We are hiring!

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Are you a financial planner with a passion for financial services?  Do you thrive in a fast-paced environment and strive to deliver good outcomes for clients?  If so, we invite you to join us.

Click here for more details and how to apply.

Autumn Budget Statement 2023

By | Budget Summary, Latest News, Uncategorized

Jeremy Hunt’s second Autumn Statement was set against a much less financially turbulent background than his first.  However, politics still loomed large with a likely election in the next 12 months prompting calls for tax cuts from within the Conservative party. Until recently the Chancellor had attempted to stall such demands with warnings of “difficult decisions” on the public finances owing to a worsened fiscal outlook since his Spring Budget. One reason that he highlighted for the deterioration was the sharply increased cost of government borrowing.

Nevertheless, the Chancellor, who had argued only two months ago that tax cuts were “virtually impossible”, appears to have had a change of heart. Echoing the Prime Minister, Mr Hunt suggested that the achievement of halving inflation in 2023 marked an economic inflexion point that permitted a new policy approach.

The outcome was an Autumn Statement that had been initially trailed as focusing on longer-term issues, but which prioritised short-term tax cuts over maintaining expenditure in later years.
On the long term front, the Chancellor confirmed as expected that ‘full expensing’ of corporate investment in plant and machinery would be made permanent at a cost of £10.7 billion a year by 2027/28.  The most headline-grabbing moves were cuts to national insurance.

Some of the rumours, such as IHT reform, did not come to fruition, but there is still a chance – the Spring Budget is now less than four months away.

Read the full statement here

Spring Budget 2023

By | Budget Summary, Investment News, Latest News, Uncategorized

The first Budget since October 2021 was widely expected to be an uneventful affair. Five months ago, the then new Chancellor, Jeremy Hunt, presented an Autumn Statement that was more of a Budget than many formal Budgets. Not only did his Autumn Statement result in a greater increase in the tax burden than most Budgets – £55 billion by 2027/28 – it was also accompanied by a Finance Bill.

With an election likely in autumn 2024, Mr Hunt’s ‘Budget for growth’ looked set to be a steady-as-you-go fiscal non-event.  Yet it turns out that over the next three tax years, Mr Hunt will hand back about £65 billion of the extra tax that he had planned to raise last November.  Although by 2027/28, he will still be about £40 billion a year better off.

The largest element of his three-year giveaway is the introduction of temporary full expensing for corporate investment in new plant and machinery. This goes some way to counter the impact of the corporation tax rate increase to 25% due in April 2023.  The aim behind this relief – stimulating economic growth – drove his extension of free childcare. It also provided justification for the surprise abolition of the pension lifetime allowance (LTA) and increases to the annual allowance. However, the benefits of the pension reforms to high earners have been tempered by a new cap on tax-free cash.

Whether the Chancellor succeeds in his growth agenda will not be clear until well after the next election. As Paul Johnson, Director of the Institute of Fiscal Studies, said: “Once again Jeremy Hunt can be grateful that the Office for Budget Responsibility is more optimistic than the Bank of England. It handed him some room for manoeuvre.”

Read the full article here

Autumn Budget Statement

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The Chancellor Jeremy Hunt’s Autumn Statement came against the background of a Spring Statement and a September ‘mini-Budget’ (which has now been substantially reversed).  The overall context is a European recession and high inflation in the wake of the pandemic and the war in Ukraine.

The Autumn Statement was presented as a difficult and necessary exercise to restore confidence in the UK’s financial position. In October, Mr Hunt spoke of “decisions of eye-watering difficulty” and ever since there has been a regular flow of rumours/leaks about which taxes may increase, how long existing tax allowance freezes could be extended and in which areas spending cuts would fall.

The steady supply of information felt like a pre-Budget kite-flying exercise, so that when the bad news arrived it was at least not a complete surprise. But that did not make the wide range of measures announced on 17 November any less painful.

Just under half of the £55 billion consolidation came from tax and the balance from spending. Mr Hunt described his strategy as a balanced plan for stability, following two broad principles: asking those with more to contribute more; and avoiding tax rises that most damage growth. Nevertheless, the tax increases announced are substantial, according to Mr Hunt, with tax as a percentage of GDP increasing by 1% over the next five years.

The Chancellor said he aimed to deliver a plan to tackle the cost of living crisis and rebuild the economy with stability, growth and public services as the priorities.

Read the entire statement here

We now hold 12 industry awards and commendations!

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The Professional Adviser Awards, now in their 16th year, enable adviser businesses to showcase their knowledge, skills and commitment to their clients and client relationships across the length and breadth of the UK.

Earlier this month, NLP Financial Management won “Best Advisers to Work for” alongside 8 other firms, plus we received our 8th consecutive certificate as a finalist for “Best Adviser Firm of the Year (London)”, sitting alongside 7 other companies within the capital who also received this accolade.

We are extremely proud to be the only firm in London to be consistently shortlisted for such a long period of time; we believe we are the only London firm to have been constant finalists/winners year after year, underpinning our commitment to putting our clients at the centre of everything we do.

It is even more rewarding to receive this recognition in the face of what has been an extremely challenging 12 months for the entire country, let alone globally.  As leaders in our field, we have strived to ensure our staff have been fully supported throughout the pandemic which enabled us to operate remotely without any detrimental impact.  Our team of people have been absolutely dedicated to continuing our high levels of customer care and service and they are all highly deserving of these achievements.

Adam Katten, Managing Director said “I would like to personally thank everyone who has helped us reach these accomplishments and we will continue to strive for further improvements throughout the NLPFM business in order to reach a 9th consecutive year.”