Financial advisers will be keen to update their clients this week, in light of UK Chancellor Philip Hammond’s 2018 Budget released on October 29th 2018.
Wouldn’t it be useful, however, if you had a video to share with your clients – one which explained clearly, and concisely, how it affects them?
The great news is, here at CreativeAdviser we have created such a video for you. It is completely free, and easy to use. All you need to do is embed the video on your website (e.g. on a blog post), and then point your clients towards that page (e.g. by letting them know via your social media and/or newsletter).
To embed the video, simply copy the embed code below:
Paste the code onto your blog post and preview it to make sure it work. Publish your post when you are ready, and share it with your clients!
How the Video Helps IFA Clients
Many IFA clients are busy people who just want to know if, and how, the 2018 Budget affects them. Our video achieves this by summarising the following key points in under a minute:
#1 Income Tax
Our video explains clearly to IFA clients that:
- The Personal Allowance will rise to £12,500 in April 2019 (a year early).
- The threshold for paying the higher rate of tax will rise from £46,350 to £50,000 in April 2019.
- These two rates will rise with inflation thereafter.
- The National Living Wage will go up from from £7.83 to £8.21 in April 2019.
IFAs who advise on estate planning and mortgages will be pleased to know the video also mentions:
- The Help To Buy scheme will be scrapped by 2023 – two years after its initially scheduled end. From 2021-23, only first-time buyers will be able to access the scheme.
- First time buyers will be eligible to relief from Stamp Duty, provided the home is shared ownership and that the property is valued under £500,000.
#3 Pensions & Welfare
No budget video for financial advisers would be complete without mentioning this important topic:
- Under universal credit, work allowance will be increased to £1,000 a year.
- The pension Lifetime Allowance, as planned, will increase to £1.055m (in line with CPI for 2019/20).
Important changes your clients might be interested to know about are touched on too:
- Small companies will no longer be required to contribute 10% towards apprenticeship levy. Rather, they will be required to contribute 5%.
- For two years, the annual investment allowance will be increased to £1m (up from £200,000).
- PFI contracts (private finance initiatives) are set to be scrapped down the line.
- Entrepreneurs will see an increased minimum qualifying period for entrepreneurs relief, up from 12 months to 2 years.