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Financial Madness
United Kingdom
Registrace 17. 07. 2019
Venture through the MADNESS that is the "Personal Finance" world, with Kozan :). In engaging and somewhat entertaining videos (I hope) I explain to you the key fundamentals you need to know when starting your personal finance journey.
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New UK ISA Explained | British ISA
New UK ISA Explained | British ISA
In this week's Government Spring Budget, Jeremy Hunt, our chancellor of the exchequer announced plans for a new "UK ISA / British ISA". Let's go through all the things you need to know.
The UK ISA / British ISA focuses on investing in UK businesses and will soon be made available to UK investors. This came as one of many announcements in the 2024 Spring Budget, which occurred this Wednesday just past.
As a quick summary an ISA or Individual Savings Account, are a type of account available in the UK that allows individuals to save or invest their money. Why these accounts are so popular? That's because the main benefit of an ISA is that you don't have to pay any tax on any of the interest, dividend or capital gains you earn.
Now there are several types of ISAs within the ISA family and they include
- Cash ISAs
- Stock & Shares ISAs
- Innovative Finance ISA
- Lifetime ISA
- Junior ISAs
and now, they have one more added to the list: the UK ISA.
Chapter Information (New UK ISA Explained | British ISA):
0:00 Introduction
0:26 ISAs Recap
1:30 UK ISA (British ISA)
🔹 UK ISA Consultation Papers: www.gov.uk/government/consultations/uk-isa-consultation#:~:text=At%20Spring%20Budget%202024%2C%20the,UK%2C%20while%20supporting%20UK%20companies.
🔹FTSE Growth: www.bloomberg.com/news/newsletters/2023-12-05/uk-stocks-ftse-100-index-had-a-truly-woeful-year?embedded-checkout=true
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.
#ISA #BritishISA #UKISA
In this week's Government Spring Budget, Jeremy Hunt, our chancellor of the exchequer announced plans for a new "UK ISA / British ISA". Let's go through all the things you need to know.
The UK ISA / British ISA focuses on investing in UK businesses and will soon be made available to UK investors. This came as one of many announcements in the 2024 Spring Budget, which occurred this Wednesday just past.
As a quick summary an ISA or Individual Savings Account, are a type of account available in the UK that allows individuals to save or invest their money. Why these accounts are so popular? That's because the main benefit of an ISA is that you don't have to pay any tax on any of the interest, dividend or capital gains you earn.
Now there are several types of ISAs within the ISA family and they include
- Cash ISAs
- Stock & Shares ISAs
- Innovative Finance ISA
- Lifetime ISA
- Junior ISAs
and now, they have one more added to the list: the UK ISA.
Chapter Information (New UK ISA Explained | British ISA):
0:00 Introduction
0:26 ISAs Recap
1:30 UK ISA (British ISA)
🔹 UK ISA Consultation Papers: www.gov.uk/government/consultations/uk-isa-consultation#:~:text=At%20Spring%20Budget%202024%2C%20the,UK%2C%20while%20supporting%20UK%20companies.
🔹FTSE Growth: www.bloomberg.com/news/newsletters/2023-12-05/uk-stocks-ftse-100-index-had-a-truly-woeful-year?embedded-checkout=true
DISCLAIMER: Any advice or statements perceived to be advice given in this video and any other videos on my channel are for information purposes only, and does not act as financial advice.
You are fully responsible for your financial decisions. If you are in need of any Financial Advice, please seek out a professional advisor. If you are unsure of how to do this, please feel free to reach out to me and I am more than happy to guide you.
#ISA #BritishISA #UKISA
zhlédnutí: 1 913
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Up to £300k Tax Relief Saving | EIS Explained
zhlédnutí 1,5KPřed rokem
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zhlédnutí 1,2KPřed rokem
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Police Pension Explained | 2015 Scheme
zhlédnutí 3,6KPřed rokem
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Really useful
Had no idea about this. Very talented teacher. Thanks.
So nice to have a normal person explain financial jargon
Like 😊
Very clear intro thanks
Hi is it worth securing a whole life cover now while im 24m to lock in really cheap premium rates?
Amazing video! Explained thoroughly from the basics all the way to the details.
Excellent, thank you!
I don't want to know how to calculate it if I have your spread sheet. I want to know how to calculate it because i have the formula.
This is a very useful video and clear. Thank you.
You should really have clarified this doesn't apply to Scotland.
Very informative
Thank you. Your video was very helpful and very well presented!
What will happen if I resign for studies and rejoin nhs after 2 year??
Hi I am due to retire at the end of October 2024 from The Met.I have been offered a civil service job, do I need to be retired for a month before starting my new role due to pension rules.I have been told two different things, one(1) no because the Met is a home office pension not a civil service pension and also your joining a completely different department. I would be grateful for your opinion
IF you only regain the tax by it increasing your tax bands the next year... What if you don't work the following year? - Do you lose the benefit?
In the 1990s I sold pensions on the strenght that the tax free lump sum would pay off most if not all of the mortgage and leave the investor with a pension for life. Most were over a 40 year term plus, I was not alone
The approach of selling pensions with the promise that a tax-free lump sum would pay off mortgages and provide a lifelong pension was common in the 1990s. However, many factors can affect the outcome, including changes in the housing market and interest rates. It's crucial for investors to seek personalized advice and consider diversified financial strategies to ensure long-term financial stability
it's vital for investors to seek personalized advice and adopt diversified financial strategies. Working with a knowledgeable financial adviser is crucial for achieving long-term financial stability and freedom.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation?
I've experimented with a few over the past years, but I've stuck with ‘’Angela Lynn Schilling” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Wow, her track record looks really good from what I found online. I'll take a chance and see how it goes. Thanks for the info
Age of 65-68 for Paramedics is nuts!
Great video
Very well explained ...as a firefighter who retired in Jan 2020 with tapered protection until 2017 I've yet to be offered an opportunity to take those 3 years as legacy scheme.... Nearly five years ago!
Good video but minor point is that it is beneficiary not beneficirary.
What happens if I ask the lodger to leave?
Asking the lodger to leave will terminate your agreement. And thus no further rental income will come in. Not sure if this was the answer you were looking for. Please let me know if I have misunderstood your question thanks.
I’m in 1995 scheme that stopped when I left nhs I was then again enrolled October 2023 until I opted out in June 2024 can I get a refund on my 1995 scheme because there 20 years apart and I never wanted them
If you have less than 2 qualifying years within the 1995 Scheme then you may be eligible. Please find the full guide here www.nhsbsa.nhs.uk/sites/default/files/2017-03/Members%20Refunds%20Factsheet%20V5%2002.2017.pdf
To claim the 30% tax relief, is this 3 years after holding the shares or can I claim the relief straight away?
You are taxed to death and ripped off for everything in the 'YUK'. We pay peanuts in Cyprus !
if i work for 5 years in nhs am eligible to get pension? can i retire early at 57 and my current age 51 and the early retirement how much amount is reduced
Thank you
You're welcome
Thank you for making a clear and precise video.
Glad it was helpful!
What are the drawbacks in taking my 1995 now at 52 and returning part time still paying into the 2015 pension? . I think my lump sum would be £ 8000k less and monthly pension around £150 less abut I am getting it 8 years earlier and for longer ( hopefully). I don't understand pensions at all am I am being optimistic?
just one question when calculating your pension contributions do you also take into consideration your employers contributions also ? TIA
No
if NPA is 68 can you retire at 50 and get annual pension from then on?
Really helpful, thank you. One question I do have, however, is can you only claim the higher tax relief on your personal contributions and not your employee contributions too? Or can you claim on both? E.g. if I contribute 8% and my employer contributes 3%, can I claim on 11%?
Thank you. I have really understood more from this video. One question? Are we able to nominate a beneficiary of a will to the pension pot amount when a pensioner dies?
So I can’t take the full 25% lump sum and leave the rest uncrystalised? Think I’ve understood that correctly.
Correct
Correct but as life time allowance removed crystallisation not really a thing to worry about.
How do conditions change if I were to create a trust as a uk resident but then later in life move abroad and become a resident of another country
Hi. Thanks for the video. Two questions: you mentioned you’d post a list of different kinds of Trusts. Where can I find these? And my second question is: if one wanted to put one’s own house into a Trust so that it could be sold and not have to wait for probate, what kind of Trust would that be?
Could you do a video for people with a side hustle? So you are paye (40% tax bracket) and make like 5k in side hustle. How can i put 5k into my pension without a tax bill or at least reduced
Thanks. I have taken a small hiatus from CZcams. But I am working on my return. Will add this to my list. I love this topic!
I was thinking of claiming my 2015 pension in 2 years time when im 60. What is the penalty? I was told i could only have 70% of.my pension. Is that true? Many thanks for soing the videos on nhs pensions 😊
They document the penalty charges on this pdf (pasted below). What you have been told is correct? Assuming your NPA is 68, that means you are claiming it at 60 is 8years earlier. According to the fact sheet that's a charge of 34%. So that means you will only retain 66% of your pension.
Very good - thank you.
Thank you. I am glad you found it helpful.
in the TPS, it is possible to enhance the pension with a faster accrual rate, say 1/45th rather than 1/57th. Also, it is possible to buy extra benefit in £250 chunks. A question, if I am asked to pay, say £4,000 to buy £250pa better retirement penaion, then how much of my Annual Allowance, if anything is used up?
V informative, so thumbs up.
Glad you liked it!!
Everyone should not believe in a state pension just scrap it entirely but give everyone under 28 £4k into the Nasdaq-100/SNP-500
How do I find out the value before applying to buy?
Was the first method flexible drawdown ans the second UFPLS?
How do I claim tax relief of I am employed with a salary as I do not do tax returns?
As a higher rate taxpayer should i do salary sacrifice or make personal pension contributions, or do they have the same net impact
Tlove your videos, have leant so much from all those advises. Thank you! I wonder if you could you make a video about how to protect your asset and your company after the dead of sole director shareholder, who would be in charge and running the company, what happens to those investments in that company and what to do now to avoid the disaster whicj will end up of loosing everything? I think it's of the most important matters that not many CZcamsr investers mentioned it on here. Thank you.
Was a no brainer to like. Thank you
I am glad you thought so :)
could you explain the investment bit ,, would be helpful
Would it be possible to provide an example letter for hmrc please?