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Redundancy – is it safe to proceed?

Redundancies are an unfortunate consequence of current times, with the Government’s furlough scheme coming to an end the expectation is that there will be more employers making cuts to their workforce.

Remember: “Redundancy isn’t personal, personal identities should not be tied with your professional image

If you are facing redundancy, it is important to understand exactly what is included in the package being offered to you, how it’s taxed and the impact it may have on your tax allowances and benefits.

Please read through the 10 key points I have listed below, each will hopefully help you understand what you should know in relation to your redundancy payment and most importantly help you plan for the future

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Getting my finances in order

When it comes to making financial decisions, you don’t have to go it alone The coronavirus (COVID-19) pandemic outbreak has affected people in various ways. However, this has undoubtedly been a time for contemplation surrounding our personal finances. Many have taken the new-found time at home to conduct a review of their finances, to assess necessary and unnecessary expenditure. While uncertainty with the job market continues, a tighter grip on finances is key.

Tracking your finances gives you a baseline to help track your progress and helps you to see spending mistakes before they become disastrous personal finance problems. Even if you have a solid financial plan in place, it still needs to be updated regularly to ensure it reflects any life changes. But what should your priorities focus on now? Is it time to turn your attention to your pension, ISA or your mortgage, or something else? Should you be thinking about investing more for your children’s education or putting an estate plan in place? And then there are those previous company pension schemes to review – is it three, four…or was it five? Sound Familiar?

If you’re unsure what diagnosis to give your current money situation, maybe it’s time to consider a financial health check. But where do you start? Read on for hints and tips to assist.

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