Light the way

Guide your leavers through retirement

Retirement can be a fantastic opportunity where employees can put themselves and their family first, but any goals and aspirations are influenced heavily on a well thought-out plan.  Close Brothers run a programme of UK-wide one day seminars to help support people as they approach retirement.

Events are popular with employees from a wide range of sectors and are designed to help people better understand some of the important decisions they are likely to face, as well as exploring the exciting opportunities that retirement may bring.

Led by qualified training professionals, our events provide information on a wide range of financial and lifestyle subjects, leaving people feeling positive and empowered about the next stage of their life. We adopt an informal and interactive approach, helping to break down any barriers, dispel negativity and providing invaluable hints and tips on making the most of retirement.

Attendance is free of charge

Attendance is free of charge for up to five people per year, per organisation.  Lunch, refreshments and all event materials are provided.

Book an event...

EventDateDurationVenueLocationAvailabilityAction
Retirement seminar 07/11/2018 1 day(s) The MacDonald Ansty Hall Hotel Coventry 7
Retirement seminar 21/11/2018 1 day(s) Holiday Inn Marina Hull 7
Retirement seminar 05/12/2018 1 day(s) Close Brothers London 4
Retirement seminar 29/10/2018 1 day(s) Close Brothers London fully booked
Retirement seminar 16/01/2019 1 day(s) Close Brothers London 18
Retirement seminar 19/02/2019 1 day(s) Close Brothers London 19
Retirement seminar 20/02/2019 1 day(s) To be advised - Crawley Crawley 19
Retirement seminar 21/02/2019 1 day(s) The Park Royal Hotel Warrington 14
Retirement seminar 27/02/2019 1 day(s) To be advised - Aberdeen Aberdeen 16
Retirement seminar 06/03/2019 1 day(s) To be advised - Shepperton Shepperton 20
Retirement seminar 13/03/2019 1 day(s) To be advised - Manchester Manchester 19
Retirement seminar 14/03/2019 1 day(s) To be advised - Bristol Bristol 20
Retirement seminar 20/03/2019 1 day(s) Close Brothers London 19
Retirement seminar 10/04/2019 1 day(s) To be advised - Aberdeen Aberdeen 20
Retirement seminar 17/04/2019 1 day(s) Close Brothers Edinburgh 20
Retirement seminar 17/04/2019 1 day(s) Close Brothers London 20
Retirement seminar 24/04/2019 1 day(s) To be advised - Slough Slough 18
Retirement seminar 01/05/2019 1 day(s) To be advised - Leeds Leeds 20
Retirement seminar 15/05/2019 1 day(s) To be advised - Coventry Coventry 20
Retirement seminar 22/05/2019 1 day(s) Close Brothers London 20
Retirement seminar 29/05/2019 1 day(s) To be advised - Shepperton Shepperton 20
Retirement seminar 05/06/2019 1 day(s) To be advised - Birmingham Birmingham 20
Retirement seminar 12/06/2019 1 day(s) To be advised - Birmingham Birmingham 20
Retirement seminar 13/06/2019 1 day(s) To be advised - Cambridge Cambridge 20
Retirement seminar 19/06/2019 1 day(s) Close Brothers London 20
Retirement seminar 19/06/2019 1 day(s) To be advised - Newcastle Newcastle 18
Retirement seminar 03/07/2019 1 day(s) To be advised - Swindon Swindon 20
Retirement seminar 10/07/2019 1 day(s) Close Brothers London 19
Retirement seminar 17/07/2019 1 day(s) To be advised - Hull Hull 20

Budgeting

Toni is single and when auto enrolment was introduced she opted out as she felt that she couldn’t afford the contributions. She now wants to start contributing to the pension but wants to make sure she can afford to and if so how much can she pay in each month.

Toni has a take home pay of £1,300 per month

After attending a seminar at work on improving her finances, she wants to do a budgeting exercise and see if she can reduce her costs to create a bit of room for saving into her pension. 

Toni uses the budget modeller on her benefits website to calculate her costs and income. Using a comparison website she manages to reduce her utilities, mobile phone charges and car insurance. Using the company’s gym discount she reduces that cost too and after putting these reduced costs into the budget modeller she finds she has saved £154 per month, which is the same as a 12% pay rise!

Toni is now comfortable that she can start contributing £75 per month to the pension scheme and still have more money to spend each month from only a few hours working on her budgeting and costs. Also since the pension contribution is taken out of her salary before tax, the actual amount that will go into her pension is £93.75.

Following the recommendation to review her budget given at the seminar, Toni has resolved to carry out this exercise at least every year. 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances. 

 

 

Employee benefits - reduce monthly costs

Sara’s employer runs a Childcare Voucher Scheme.  The scheme works by allowing Sara to buy up to £243 of childcare vouchers per month out of her salary before Income Tax or National Insurance have been deducted thus saving £933. Income Tax relief is limited to basic rate only for new parents. If you have child care costs, there is no downside to participating and both parents can claim the vouchers if they are working and paying tax.

However, from 4 October 2018 childcare voucher schemes will close to new applicants.  Sara may be able to get Tax-Free Childcare instead although if Sara is getting childcare vouchers at that time she will be able to continue to get them.

Under Tax-Free Childcare the government will pay up to £500 every 3 months for each child to help with the costs of childcare. For further information Sara should look under Tax-Free Childcare on www.gov.uk.  

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.

 

Using an Employee Assistance Plan - debt counselling

Naomie has a number of store cards and credit cards which are close to their borrowing limit. Naomie likes the convenience of credit but feels that she is sinking further and further into debt. She is also experiencing problems paying her mortgage and has fallen into arrears with her monthly payments.
 
Recommendation:
 
Naomie's employer provides a debt counselling services as part of its Employee Assistance Plan. The counsellor advises Naomie that first of all she needs to prioritise her various debts. Mortgage repayments are considered to be a priority debt because non-payment or arrears can lead to repossession of her home and potential homelessness. The payment of Naomie's mortgage should therefore take priority over credit and store card payments. Naomie is advised to take no further credit on her store and credit cards as the interest she is paying for these forms of credit is between 20% and 30% per annum. She is advised to speak to her mortgage provider and ask whether she can agree a repayment plan to cover the arrears on her mortgage over a period of time. Most mortgage providers will be accommodating if they are consulted early on and a payment plan is agreed.
 
In addition, the debt counsellor also suggests that Naomie explore two ways to manage the credit and store card debts. The first would be to try to secure a bank loan or “peer to peer” loan to pay off her credit and store card balances. The second would be to transfer the store card and credit card balances to a zero interest card and make sure she budgeted for a regular payment to reduce that debt over time.
 
As part of the process Naomie used a budget modeller to look carefully at her expenditure and found that by changing her utilities provider and her car insurer, and cutting out some non-essential expenditure she was able to make some significant reductions to her monthly outgoings, which helped with her repayment plans.
 
This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.
 
 

Preparing for the financial costs of a new baby

 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.

 

Capital Gains Tax Registering losses

Anna recently sold a ‘buy to let’ property after her tenant severed his tenancy. Given the difficulty in securing reliable tenants Anna decided to sell the property at a loss of £5,000 and do something else with the money rather than continue with buy to let.

Although the property was sold at a loss, Anna is uncertain whether she needs to inform HMRC. As this is a second property and so not Anna’s main residence, if it had been sold at a profit then the profit would have been liable to capital gains tax. Anna will need to report to HMRC on the rental income she received from the property whilst it was let as this will be liable for Income Tax.

However, Anna should register the loss with HMRC. Capital losses, like this one, can be offset against capital gains in the same tax year, to reduce the overall gains liable to tax. Capital losses can also be carried forward indefinitely to offset future capital gains. Anna would, however, need to notify HMRC of the loss within four years of the end of the tax year in which she made the loss.

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances. 

Inheritance Tax planning

Paul and Ann are married with no children. They own their home as joint tenants and each have made a Will leaving everything to each other as sole beneficiary.

Paul’s individual estate, excluding the house, is made up of various investments, Building Society accounts and ISAs and is worth £425,000. Ann’s estate excluding the house is valued at £250,000.

On Paul’s death, the house passes into the sole ownership of Ann without any tax implications or charges. The rest of Paul’s estate passes under the terms of his will to Ann. Under the tax rules there is an exemption for transfers between spouses so that there is no Inheritance Tax charge and no tax to pay at this time.

Had Paul and Ann been unmarried and simply cohabiting, then the spousal exemption would not apply and Paul’s estate would have been liable to Inheritance Tax of 40% on the excess over £325,000 before the remainder passed to Ann i.e £40,000.

If they had sought advice Paul could have given Ann £75,000 from his Building Society accounts or investments so that his estate was reduced to £350,000 and Ann’s estate was equal to the nil rate band. Thus when Paul died only £25,000 of his estate would be taxable reducing the IHT liability to £10,000.  However, since the gift of £75,000 would be a Potentially Exempt Transfer Paul would have to survive for 7 years after making the gift for it to be completely removed Paul's estate.

 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.

Capital Gains Tax - reporting gains

George recently sold shares to the value of £50,000. The shares were given to him as part of his late father’s estate and the probate value when he received them was £48,000. George does not think he needs to report the sale to HMRC as he hasn’t made a profit above his capital gains tax (CGT) allowance which is £11,100 (tax year 2016/17).

However, in line with HMRC rules, George should report the sale as whilst he will not have any CGT to pay on his £2,000 profit the total proceeds of the sale are more than 4 x the annual allowance (£45,200 for tax year 2017/18) and it is a requirement in these circumstances to report such sales

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances. 

Correcting your tax code

Anjali has recently started her first full-time job. She doesn’t understand income tax and is worried that she seems to be paying more tax than her friend who has very similar circumstances. Anjali received a letter from HMRC a few months ago which she thinks was regarding her tax code, but as she didn’t really understand it she discarded it. Anjali notices that from her payslip that her tax code is 0T. Her friend has a tax code of 1150L. They are both on identical salaries of £18,000 per annum and yet Anna receives about £190 net pay per month less than her friend. Anjali is confused as to the reason for this.

What's next for Anjali ?
Anjali needs to speak to HMRC and tell them that she is not receiving her personal allowance of £11,500 for tax year 2017/18. As she is not receiving this, she is being taxed on all her salary, whereas her friend, who is receiving her full personal allowance, is only paying tax on the amount of salary above her personal allowance, hence the shortfall for Anjali of £190 per month.

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances. 

 

Gifts to charity and reduce Inheritance Tax

Jake is single but has a brother as his only surviving relative. He has made a will which leaves his estate split equally between his brother and the RSPCA. On Jake’s death his entire estate is valued at £500,000 and would be liable to inheritance tax (IHT) on the excess over £325,000.  However, the gift to charity is exempt from IHT and is deducted from Jake’s estate before IHT is calculated, so reducing the value of the estate to £250,000.  Therefore no IHT is payable.

If Jake had only given £100,000 to the RSPCA his estate would be liable to IHT on the balance over £325,000 i.e. £75,000.  However, because Jake had left over 10% of his estate to charity the rate of tax would reduce from 40% to 36% reducing the tax due from £30,000 to £27,000.

 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.

Inheritance Tax tenancy types

Richard and Jill have recently married. They have both been married before and have adult children from their previous marriages. They buy a house together. They both have wills in which their own adult children are the only beneficiaries. 

Recommendation:

Richard and Jill should give very careful consideration as to how they own their new home. The customary way most couples own assets or property is as Joint Tenants. If you own something as a Joint Tenant and you die your share of the asset or property automatically passes to the other Joint Tenant(s). This is why on death a jointly held bank account reverts to the surviving Joint Tenant (very often the surviving spouse) without any interaction with the deceased’s will. You cannot pass on assets or property through your will if they are held as Joint Tenants: they pass to the surviving Joint Tenant(s) under the Law of Survivorship. As they are Joint Tenants their own children from their first marriages will not inherit this asset on first death and unless the will of the survivor is amended the children of the survivor will inherit the property when the survivor dies.

Therefore if your family home is held as Joint Tenants it passes to the other Joint Tenant automatically whatever your will may say. This can be very convenient as probate is not required, but it can also be problematic if your individual circumstances are complicated as in Richard and Jill’s case. As they have both been married before and have children from their first marriages Richard and Jill wish to ensure that on their death their share in the family home passes to their own children. Therefore they will need to own their new home as Tenants in Common where each party owns outright a share of the property and can give it to whoever they wish under the terms of their will.

However, in order to protect the interests of the survivor during their lifetime this is usually done through a trust so that the survivor can remain in the house during their lifetime with the deceased’s share of the property only passing to their children on the death of the survivor.

 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.

Self-Assessment and tax rebate

Dani is a director of her own limited company. Her income is derived from a number of sources in that she takes a salary and dividends from her company and also receives rent from a property that she lets out.

In July she was required to make an income tax ‘payment on account’ to HMRC based on last year’s income. Dani now expects to earn significantly less in the current tax year compared to the previous year as she is taking less dividend income from her company and her rental income has now ceased following the departure of the tenant. Dani wonders how she might go about reclaiming any overpaid tax.

Recommendation

As Dani’s situation is not straightforward, she will only be able to reclaim any overpaid tax via Self-Assessment. At the end of the current tax year she should complete a Self-Assessment tax return form which she can do online or by post. She must lodge the return with HMRC and pay at least the first instalment of any tax due by 31 January following the end of the tax year she is reporting. Any overpayment of tax Dani may have made during the year should be shown in her return and should result in HMRC paying her a refund.

 

This case study aims to provide an example of how you can start taking steps to achieve your goals and is not meant as advice.  An individual’s financial plan is developed to suit their unique personal, financial and tax position.  The solution shown may not be suitable to you.  Your financial plan will be individual to you based on your own unique circumstances.