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Financial Madness
United Kingdom
Приєднався 17 лип 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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Instagram: @financialmadness
TikTok: @financialmadness
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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
Переглядів: 2 016
Відео
How To Access Your Pension Now!
Переглядів 1,4 тис.7 місяців тому
How To Access Your Pension Now! So first up let's discuss the 3 most common types of Pensions, what they are, and when you can access them. Then we will move on to, how to access each of them, and key things to consider. So the first type of Pension is called the Defined Contribution Pension (DC) which is what the majority of us will have. They are common in workplace pensions and private perso...
NHS Pension - Ill Health Retirement Explained
Переглядів 2,7 тис.8 місяців тому
NHS Pension - Ill Health Retirement Explained Ill Health Retirement is an aspect of the NHS Pension Scheme designed to allow members to retire and receive pension benefits before reaching their normal retirement age if their health prevents them from continuing to work. The Normal Pension Age is the earliest age you can access your NHS pension without penalty and this age differs depending on t...
Self-Assessment Tax Returns - 5 Things I Learnt Doing It Myself
Переглядів 4608 місяців тому
Self-Assessment Tax Returns - 5 Things I Learnt Doing It Myself I recently filled in my tax returns for the very first time. In this video, I will share the 5 things I learned while doing my self-assessment tax returns! I'll be covering how claiming expenses work, using the Rent-a-Room and Property Allowances in conjunction with one another (Rent a Room and Property Allowance together), and ano...
ISA's Changes Are Coming (Rumoured) | ISA Explained
Переглядів 2,5 тис.11 місяців тому
🔹Download Plum Today: prf.hn/click/camref:1011lM7rL ISA's Changes Are Coming (Rumour) | ISA Explained Following rumours that ISAs are due to get a major shake-up in the upcoming Autumn Statement, I thought now would be a good time to revisit the classic Individual Savings Account to understand how they work, and if it's worth it and what are the expected changes to come this year. We recap: - C...
How Tax Free Lump Sum Cash Works UK | Pensions
Переглядів 7 тис.11 місяців тому
How Tax-Free Cash Lump Sum Works UK | Pensions | 25% Tax Free We focus on Pensions and, more specifically, the best strategy to get a Tax-Free Lump Sum from your Pension when you reach retirement. Most of us will have a Private Pension, these are the pensions that are separate from your State Pension. Most private pensions will come in the form of your workplace pension that you are automatical...
NHS Pension - Total Rewards Statement Explained (Walkthrough)
Переглядів 20 тис.Рік тому
NHS Pension - Total Rewards Statement Explained (Walkthrough) In this video we look to understand how to access and use your NHS Pensions, Total Rewards Statement (TRS) which can be viewed via the Total Rewards Statement Portal. The Total Rewards Statement is an annual statement that outlines all your benefits and key information for anyone enrolled in the NHS Pension scheme. In this video, I w...
Drawdown vs Annuities | Pensions UK | Which Is Better?
Переглядів 6 тис.Рік тому
Drawdown vs Annuities | Pensions UK | Which Is Better? When it comes to retirement and that is what are your options to take money from your Pension. Specifically, we will be looking at Drawdowns and Annuities and how they can be used to fund your retirement years. Drawdowns are typically the more flexible of the two options when it comes to accessing your Private Pension. It is a method to tak...
NHS Pensions | How to Claim? | Ill Health, Active & Deferred Members
Переглядів 5 тис.Рік тому
NHS Pensions | How to Claim? | Ill Health, Active & Deferred Members This video examines how you can claim your NHS Pension when approaching retirement. Focusing on how to claim your NHS Pension if you are an Active Member. How to claim your NHS Pension if you are a Deferred Member And How to claim your NHS Pension early due to ill health In the NHS the age at which you can claim your NHS Pensi...
Up to £300k Tax Relief Saving | EIS Explained
Переглядів 1,8 тис.Рік тому
Tax Relief Investing | EIS Explained Today we will discuss the second of two investment products that can be used to reduce your tax liability. The second one today is called Enterprise Investment Schemes (EIS). So what are Enterprise Investment Schemes (EIS)? The purpose of these is actually quite similar to the Venture Capital Trusts (VCTs) we spoke of last week, in that it is a government in...
Tax Relief Investing | VCTs Explained
Переглядів 1,3 тис.Рік тому
Tax Relief Investing | VCTs Explained Today we will discuss one of two investment products that can be used to reduce your tax liability. The first one today is called Venture Capital Trusts (VCTs). Venture Capital Trusts (or VCTs) were introduced in the UK in 1995, and they were designed to help small businesses and start-ups get investments from investors. As investing in Start-Ups and Small ...
Police Pension Explained | 2015 Scheme
Переглядів 4,2 тис.Рік тому
Police Pension Explained | 2015 Scheme In the UK, police pensions are governed by a complex set of regulations that can be confusing to navigate. But understanding how police pensions work is crucial for both serving officers and those who have retired or are planning to retire from the police service. In this video, we will provide an overview of police pensions in the UK, including the differ...
Tax Changes Explained UK 2023/2024 | BE PREPARED!
Переглядів 4,3 тис.Рік тому
Tax Changes Explained UK 2023/2024 | BE PREPARED! As we approach the new tax year (6th April), it's important to be aware of the changes that will be coming into effect. This year has been a particularly turbulent time for the UK government, with numerous tax changes and U-turns leading to confusion about what taxes are changing and what is staying the same. In this video, we clear everything u...
Lowering Your Debt: Tips For Making Repayment More Affordable
Переглядів 211Рік тому
Lowering Your Debt: Tips For Making Repayment More Affordable In this video, we'll be discussing practical strategies for lowering your debt and making repayment more affordable. From consolidating your loans to negotiating with creditors, we'll explore the different options available to you and help you create a plan of action to tackle your debt head-on. Whether you're struggling with credit ...
3 Debt Free Methods in 2023 | Free Debt Calculator Tracker
Переглядів 217Рік тому
Debt-Free Methods in 2023 | How to Get Out of Debt If you are in debt and not sure how best to tackle the issue. Then stick around because that's what we will be going through in today's video. 🔹 Debt & Budget Spreadsheet: docs.google.com/spreadsheets/d/16BGBT3FfQeRmYAkxh6U_50x79QR9527ngzCrfmRzmJ0/edit?usp=sharing - Debt-Free Calculator - Understand Your Debt - Avalanche Method - Snowball Metho...
10 Financial Mistakes NOT TO DO In 2023
Переглядів 1,9 тис.Рік тому
10 Financial Mistakes NOT TO DO In 2023
Pay Off Your Mortgage 2023 | Invest and Save or Pay Off Your Mortgage?
Переглядів 1,8 тис.Рік тому
Pay Off Your Mortgage 2023 | Invest and Save or Pay Off Your Mortgage?
How To Prepare Your Investment For Recession 2023 | 5 Tips
Переглядів 559Рік тому
How To Prepare Your Investment For Recession 2023 | 5 Tips
Best UK Savings Account (December 2022) | Regular Saver at 7% Interest
Переглядів 1,4 тис.Рік тому
Best UK Savings Account (December 2022) | Regular Saver at 7% Interest
Increase Take Home Pay | Salary Sacrifice Explained (Scotland)
Переглядів 790Рік тому
Increase Take Home Pay | Salary Sacrifice Explained (Scotland)
What Happens When Pensions Go Bust! | Pension System Collapse UK
Переглядів 1,3 тис.2 роки тому
What Happens When Pensions Go Bust! | Pension System Collapse UK
Second Income Tax Explained UK (Side Hustle) | Trading & Property Allowance Explained
Переглядів 2 тис.2 роки тому
Second Income Tax Explained UK (Side Hustle) | Trading & Property Allowance Explained
Remortgaging Explained UK | Tips and How to Remortgage | Pros vs Cons
Переглядів 1,6 тис.2 роки тому
Remortgaging Explained UK | Tips and How to Remortgage | Pros vs Cons
Leaseholder Reform Explained 2022 | Ground Rent & Marriage Value GONE!
Переглядів 2 тис.2 роки тому
Leaseholder Reform Explained 2022 | Ground Rent & Marriage Value GONE!
How To Calculate Intrinsic Value (With Example) | Value Investing
Переглядів 5122 роки тому
How To Calculate Intrinsic Value (With Example) | Value Investing
Buying a Property with No Mortgage! | WAYHOME Gradual Ownership Scheme
Переглядів 3,4 тис.2 роки тому
Buying a Property with No Mortgage! | WAYHOME Gradual Ownership Scheme
How to Pick Stocks UK | Value Investing Explained | The Dhandho Investor
Переглядів 1852 роки тому
How to Pick Stocks UK | Value Investing Explained | The Dhandho Investor
How To Protect Family Assets | Trusts Explained UK
Переглядів 41 тис.2 роки тому
How To Protect Family Assets | Trusts Explained UK
Energy Bill Support Scheme Explained | £400 for All Households PLUS MORE for Vulnerable Groups
Переглядів 3,3 тис.2 роки тому
Energy Bill Support Scheme Explained | £400 for All Households PLUS MORE for Vulnerable Groups
Should You Get Life Insurance UK | Life Insurance & Life Assurance
Переглядів 7 тис.2 роки тому
Should You Get Life Insurance UK | Life Insurance & Life Assurance
clear as mud
I did it all myself last year following UA-cam video tutorials lol. Who needs to pay these days when the info is free
I have a question for my daughter. She has just started as an F1doctor in Wales. I have rouned her salary to £30,000. So for the first two years she will pay a pension contributions at 8.3%. So 30000x 0.083x 2 =4980. If she invests this at 5% for 44 years (age 68 minus aged24=44 years), this comes to £42,614.61. Her salary gives her a pension of approx £ This is calculated Year 1 30000/54=£555 Revaluation at the end of year one of 555x 5% = 27.75. Year 2 2% salary increase so based on £30600. (30600/54=566) Pension for these two years is 555+27.75+566.66=1149.41 So am I correct to compare a pension at 68 for life of £1149.41 with a lump sum of £42614.41 at the age of 68? Any comments would be helpful
Thank you for making sense of this headache for me :)
❤❤❤❤❤❤❤
Increasing tax rates are the reason I rolled over my 401k to a Roth. I don’t want to be 59 paying taxes on current income on withdrawals made from my retirement account.
Pre-tax contributions may help reduce income taxes in your pre-retirement years while after-tax contributions may help reduce your income tax burden during retirement. Both have their perks but you can also save for retirement outside of a retirement plan, such as in an individual investment account or employing the services of a retirement planner/investment advisor.
I completely agree; I am in my mid 40s, approaching retirement, and have approximately over 2million dollars in external retirement funds. I am debt free and have very little money in retirement funds compared to the total value of my portfolio over the past three years. To be honest, the Fin-advisor can only be neglected, not rejected. Just do your due diligence to identify a fiduciary one.
@@hasede-lg9hj This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Finding financial advisors like Annette Marie Holt who can assist you on things like investing, insurance, making sure retirement is well funded, going over tax benefits, ways to have a volatility buffer for investment risk would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.
Audrey Place
Verna Rest
How much cash can I gift to my daughter every year without tax
Any particular difference with scenario 1 and 2 on the spreadsheet, as I'm entering the same salary and it's giving me 2 differents number for pension contributions and take home pay. thanks!
Have you ever modelled salary sacrifice schemes effect on the NHS pension as its very common? Wondering about how to compare jam now with tax savings on car leasing vs jam tomorrow with pension losses
Great video! Cheers mate. This helped me a lot. Very straight forward.
Could I ask about those who have AVC contribution and whether or not they should take the money or leave it. Also what about the buy out clause and faster accruals?
Thank you for the clear and detailed explanation. Loved the mathematic breakdown
After a hard day searching for this info I found this excellent video - thank you soooooo much, perfect!
Hi I have just received my Pension Calculation, I have opted for partial retirement, my final salary is 24,417.00, I have been told my maximum lump sum is £27440.00 and my standard benefits are 13,058.00 - I do not feel this is correct
I left UK in june, how can I get my PAYE tax back ?
if you made 10 years contributions you qualify for a percentage of a pension when you are old enough
Can you please explain how it's a REMEDY please? The 1987 Police pension accrues at 1/60th for the first 20 years and then 2/60th for the last 10 years. The 2015 accrues at 1/55.3 through your career average. So anyone (like me) who has 20+ years in 2022 afyer the Legacy Remedy period will miss out significantly. Or am I missing something? Not to mention the Pension Trap and losses to be sustained due to this?!!! Appreciate any help or advice you can offer 😊
ok so, the max we can put in to your pension fund this year is 60K so is that 60K out of your own money (contributions) or your own money plus what your company puts in as well? so say if I put in 10K my company puts in 5K that would leave an extra 45K I can put in? thank you,
you only put in 80% of the £60K
Thanks for the video, extremely helpful. Just wondering how the calculations would be affected if one was to leave policing early. For example, after 10 years. Would we just input the annual pension entitlement from year 10 in to year 11 and just add the pension revalutaed figure only from year 11 till the age of 60?
I worked in the nhs and came out at 60yrs old. As mentioned in my previous comment, I am hoping it is all safely held for me. You mentioned you should get a yearly statement? I have never once had statement come to me unless I chase one up..by post, it eventually comes. Am I missing something, are they sent out automatically? Maybe it’s because I left the nhs. I am almost64. Thank you
Thank you, for so much help. My little brain holds a certain amount, then, I lose my concentration. Kind of why I left the nhs..burn out! Question, if possible please respond, I left nhs when I was 60, I am coming up to 64, I have some in the 2008 and some in 2015. I am assuming it is all just frozen and held for me..safely! I will take the 2008 at 65 and 2015 at 66yrs 6 months, my state pension age. Is any of it going up in value anywhere..whilst it’s being held for me?! Or did it all literally just freeze. Thank you.
Thanks for such as clear explainer. Just to clarify, for method A where you can expenses include the entire portion of utility bills and council tax? and would it include things like a new kettle or washing machine. I understand that we can also use this for air bnb - so temporary lodgers?
Time to start considering putting our money into offshore accounts just like what some MPs and members of the House of Lords are already doing with the Labour Party going all out to screw over British subjects whilst they have shelved their idea of going after the non-doms because if they did all would go to live in any of the other many houses that they have in other countries
Another great video thanks , what a shame the nhs pension advisors for the ambulance service don’t know or won’t give this information to their employees
I would have liked to see more detail on how to claim the EIS relief on a self assessment tax form
Lavern Wells
Hi. I have an nhs pension but for less than 2 years and i want to transfer it to hscni which is basically the nhs of northern ireland. What would be the difference in me claiming a refund vs transferring.
Hi Financial Madness, I have a few questions concerning ERRBO and additional pension payments. If I were to do the ERRBO to 65 for retirement, are the full additional pension payments included in that? Can you reduce your hours to part time say at aged 62 and still receive full pension when I reach 65 with the full additional payments? If I were to just opt for additional payments, how much should I purchase? Thanks and great vid.
i dont have access to mynhs pension portal login. i am a defered member in Pakistan. do i have to gain access to the online portal first or can i just fill the AW8P form and send it?
This predates the mcloud judgement?
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?
I had the same question. Would seem wrong if it were the case!
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