Leaving a legacy behind

Most of us want to leave a legacy – whether that be children, grandchildren, a financial inheritance, making an impact in our job or the charity we support. But what if our legacy can be bigger than that … ?

Having just had England’s hottest Summer on record, it feels poignant to think about the small steps we can take in the ‘here and now’ that lead to achieving bigger picture goals in the future. With harsher, colder Winters becoming a growing reality and hotter, drier Summers becoming the new norm, we must ask ourselves – what are the small things that we can do in our everyday lives that will help slow down these potentially drastic climate changes?

There are lots of things we can do and we know that many of our clients take this responsibility very seriously, but here are some of the things that are important to me personally and that I have made a conscious choice to be mindful about:

Reducing meat consumption

Cutting down on meat consumption is a big way that we can impact our environment – particularly since the way that we currently farm is not sustainable. Forests and habitats are cut down to provide space and to grow feed for animals – which leads to reduced biodiversity. Cutting down rainforests to use the land for beef farms also has a direct link to how our water cycle works

Purchasing locally grown food

Eating local produce reduces fuel emissions that result from importing food from across the world

Supporting organic farmers

Whilst organic food is more expensive, it supports our ecosystems. Pesticides (used in producing non-organic products) have been linked to causing hormone imbalances (amongst other things) in the body, all of which can cause a whole host of health issues. It is currently legal in many countries across the world to use pesticides that kill pollinating insects – which as we know are crucial for the health and future of our ecosystems

Changing travel routines

Walking or using a bicycle is a great way to stay fit and healthy, as well as keeping our environment free of pollutants. Using public transport or car sharing is a good way to lower our carbon emissions. Thoughtfully choosing a car that can be charged using electricity or has a good C02 emissions rating or thinking about whether or not your family really requires multiple cars is all about being mindful of our decisions and the impact that they have globally

Reusing and recycling

There is so much unwanted household waste from clothes and furniture to broken TVs and toys that children have outgrown. Trying to fix things that are broken instead of automatically throwing them into landfill or giving things away to someone who might need them are two ways of getting the most use out of our possessions

I hope this brief look at the changes I am trying to make in my own life has motivated you to also think about the future we’re creating for the people we leave behind. Together hopefully we can begin to reverse some of the effects of climate change … small stones to create larger ripples.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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Leaving a legacy behindJemima Thomas2023-12-01T12:12:43+00:00

COMPANY CAR? GEAR UP FOR CHANGE…

TODAY’S BLOG

COMPANY CAR? GEAR UP FOR CHANGE..

Do you drive a company car? do you know your NDEC from your WLTP? You now need to.

Emissions, emissions…

For many years, company car tax scales have been based on CO2 emission levels, with a supplement (currently 4%) for most diesels (although a handful of new diesels now escape this surcharge). The emissions were measured under the New European Driving Cycle (NDEC) test, which produced results increasingly at variance with the real world.

In response, a new testing regime has been developed, the World harmonised Light vehicles Test Procedure (WLTP). Unsurprisingly, this test reveals much higher emission levels than the NDEC – about 15%-20% more, with the greatest increase for cars with the smallest engines.

Company car changes

For company cars registered from 6 April 2020, the WLTP CO2 emission figure will be used in determining company car tax rates. However, for cars registered before that date, the old NDEC measure will continue to apply. As a result, from 2020/21 onwards there will be two sets of company car scales, one WLTP scale for cars registered on or after 6 April 2020 and the other NDEC-based scale for older cars. For any given level of emissions, in 2020/21 the WLTP percentage charge is 2% lower than the NDEC charge, although this difference will be phased out over the following two tax years.

Electric and Hybrid Cars

6 April 2020 will also see a change to the tax treatment of electric and hybrid cars. The charge for all pure electric cars will drop to zero – good news for Tesla – while for hybrid cars with CO2 emissions of 1-50g/km, the scale charge will be based on the vehicle’s electric-only range. For hybrids there will be separate NDEC and WLTP scales, with both offering no discount if the hybrid cannot run at least 30 miles on battery power alone.

Action

The company car tax regime has become much stricter over the years and there is some evidence that more employees are choosing cash rather than car where they have the option. You may want to join them.

If you are due to change your company car soon, make sure you understand the tax consequences of any choice you make. If you are thinking about an electric car and the required charging points at your home or office, the Pod Point website is worth having a look at. They also have a guide that gets fairly regularly updated on different types of electric cars. I haven’t used Pod Point and am not endorsing them (or paid by them) but you may find their information helpful.

Of course if you wish to see the Tesla range….

Dominic Thomas
Solomons IFA

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COMPANY CAR? GEAR UP FOR CHANGE…Dominic2023-12-01T12:13:25+00:00

Donald Trump

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Donald Trump

It is very easy to ridicule Donald Trump, whilst obviously being rich and a shrewd businessman, which for some seem the only important credentials, for most ordinary people, there is an obvious lack in his basic ability to lead, let alone act with any sense of compassionate understanding.

Thankfully, the US Presidential election is now just a little over three weeks away, with the votes being cast on Tuesday 8th November. Over the last few months I have met many Americans and all of them, without exception have felt the need to begin with an apology for how Donald Trump has even managed to make it this far. Yet in truth, despite the obvious inappropriateness of his presence at the Presidential election, our own politicians scarcely do much better.

It’s not as if these roles are unimportant. There are clearly enormous problems at home and abroad that require a collaborative approach to finding solutions. The most obvious being that of climate change, yet the US, now eclipsed by China as the world’s largest polluter, has a Senate that is significantly paid by fossil fuel companies to block any progress on climate change policy. Many of whom are deny the reality of climate change, supporting the 3% of scientists who take the same view. In 2016, some $20.7m went to Republican senators from the Oil and Gas industry ($2.9m went to Democrat Senators). This isn’t so much cash for questions, but cash for impediment. In fact, the entire energy and resource sector paid out $9,280m to Democrats and $38,904m to Republicans in 2016 (source: www.opensecrets.org).

Walk the talk…

There seems to be a chasm of difference at times. Many calling themselves “Christian” essentially expressing the view that difference is not simply unwelcome, but provides a legitimate reason to murder and annihilate (see the report from the conservative Republican newspaper in Arizona who for the first time in its history endorsed a Democrat rather than Donald Trump). What is jaw-dropping about this is simply the utter lack of self-awareness, humility, humanity and an inability to see that there is just about a gnat’s whisker of difference between some of them and other extremist zealots that we call terrorists. Yet this apparent contradiction between stated “faith” and personal actions seems completely lost.

The small but deeply misguided minority

Which brings me back to my point. Americans apologising. Well, for starters I know of nobody that thinks all Christians or all Muslims are extremist bigots, any more than anyone thinks all Americans are nuts. OK I don’t keep company with those that express such views, but my point is that whilst we are shocked by what can come out of the mouths of Donald Trump and his “supporters” we don’t really think all Americans are like this, not for a millisecond. In the same way that we don’t think all Christians or Muslims, Jews or anyone else are hell-bent on making life utterly miserable. Some do, most don’t. Generalism is decidedly unhelpful in the world of adult conversation, particularly when serious topics are being discussed.

Comment is free… but costly

We have our own rather ridiculous politicians, many of them leading the country, or attempting to be an opposition, we are all hoping that common sense will prevail – eventually, yet our own prejudices are fed on slime from virtually every angle. Social media provides a forum to air frustration and requires significant self-control to avoid being dragged into argument. There is a very good radio play called “Comment is Free” by James Fritz which addresses the collective problem (well worth a listen).

So as I, and perhaps you, mock Donald Trump – publicly or privately, it occurs to me that one good thing has come from all of this – that topics of importance are being raised and discussed in homes all around the world. So perhaps there is a silver lining after all, though I do feel as though I’m grasping at straws…

As for the impact on your investments whoever wins, sadly the truth is uncomfortable. Nobody knows. Most have an opinion, but nobody knows. However, there is nothing that I have seen or heard to date that offers a credible challenge to the long-term principles of investing.

Dominic Thomas
Solomons IFA

Donald TrumpDominic2023-12-01T12:19:04+00:00