News and views from Adcock

December 2011	Follow us

Welcome to our latest eNews.

Let's hope the Chancellor's pre budget report hasn't dampened everyones Christmas spirit too much. The festive holiday period is often a time to put some of these wider economic issues aside, to reflect on the important things in life and to enjoy the company of those closest to us. Next year may well be the year in which the global economy aligns itself to a more positive track.

If you have any queries or concerns with regard to the current market or economic volatility do not hesitate to get in touch with us.

Please remember if you would like to discuss any matter, you can call us on 01623 490120 and we will be happy to help.

Many thanks and we look forward to hearing from you soon.

Best wishes,

The team at Adcock Financial team image

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	Child maintenance From April 2013 many families will lose the right to receive Child Benefit. The cut will hit homes with a single parent or two high earners, but families with two parents on incomes up to £44,000 - which might add up together to over £80,000 - would keep the benefit. Fair? This was justified by the Chancellor as being "the most straightforward" option - which would avoid across-the-board means testing, however, people will be expected to declare on their tax returns whether they fall within the 40% and 50% tax brackets, the money will then be clawed back through the tax system. Top-rate taxpayers are urged to stop claiming child benefit altogether to avoid an overpayment, but can anything be done to avoid you losing this? Haidee Watson has been looking into ways to reduce your gross income legitimately, and there are ways, particularly for those who have gone over into higher rate tax marginally. So, to find out more please contact Haidee directly on haidee@adcockfinancial.co.uk

	In case you missed it...The Chancellor's Autumn Statement Chancellor George Osborne delivered his Autumn Statement at lunchtime on Tuesday, November 29th against a backdrop of gloomy economic forecasts.

	Cost of motoring miles ahead of inflation The RAC's annual Cost of Motoring index has revealed the average cost of keeping a car on the road to be a staggering £6,689 per annum, a rise of 14% (£819) on last year. That's an average of £128.64 per week and 55.74 pence per mile, but however you dress it up it is surely a hefty blow to Britain's already cash-strapped motorists.

	Office of Tax Simplification seeks overhaul of IHT and CGT Capital gains tax (CGT), inheritance tax (IHT) and entrepreneurs' relief could be radically overhauled as part of the Office of Tax Simplification’s (OTS) next project.
	Abolition of contracting out on a defined contribution basis Do these changes affect you and your pension savings arrangements? It is intended that from the 6th April 2012 people will no longer be able to contract out of the additional State Pension (also known as the State Second Pension) on a defined contribution (money purchase) basis. Instead they will automatically be brought back into the additional State Pension and begin to build up entitlements from this time.

	And finally... We all know how exciting Christmas can be, especially for children, but can the gifts we give ever hope to induce the kind of euphoria experienced by the boy in this video? Take a look and watch dreams come true... Click here to watch the clip Please note using the above link means you are connecting to an external website and we take no responsibility for, and give no warranties, guarantees or representations in respect of linked sites

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Registered Office: 10 Milton Court, Ravenshead, Nottingham, NG15 9BD. Adcock Financial Limited is authorised and regulated by the Financial Services Authority. Company Reg No: 4268333 Adcock Accounting Limited. Company Reg No: 05481898. The Financial Services Authority does not regulate tax and trust advice, commercial loans and some forms of buy to let mortgages.;