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Check to ensure finances are fit for the road ahead

POSED BY MODEL



File photo dated 06/10/11 of a man looking under the bonnet of a car in London. PRESS ASSOCIATION Photo. Issue date: Thursday October 27, 2011. Changes to the frequency of MOT tests for cars could lead to more than 250 additional road deaths a year, campaigners said. The Government is looking at ways 'to reduce the burden' of the MOT test which is currently required annually for cars three years old or more. Possible changes to this requirement have alarmed road safety, motoring and industry groups. Today, 25 organisations joined forces to launch a campaign to get the Government to rule out reducing the frequency of MOT testing. The campaigners fear any reduction could lead to 2,200 additional serious injuries a year as well as more-expensive repairs and higher insurance bills for motorists. The organisations also say that most drivers are opposed to any MOT changes and that up to 40,000 jobs in the MOT industry, including a large number of apprenticeships, could be at risk. See PA story TRA
POSED BY MODEL File photo dated 06/10/11 of a man looking under the bonnet of a car in London. PRESS ASSOCIATION Photo. Issue date: Thursday October 27, 2011. Changes to the frequency of MOT tests for cars could lead to more than 250 additional road deaths a year, campaigners said. The Government is looking at ways 'to reduce the burden' of the MOT test which is currently required annually for cars three years old or more. Possible changes to this requirement have alarmed road safety, motoring and industry groups. Today, 25 organisations joined forces to launch a campaign to get the Government to rule out reducing the frequency of MOT testing. The campaigners fear any reduction could lead to 2,200 additional serious injuries a year as well as more-expensive repairs and higher insurance bills for motorists. The organisations also say that most drivers are opposed to any MOT changes and that up to 40,000 jobs in the MOT industry, including a large number of apprenticeships, could be at risk. See PA story TRA

Much like a car, your finances need regular maintenance to ensure optimum performance.

Even if you have a solid financial plan in place, it still needs to be updated from time to time.

Clients of our financial planning service have their arrangements reviewed at least annually, and investment portfolios are continuously monitored in order to react to ever-changing markets.

You may want a review more quickly because your circumstances have changed. A holistic financial plan will have a lot of moving parts and variables to consider.

A lot can happen in 12 months and events can mean your investments need to be revisited.

Some may simply not be performing, while others might be doing so well that it could be time to take profits; it is usually wise not to become over-exposed in a particular company or sector.

Overall, however, it is a matter of making sure your portfolio still reflects your attitude to risk, your time horizon, and your strategic goals.

One of the most common challenges is building a big enough retirement fund.

This may mean topping up your pension as much as you are permitted each year or switching funds altogether. For other people it may be a matter of taking action to ensure their pension fund does not breach the lifetime allowance, currently set at £1 million.

Anything over that can be subject to tax of as much as 55% so it is important to try to take preventative measures.

Savers often need to increase their contributions to maximise tax efficiency and hit their retirement targets. The annual allowance is set at £40,000 per year. This is the maximum you can contribute to your pension and still potentially receive tax relief at your marginal rate.

Many people may have insurance policies such as income protection, life assurance and critical illness. Rather than automatically renewing the policies, check the amount of income you are insuring is still appropriate.

There is a huge array of government-sanctioned tax allowances targeted at savers, investors and families but many have to be actively claimed.

Have you used all your individual savings account allowance, opened an Isa for your children or used your capital gains tax allowance?

You can also ensure your loved ones are given a head start by gifting money and this has the added effect of reducing your estate when calculating inheritance tax. Using your gifting allowances should be part of your financial calendar.