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Feb 262016
 

Proud Chairman of Greater Haywards Heath Bike Ride, Mike Oliver presented McKinley T34 medical syringe pumps to St Catherine’s Hospice from monies raised.

St Catherine’s Hospice is a charity dedicated to providing specialist end of life care and support to local people, their families, friends and carers in Mid Sussex and East Surrey. We believe that every day is important and that care should be personal and individual, to each patient and their families. Sadly, a patient’s diagnosis can’t be changed, but St Catherine’s Hospice work with them to manage symptoms and pain, give them their dignity and help patients to feel like themselves again. All of their care is free of charge and they can only continue this vital work through the support of organisations like the Greater Haywards Heath Bike Ride next taking place on Sunday 10th April 2016.

 

Your ISA Guide 2016/17

 

Don’t know your ISA from your NISA? Wondering what the difference is between a cash ISA and stocks and shares?

Read our beginners guide below and find the answers to your most commonly asked questions.

What is an ISA?

An ISA (Individual Savings Account) is a form of tax-free savings account designed for savers to hold cash or investments.

An ISA gives you a tax-free allowance each year. With a standard savings account, you are taxed on the interest that you earn.  With a tax-free ISA all the interest that you earn is yours to keep.

I keep seeing the term NISA?  Is this different?

ISAs have been around since 1999, but in July 2014 the government changed the rules as to how much you are entitled to save and the format in which you can invest.  These accounts are now known as New Individual Savings Accounts or NISAs, however to ease confusion we’ll still be referring to them as ISAs.

What is the 2016/17 ISA Allowance?

From 6th April 2016 the new tax year starts. The ISA allowance for the 2016/17 tax year will remain the same at £15,240.

The options for how to use your allowance are:

  • Save up to the allowance in a Cash ISA (you may only save into one Cash ISA however with NatWest you can also split the amount between a Cash ISA and Help to Buy: ISA)
  • Invest up to this amount in a Stocks & Shares ISA
  • Invest up to this amount in an Innovative Finance ISA (a new type of ISA for peer to peer lending)
  • Split your allowance between a Cash ISA, Stocks & Shares ISA and a Innovative Finance ISA (For example: Pay £10,000 into a Cash ISA and £5,240 into a Stocks & Shares ISA)

Are there different types of ISA?

Cash ISAs: A cash ISA is similar to a standard bank or building society savings account, the difference being that it enables you to earn interest tax-free.

There are various different types of cash ISA available, including instant access accounts and fixed-rate accounts.

Stocks and shares ISAs: This type of ISA can hold a range of funds, individual shares, government bonds and corporate bonds.  As with any stocks and shares investment this carries an element of risk and returns aren’t guaranteed – there is even a chance that you may lose money.  However, statistically, you are likely to achieve a higher return on your investment in the long-term as opposed to saving in a cash ISA.

You can use your allowance however you please – you could choose to invest the full amount in a stocks and shares ISA or place it all in a cash ISA.  Alternatively you can split your allowance between the two, it’s completely up to you.

Who is eligible for an ISA?

Anyone who is resident in the UK for tax purposes is entitled to hold an ISA.  You must be 16 or over to hold a cash ISA and aged 18 or over to invest in a stocks and shares ISA.

As the name suggests an ISA is for individual savers only, you cannot hold an account jointly with another person, or on behalf of someone else.

How much will an ISA cost me?

You don’t need to pay anything to open a cash ISA – although some accounts may expect a minimum deposit.  The most important thing is to find an ISA with a competitive rate of interest to give you the best return on your money.

With a stocks and shares ISAs you’ll likely incur a set up fee (usually a flat-rate) and often an annual charge (usually a percentage of your current investment).  You’ll also face charges for buying and selling funds so it’s important to look for a low charge if you are going to be actively trading funds.

How do I open an ISA?

ISAs are available from a range of providers including banks, building societies, credit unions, friendly societies and stock brokers.   Some accounts can be opened in person, others operate online only.

Use a comparison site to view the different types of ISA available from a range of providers.

Can I withdraw money from an ISA?

ISAs work best for savings over the long-term because of the compound interest i.e. earning interest on the interest, so if you can avoid making withdrawals this will help you to make the most of your money.

Some Cash ISAs will allow you to lock your money in for a certain period of time – and often these will give you a better rate of interest than easy-access accounts.  These are designed to avoid temptation as if you do make a withdrawal you are likely to face a penalty charge for doing so, and may lose out on any bonuses that the account offers.

However if you are using your ISA as a rainy day fund, there are going to be times when you need access to your money at short notice.  Look for an account that gives you the flexibility to do so without incurring penalty charges, the only downside being is that the rate of interest you receive may not be so good.

I already have an ISA but my rate has dropped. Can I transfer to another ISA?

Yes, you can transfer money in your ISA to another provider at any time but you should always check with your current provider that there aren’t any restrictions in doing so (i.e a charge).

In order to move your ISA whilst still enjoying your full tax-free allowance, you’ll need to fill in an ISA transfer form – your new provider will be able to provide this for you.

Is there an ISA for children?

Yes, there is. In 2011 the government introduced Junior ISAs to replace the now defunct Child Trust Fund.   The tax-free allowance in 2015/16 will be £4,080.

Any child under the age of 18 is entitled to hold a Junior ISA.  Parents or guardians can open the account and make regular deposits, however the money belongs to the child and therefore parents can’t make any withdrawals.  Children can take control of the account when they reach the age of 16, although they cannot withdraw any funds until they are 18.

Selling your annuity

 

Chancellor George Osborne took the opportunity during his recent Budget announcements to unveil yet more pension freedoms, the majority of these due to take effect from April 2015.  From April 2016, the Government will allow individuals who are already in receipt of an income from an annuity to potentially trade this in for cash or to move into a more flexible income drawdown arrangement. For clarity, annuities are a form of insurance or investment allowing the payment of an income to an individual typically for the rest of their life and have previously been very inflexible.

Mr Osborne is quoted as saying that “people should have freedom to choose how they use their savings – we will give five million people access to their annuities”. The Financial Conduct Authority will be tasked with creating a regulated secondary market with further details of how this will work to be announced in due course.

This will be a very specialist area involving the giving-up of an income entitlement for a cash sum and therefore anyone considering the sale of their annuity should seek independent financial advice from a suitably qualified advisor. If you would like to discuss this in more detail, please do not hesitate to contact Mike Oliver.

Welcome To:

 

home commercial mortgages pensions protection savings & investments wills & estate planning about us contact us Equity Release Long Term Care & Asset Protection

What You Need To Know

 

what-you-need-to-know

 

The Financial Conduct Authority FCA 11 Principles of Business fashion the code of conduct for our industry.   If we advise you on your assets then we assume a joint responsibility with you to safeguard them in any eventuality. Under Principle 10, as Financial Advisers, we are morally and legally obliged to protect the assets of our clients.

As Financial Advisers we maintain the highest standards of ethics.  To that end we have devoted our time and efforts to producing a charging structure that is fair across all our business areas. We are pleased to support FCA Principle 6, ‘Treating Customers Fairly’.

 

 

 

Your Appointment

 

Tell us about your plans and dreams and we’ll work withchrysalis you to try and turn them into reality

 

What to bring with you

We have created this checklist to give you an idea of what information we will need to help you with your financial planning, and by supplying us with this information at our first meeting, we can start working on your case quickly.

  • List of goals for the financial planning exercise
  • List of specific questions that you want answered

ID/Residence

Proof of name – Current Passport or Drivers Licence

Proof of address – Utility Bill/Bank Statement – dated within the last 2 months showing name and current address

Possible Documentation Requirements:

  • Current Will and Trust documents
  • Buildings and Contents – policy and schedule
  • Life & Critical Illness – policy and schedule
  • Pension policy information
  • Investment information

Information required for Mortgages:

If Employed

Latest 3 months payslips

Latest P60

Latest 3 months bank statements showing salary being credited. Statements must include the bank’s name together with the applicant’s account number and name.

 If Self-Employed

3 years company accounts/self assessment tax returns

3 years HMRC SA302’s with Corresponding tax year overviews – these can be obtained from HMRC, they can be used as proof of earnings and tax paid

If you receive a PAYE salary from your own company then we would require 3 months payslips and latest P60 as well as above

Latest 3 months bank statements. Statements must include the bank’s name together with the applicant’s account number and name.

Additional Documentation

For purchases if not using equity from existing property we will need evidence of deposit funds

Latest Annual Mortgage Statements

For Court Ordered Maintenance payments – a copy of the court order

For Child/Working Tax Credits/Child benefit – Annual letters from HMRC confirming your payments for the following year and corresponding bank statements for the past 3 months showing the payments received

Latest Credit Report

Please sign and return the IDD explaining our costs and services we provide along with the data protection statement attached

 

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Commercial & Development Finance

 

Commercial & Development FinanceWe want to help you grow a healthy business.

We can help you determine how much investment you need to enable your company to grow: depending on the sum, one or other option may be better suited to your needs.  Every business is different, and even if the figures add up, you may find yourself shying away from particular forms of finance. The best way to get advice specific for your venture is to consult with a professional.

UK based platforms have seen an explosive growth in crowdfunding companies offering different criteria for lending, so knowing which one to choose can be a little bewildering. Whichever route you choose, be that equity, (where you give shares in the company in return for upfront investment), rewards or a loan from ‘the crowd’ otherwise known as peer to peer lending, you’ll need to know who’s who in the UK crowdfunding scene and that’s where we can help.

We also provide expert advice on new or exisiting owner-occupier funding for commercial freehold property or long leasehold.  Loans to individuals, partnerships, limited companies and LLP’s.

Refinance an existing commercial mortgage to reduce interest charges. Many long standing facilities are being charged at much higher rates than would now apply.

Borrowing can be arranged for any purpose giving the business maximum flexibility.

We have linked up with innovative start up social enterprise companies who support small to medium size business reach their full growth potential. With the collective experience of 65 years we have the knowledge and expertise needed to help drive your company forward.  Not only can they research grants and funding for your business, but are also experts at application process and bid writing.

For commercial mortgages we act as introducers.

Your property may be respossessed if you do not keep up repayments on your mortgage.

Speak in confidence to us on 0845 4021757 or tell us your requirements on the Contact Us page and we will get straight back to you.

Savings and Investments

 

Savings and InvestmentsSavings and Investments can be a good way to provide for a secure financial future.  We can:

  • Help you understand the difference between Savings and Investments
  • Explain the main types of Savings and Investments products
  • Identify your investment needs

Once we are aware of your needs, our team of experts will guide you with advice on:

  • How to get started
  • Key points for consideration
  • The choice between investing lump sums or investing regularly
  • How to build a successful portfolio and reduce risk
  • Your rights as an investor

There are four key stages to our advice process:

Discovery, Research, Recommendation and Review

Discovery

We will ask for the right information to advise you:
• Your financial and other objectives
• Your attitude to investment risk
• The likely term of your investment
• We will ask you to sign letters of authority in relation to existing plans

Research

We will research your existing arrangements including:
• Costs comparison with alternatives
• Investment risk comparison to your attitude to risk
• Investment performance comparison with benchmarks

Recommendation

Once our research is complete we will recommend a course of action that is in your best interests. We will explain:
• The product selected and reason (including why you should retain your current plans, if that is our advice)
• Costs and charges
• Investment strategy

Review

Depending on your instructions, we can give one off advice, or support you with a regular programme of reviews, to ensure that initial advice remains up-to-date on going.

Speak in confidence to us on 0845 4021757 or tell us your requirements on the Contact Us page and we will get straight back to you.

Mike Oliver Associates are directly authorised and regulated by the Financial Conduct Authority.

Our Services

 

Our ServicesOur Advice Services

We’re a client focused firm dedicated to making sure you get the most out of our services, throughout the various stages of your life.

Unlike some financial advisers who specialise in particular products or services, Mike Oliver Associates offer a range of financial products and a huge choice.

There is no charge for a first appointment, it is always at our expense and in complete confidence. When taking your instructions, we will give you written information and explain our services and competitive charges.

What is Independent Financial Adviser?

10 reasons to use an Independent Financial Adviser

Our in house team of experts can advise you on:

•    Mortgages – BTL, Remortgages, Commercial 
•    Protection – Personal and Company
•    Pensions  – Personal and Company
•    Equity Release
•    Later Life Advice & Asset Protection
•    Savings & Investments
•    Commercial and Development Finance
•    Wills and Estate Planning

Your home or property may be repossessed if you do not keep up repayments on your mortgage. 

For mortgages we charge a fee of at least £600. We will also be paid a procuration fee from the mortgage provider, if one is available.

For commercial mortgages and Will writing we act as introducers.

Mike Oliver Associates are authorised and regulated by the Financial Conduct Authority. Speak in confidence to us on 0845 4021757 or tell us your requirements here and we will get straight back to you.