and the End of Life). A lot of emotional energy is invested to make the wedding event unforgettable, and aptly so because we all see this as a once-in-a-lifetime

endeavour. To keep the beautiful process of planning a wedding stress-free, financial planning lays the foundation on which we can build this experience.

What then, would be essential in this foundation? As with any relationship in any aspect, honesty is the best policy on which to build a strong base. Husbands and wives should be upfront about their existing debts so that the couple may take stock on what financial situation they will be in after their wedding. Clarity breeds confidence in helping the couple through any debt together. Moreover, being transparent and taking stock of your liabilities will prevent over-budgeting that might stress the relationship post-banquet.Next up is to prepare for a Rainy Day Fund. Many might deem it unnecessary to have three to six months’ worth of their fixed expenses in cash savings, excluding what they will spend on the wedding or the home they will move into after that. The sticky situation of someone losing his or her job will disrupt the focus in the wedding preparations, thus the Rainy Day Fund will keep the couple’s romantic momentum and emotional state uplifted.

The Matrimonial Home Is As Important As The Financial House I Will Live In

It is daunting to feel that every big event in our lives will clear out our bank accounts – our glamorous wedding, dream home, and a baby’s arrival. But when we take a step back and find a balance between practicality and wants, you may find that you can come out of it a credible winner. Not just with a peace of mind about your financial stability but also the love that you build with your new spouse.

Is a 0.95 carat solitaire so different from a one carat one? Other than numerically, one can hardly see the visible delineation. Should I buy the designer chair, that I would probably only use for occasional guests, or use three-quarters of that amount to buy a couch that I would sit on every evening to read my Fifty Shades of Grey? If the price of a good is high but with an even higher intrinsic value, it is considered cheap, and vice versa.It is important that average household expenses be 50 or 70 per cent of the net household income after CPF deduction. Any monthly instalment, loans or annual instalments divided must be summed up to remain within the confines of 35 per cent of your net income. Defaulting of these instalments would likely attract lawsuits that will distract you from spending quality time with your loved ones.

Fulfilling Our Dreams Together

Family planning and financial planning have a similarity: they require both husband and wife to work hand-in-hand with each other and a competent advisor. The imminent future entails short-term goals of career advancement, starting a family and purchasing a vehicle to facilitate your lifestyle. The distant future speaks about sending your children for tertiary education and retiring comfortably after a lifetime of hard work. None of these can be attained if not for the root of success: habit.

This habit must be consistently cultivated for happiness and success to be ultimately achieved. Micro-managing your finances might not be the best way to maintain a harmonious relationship; periodic tracking with a tinge of day-to-day awareness would certainly do wonders.

With proper planning, both financially and personally, I believe that we can all have our wedding cake and eat it as well, don’t you think?

To find out more, join Joseph at the financial planning workshop at BOWS January 2013.

Sourcing for the perfect wedding gown or wedding planner for your big day? Browse through our list of wedding gown partners at Blissful Brides!

Leaseholders Paying More Than Expected To Extend Leases

The Independent has recently reported on the release of information by the London School of Economics and Political Science (LSE), that property owners living in lease-holding homes are being asked to pay exorbitant prices to extend their leases. The LSE has examined data from over 8,000 homes with lease sales which showed how the sale varied depending on how much time the lease had left.


The cost of extending a lease is down to a concept called relativity, which describes how the value on a property decreases as the lease runs out. The lower the relativity, the higher the cost will be to extend the lease. With this concept, it can have an impact on the cost of leases, as it is expressed as a percentage, it’t the difference in value between a short lease and a home with a lease of 999 years and low, fixed rents. The lower the relativity is, the more it costs to extend the lease.

However, the article goes on to mention that the information gathered by LSE that the current practices underestimate the value of leases when they have less than 70 years left. This means that when leaseholders want to extend their lease on their properties, they could be paying thousands of pounds more than expected. The Independent welcomed comments from James Wyatt, one of the authors of this research as well as a chartered surveyors, who said: ”Our findings mean that many leaseholders may be seriously overpaying for lease extensions. Our alternative, evidence-based calculations could result in savings in the order of thousands of pounds for most leaseholders, and much more for owners of some of the most expensive properties.” All this follows scandals that have hit leaseholders in the past, including being overcharged, under-informed and even exploited.

As we live in an ever-changing economic climate, it is not hard to imagine that the housing sector will have its fair share of ups and downs in various areas, including the leasehold sector. Buyers of leasehold properties have been rocked by revelations that companies such as Taylor Wimpey had been adding clauses to properties with 999-year leases by doubling ground rent every 10 years, denoting that they incurred notable additional costs within a few decades, having an impact on their sale value. Campaign groups have waded in and have forced Taylor Wimpey to act, announcing….

To Read more you can visit the full published report at

Source: Property Management London

How and When To Grow Your Company’s Accounting Function

The area of company finances is one that’s often shrouded in mystery, with many business owners believing that company information on other companies is simply not possible to get. However, thanks to a wealth of Companies House information being on the public register — this is not the case.

Company information, and company accounts information in particular is actually very easy to get — and at minimal cost too.

Companies House checks or company checks through company search services allow you to get a large amount of company information — ideal if you’re:

  • Considering partnering with another business
  • About to accept a large order from another business
  • About to place a large order with another business
  • Keeping tabs on a competitor
  • Just feeling nosey

What’s more, these company checks are completely anonymous — no one from the company that is being looked into will ever know that you were completing research on them.

Companies House checks and company checks can typically provide you with the following information:

General company information (such as number, type, registered office, SIC code)

  • Credit risk overview
  • Financials overview
  • People overview
  • Group structure
  • List of documents filed

The list of documents filed is where completing company checks can get very interesting. This means you can see virtually every document a company has ever filed with Companies House, including trivial documents — such as a company director updating their service address — to extremely revealing documents such as… company accounts.

This means all the information that company directors may not want you to know, is actually available.


Limited Company Mortgages – When and Why You Might Choose One

Mortgage Loan

If you’re a residential landlord, the chances are – you’ve built up your property portfolio using traditional buy-to-let mortgages. All the properties are probably in your name and you’re paying tax on the earnings from each property. It’s a fairly standard train of thought and one that has served the residential landlord community well over the years. But there is another way. One which has some distinct advantages over the traditional buy-to-let structure and one which, from April 2017 – could save your £££’s in tax on your earnings.

Limited Company Mortgages

Setting up a Limited Company to buy and hold your residential property portfolio is fast becoming a popular alternative for residential landlords. The properties are purchased and owned by the company and not you. This means that you don’t pay income tax on the rental or sale earnings provided that the company reinvests the money into other properties or the maintenance / upkeep of the existing portfolio.

It also means that when you start your company, you can loan it money for the deposit of your house purchases and then pay yourself back the money from the profits in the future without incurring any tax penalties. You’ll also be able to pay yourself up to £5,000 per year in tax-free dividends from the profits of your limited company and if you’re a higher rate tax payer already, your limited company will pay less tax on profits than you would on rental earnings.

Of course there are disadvantages too. There is no capital gains tax allowance for example and you’ll have the additional costs of running and filing accounts for a limited company. It’s best to seek both legal and independent financial advice before making the decision to go either way. If you do speak to an Independent financial adviser, they will also be able to provide information and access to a range of Limited Company Mortgages. If you choose to go down the limited company route – limited company mortgages are the only way in which you’ll be able to build you property portfolio if you need to borrow money long-term.

This article gives a brief introduction to the world of Limited Company Mortgages but should not be taken as formal financial advice. For that, we recommend you book an appointment with your local independent financial adviser.

For more information on mortgages and financial advice, please visit

4 Reasons When Bridging Loans Might Be Perfect For Your Needs

If you need to borrow a sizeable amount of cash for a short period of time, a bridging loan could be the ideal solution for you. They’re quick to arrange (in comparison to a mortgage) and can be used in a number of situations where a traditional mortgage might not be available to you. Here’s 4 reasons when a bridging loan might be perfect for your needs.

Buying a property from auction

Home Loan

Buying a property at auction typically means you’ll need to exchange contracts immediately and fund the property purchase in full within 28 days. If you’re relying on a mortgage, that could be a difficult task as lending decisions alone can take weeks and you may incur a financial penalty for late payment by the auction house. Lending decisions on bridging loans take just a few hours and you can have the funds in your account with 21 days making property purchases from auctions possible.

Bridging the gap between buying a new home and selling the old one


The most common use of bridging loans London is to bridge the gap between buying your new London home and selling your old one. Bridging loans make perfect sense if you’ve found your ideal new home but haven’t yet found a buyer for your current abode.

Renovating uninhabitable properties

Renovating uninhabitable properties

If a property is uninhabitable, the chances are you won’t be able to get a mortgage against it. Bridging loans provide you with an opportunity to borrow money for a short amount of time against the property, to make it habitable so that you can secure a mortgage against it.

Property Development

Property Development

Bridging loans are great for London developers looking to renovate a property and turn it around for resale in extra quick time. No more waiting eight to twelve weeks for the completion of your property purchase and no more financial penalties for paying a mortgage of early. You can have the keys and be ready to start renovating inside of 4 weeks and who knows, you might have even sold it onwards before a traditional mortgage offer had even had time to be approved.

In Summary

Bridging loans provide fast, flexible access to cash in situations where a mortgage is simple not available or would take too long for you to take advantage of a purchase opportunity.

Originally Published-

How To Manage Self Business Accounts – Get The Experts Advice

Chartered Accountants For You Finance

When you decided to become self employed, you made the executive decision to be for own boss and handle everything that came your way. There were some benefits to this decision, like customizing your own working hours and deciding how much you charged for a job, but with every upside there is a downside to counter balance things. Any time spent not working by things out of your hands means that you don’t get an income, dry spells between jobs due to a lull in advertising or lack of general interest from the general public will also result in more finance issues. Worst still is having to do the dreaded taxes by yourself which can spell disaster if you make a single mistake on them.

accountants in London

For the many out there which face these worries every day, fear no longer as there are people that are willing and able to help you if you so much as say the word. If your business requires the aid of London chartered accountants for charities, personal reasons, or forensic purposes, it’s time that you were introduced to the many that live within the city because what you really need right now is a team. A team that will assist and support you through the rough stuff and see you through to the there side clear and safe.

Every year the business world grows a little bit more turbulent. Things get a little bit more complex, and the whole operation goes a little bit faster than it had done the year before. Everyone is clawing at each other’s throats to become the top dogs of their sectors, which is a very hostile environment to be in if you’re self employed, which is all the more important for those that need help get it as soon as possible so that their business expanding and growing with success again. An easy way to think about it would be to picture your business as a life raft on the water and the finance team as an air pump inflating a life raft after said team of people helped plug the holes and fix the leaks.

debating and struggling finances

That aside, for those who are more confident with their abilities to do their own finances but may need access to some information that they could use for a later date, you’re in luck. They can also give you general advice or information pieces direct from their general databases to help you with whatever issue you may be experiencing.

If any of what you’ve read applies to you and your business, then it’s time for you to pick up a phone or get emailing those accountants in London right away. The sooner you do, the sooner you’ll be enjoying the benefits of self employment once again.

Originally published at

How To Make Your Insurance Tax Efficient — Financial Advice

Personal Finances

When it comes to planning your family’s financial future, it makes good sense to take every possible step to protect their standard of living. So if you’ve gone to all of the effort of putting the right policies in place, it would be a real shame if a sizable proportion ended up in the tax man’s pockets.

But this is unfortunately what often happens, with more than half a billion pounds every year being paid in inheritance tax (IHT) from life insurance policies.

One solution you could consider to make sure this doesn’t happen, is putting your policy into a trust. Taking out life insurance within a trust makes the policy exempt from IHT if you die as it places it outside of your estate.

What is a trust?

Under normal circumstances, the pay-out from a life insurance policy would form part of your legal estate, and may therefore be subject to inheritance tax. The threshold per individual for inheritance tax in the UK is £325,000. Tax is payable at 40% on any part of an estate above this level.

life-insurance policy

A trust allows you to set aside an asset (in this case the policy) to benefit a specified person or people (the beneficiaries). The asset is managed by a trustee or trustees until such time as the beneficiary is intended to benefit.

By writing a life-insurance policy in trust, the proceeds from the policy can be paid directly to the beneficiaries rather than to your legal estate, and will therefore not be taken into account when inheritance tax is calculated. This means the value of your estate may not move above the threshold, depending on your circumstances.

Writing a policy in trust also means payment to your beneficiaries will probably be quicker, as the money will not go through probate. This is a legal process which confirms an executor’s authority to deal with your possessions.

Does it cost extra?

No, it shouldn’t do. Your insurance provider should be able to provide you with this option for free when taking out the policy. Some existing life policies can also be transferred into trust.

financial advisers

In the first instance, seek the advice of an independent financial adviser. Quantum Advisers offers expert independent advice across a range of financial products and services and could save you £££s.

To get a full analysis of your needs and ensure you have the best all round protection for you, your loved ones and your business, contact us today on 020 7562 5771 for a free consultation.

Next time — When should you review your policies?
Originally published at

How To Choosing A Business Structure

Choosing a business structure

After the start of a brand new year, changing something about the way you do business can make you feel like you’ve turned a new page. This could be anything from launching a new product or service, redesigning your company logo to ordering new office stationery.

Starting Up A New Business

Switching your business’s structure is one such way of changing the way you do business. Sole traders, having recently struck up a good relationship with another like-minded individual, might be thinking about entering a partnership. Having eyed up the potential tax advantages, existing partnerships may be looking into the process of incorporation.

However, changing the structure of your business is not something that should be done on a whim. Uprooting a business from its foundations can have dramatic effects if your planning is insufficient or if there are no tangible benefits to changing in the first place.

How to Choosing a business structure

Before you embark on any structural changes, you should ask the question: is this really necessary?

Becoming a sole trader

Working as a sole trader represents the most rudimentary form of doing business. There is minimal paperwork involved, organising tax affairs is simple (at least compared to limited companies) and there are few statutory obligations to meet.

Things get slightly more complicated if you earn more than £82,000 a year, at which point you’ll need to register for, collect and pay VAT.

business world grows faster

Employing other people will also mean that you’ll need to set-up suitable payroll infrastructure and submit separate returns.

The degree of freedom attracts many to the idea of being a sole trader. You are your own boss, and you alone control the direction of the business. The downside is that you are solely responsible for your business’s liabilities; if debts remain unpaid or if you make significant losses your personal assets will be at risk.

Contact us today to talk about sole trading.

Forming a limited company

Incorporating your business is an entirely different process to setting up as a sole trader. The opportunities for tax planning are more comprehensive but administration can be complex and there are additional regulations to comply with.

A limited company is owned by its shareholders and run by its directors. Unlike sole traders, a limited company is legally separate from its owners. Directors therefore only take on limited liability, meaning that they are only liable for what they have invested in the business.

Compliance with the Companies Act can seem intimidating for those thinking about incorporating their business. After registering with Companies House your business will need to:

  • File and maintain statutory accounts
  • Pay corporation tax, PAYE and national insurance (NI) bills
  • File VAT returns if applicable
  • Comply with auditing requirements (if your business is above the small business auditing threshold).

While limited companies face the additional burden of corporation tax, various tax reliefs are able to mitigate this and extracting profits via dividends and salaries can lower exposure to income tax and NI for directors and shareholders.

Contact our team about limited companies today.

Entering a partnership

Partnerships offer an alternative for those who want to go into business with other people, but don’t want to set up a limited company.

Running the business and paying tax are responsibilities shared by partners, as are the profits. Partners pay income tax and NI on their individual shares of the profits, and each partner must send separate self-assessment tax returns.

There are 3 main types of partnership:

Business partnership

Business partnerships (also called ‘ordinary’ partnerships) are the simplest way for 2 or more people to go into business together. All partners in a business partnership are personally liable for losses incurred by the business.

Limited partnership

In a limited partnership (LP), debt liability is unequally shared among partners who fall into 1 of 2 categories: general partners and limited partners.

General partners are those with primary responsibility for managing the business and take on personal liability for all of the business’s debts.

Limited partners are only liable for their initial investment in the business.

Limited liability partnership

Limited liability partnerships (LLP) function also allows partners to assume limited liability on unpaid debts; they will not be held personally liable for the business’s debts, only for the money they have put into the business.

LLPs are more complex and cost more to set up than other types of partnership; limited liability means that you will need to maintain accounts and submit them to Companies House and a legally-binding LLP agreement will need to be drawn up by a solicitor.

There are different rules for Scottish partnerships.

Contact us for further information.

Sole trader vs partnership vs limited company

This guide has provided an introductory overview of the main differences between common business structures, and should not be the sole basis of your final decision. Your situation should be professionally assessed and proper expertise should be sought before you decide to change your business’s structure.

Contact us for further information.

How We Can Help You And Your Business – Chartered Accountants In London

It can be notoriously tricky starting up your own business and becoming one of the many self-employed individuals ready to fight their way to the top and stay afloat in today’s rough economical environment. There are many things to consider on top of keeping yourself supplied with the materials you might need, and maintaining your daily workloads evenly, mainly with managing and correctly filing your taxes, and when you’re at your busiest, it can be a real big handful finding the time to crunch your numbers. Thankfully, there is an easy solution for you out there!

Accountants in London will take care of confusing tax returns

If you need London chartered accountants for charities, for personal, or even for forensic reasons, then you’d needn’t look too far to find a place out of the many existing companies that has everything and everyone you need under one roof.

The business world grows faster, more complex, and immensely competitive with each day that goes by. With an unstable environment like that surrounding you at all sides, and at all times of the day, having a team at the ready to respond to your needs and work alongside you to help you and your business succeed at every step is going to be critical to your survival success. Reliable, approachable, and proactive, these accountants will fight to keep you on top.

With a team like that behind you who are ready and able to tackle any corporate assignment from corporate tax planning and minimization to enterprise investment schemes and from share option planning, you’ll be save and insured knowing you’ve picked the right one to help you with your finances.

Alternatively, if you prefer sorting out your own financial issues but just need some free and friendly advice on how to perform a certain task in the correct manner, the world wide web will be a god send for you. Just like everything else you could search for, tap in what sort of advice you’re looking for and you’ll have hundreds of pages of up to date information and advice provided by those companies to help yourself develop on your current finance plans.

It’s as simple as that! So if you’re a business owner who needs the help of professional accountants in London who provide quick, effective solutions to help you business move forward, get on the horn to them now, they’re always just a stones throw away.

Originally published at:

Property Accountants London |The Personal Approach

Best accountants in London

Tax planning is something many people need to think about now, not just the extremely wealthy. Chartered accountants London will maintain your finances and help you to make money, rather than just save it.
Accountants Quality London

You want an accountant London who has the latest technology, offers the highest professional advice, and has an advisory team that is personal and approachable. They will help you with a financial plan for personal and family wealth building and management,taking the stress of finance away so you can get on with life and enjoy your money.

Between government tax reforms and new regulations there’s just too much for the average person to keep track of. Accountants stay up to speed with all the changes in the legal and financial world to ensure your affairs are always in the best condition. Better still, they’ll know how to make smart tax investments to boost your wealth – particularly while rates are so low for savers.

Accountants in London will take care of confusing tax returns

Accountants will complete all the detail work for you, even down to your self-assessment if that’s giving you a headache. Accountants in London will take care of confusing tax returns and will deal with the Inland Revenue/HMRCon your behalf, so you will have nothing to worry about. An added bonus of getting the pros in is that they will find ways to minimize your tax liability.

Property accountants London are skilled at achieving efficient tax situations for rental income and property investment. They can also help you deal with capital gains tax. The best firms to choose are those with experience in UK resident and non UK domiciled taxpayers. They can advise on how regulations and law changes affect different situations.
comfortable retirement a chartered accountant
As you plan for a comfortable retirement a chartered accountant will give you advice on writing or updating your will, helping you with estate planning and probate. They can set up trusts to protect your beneficiaries from a nasty sting from inheritance tax liabilities, and when the time comes they can act as trustees or executors to ensure your family is taken care of.

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