Carl Lamb, managing director of Almary Green Picture: Almary Green Archant Financial advisory firm Almary Green explains when and why some pensions are taxable. Q: I’m due to retire early next year and should get a full state pension as I’ve been working all my life. I’ve been working for the local district council for about 25 years so will get a decent pension from their pension fund too. I thought that when I retire I won’t have to pay tax but a friend who has retired recently tells me she is paying tax on her pension. Is that right?A: Yes, that’s correct. When you reach state retirement age, you stop paying National Insurance even if you are still working (unless you are self-employed paying Class 4 contributions) but you will pay income tax if your income is more than your Personal Allowance.The Personal Allowance for this tax year (April 6 2018 to April 5 2019) is £11,850 (provided you earn no more than £100,000 in the tax year), so any … [Read more...] about Ask the Expert: Will I have to pay tax on my pension?
Carl Lamb, managing director of Almary Green Picture: Almary Green Archant Our reader this week wants to know whether an over-50s plan is the best way to save for a funeral. Carl Lamb of Almary Green responds. I know it sounds morbid but I’ve been thinking lately that I should make some provision to pay for my funeral when I die – even though I’m pretty healthy. I’m aged 69 and I don’t have much saved up but what I have is sitting on deposit in my building society getting very little interest. I have seen advertising for an over 50s plan that would pay out when I die – is that worth doing? Response from Carl Lamb of Almary Green There are a range of different plans and schemes that aim to help pay funeral costs but very few of them will deliver inflation-beating returns and those people who enjoy a long life may well end up paying in more than they get back. They also require you to continue paying in without fail until either you die or you … [Read more...] about Ask the Expert: How should I save for my funeral?
Carl Lamb, managing director of Almary Green Picture: Almary Green Archant It’s going to cost around £1,000 for some basic financial advice - why do I need to pay it? Carl Lamb of Almary Green explains all. I recently contacted a financial adviser for some advice about opening a personal pension. I just wanted to quickly put some money to one side as I’d been given £5,000 by my parents, but the financial adviser wouldn’t just do that, he wanted to go through my whole finances, which was going to cost me about £1,000 in fees. Can you suggest what I should do please? Response from Carl Lamb of Almary Green The first thing to say is that the financial adviser you approached is obliged to look at your entire financial circumstances before making any kind of recommendation – and most firms will indeed charge a minimum fee to cover the cost of this, irrespective of your wealth or the amount you want to invest. We have a duty – as regulated … [Read more...] about Ask the Expert: Do I really need to pay £1,000 for financial advice?
Opinion Carl Lamb, managing director of Almary Green Picture: Almary Green Archant Carl Lamb of Almary Green responds to our reader’s request for advice. I put as much as possible into ISAs each year to help me save for the more expensive things like holidays and cars. I’ve already put £20,000 in for this tax year as I inherited some money from my grandparents. I need to spend about £6,000 in August for a holiday with my family so will take it out of my ISA but am expecting to get a bonus from work of about £3,000 in September. Am I right in thinking I can now put this into my ISA, even though I’ve already put £20,000 in this year? Response from Carl Lamb of Almary Green Yes, you are right, in theory: since April 2016, the rules have allowed you to invest up to the total allowance in your ISA, take money out during the tax year and then top the ISA up again later – but only if it is in the same tax year. So if you make a withdrawal in … [Read more...] about Ask the Expert: Am I allowed to top up my ISA after a withdrawal?
PUBLISHED: 08:08 12 May 2018 | UPDATED: 08:08 12 May 2018 Charlie Coe (L to R) Brenda Gostling, Author; Jonathan Nice, Educator Solutions; Carl Lamb, Almary Green; Mik Richardson, Artist. Bigphatphotos A Norwich author is donating a copy of her new ‘hare-brained’ children’s book to every infant, primary and junior school in the county. Three hundred and fifty-five copies of Sister Poppy at the Front by Brenda Gostling, which launched yesterday at the Forum in Norwich, will be distributed to the school thanks to sponsor Almary Green - a Norwich-based financial advisers firm. Almary Green’s Carl Lamb presented a ceremonial copy of her book to Jonathan Nice, from Educator Solutions at Norfolk County Council, at the launch of the book in the Forum’s Millennium Library. The book covers a day in the life of Sister Poppy, a hare who is a nurse on the front line during the First World War. Much of the narrative in Sister Poppy at the Front is based on … [Read more...] about Hoppy day as hare book gets set to hit the county’s schools