What profits?

Dominic Thomas
March 2026  •  3 min read

What profits?

I wonder if you have seen the recent BBC series Small Prophets written and directed by MacKenzie Crook. To be honest, I’m usually very wary of “written and directed by” – often it’s not a good combination, but here Crook has built upon the charming Detectorists (2014-2022) to deliver another feel good, amusing and poignant comedy that will leave a smile on your face.

This is a tale of the extraordinary in the very ordinary, an exploration of grief and hope, with a dash of wry wit and some daft divine magic. I won’t spoil the plot as it’s a series with a probable follow up.

In essence Michael Sleep (Pearce Quigley) is living with the knowledge that the love of his life, Clea, has disappeared. Most presume she took her own life with her car being found on the Severn bridge. He is waiting for her return as he goes about his mundane, ordinary life as a member of staff at the local DIY superstore. He visits his father Brian (Michael Palin) each day who is now living in a local care home. Apples don’t fall far from the tree, both are curious and have sharp minds, though Brian’s is now failing him.

Brian has the ludicrous certainty that he can grow truth-saying spirits (Homunculi) in a jar of rainwater, who have to speak truth. This, Brian asserts, will lay to rest the question of Clea’s mortality. The fantastical is set against the backdrop of the plainly defiant ordinariness of a fairly bland life. Yet we quickly witness many moments of magic in the ordinary and are reminded of our humanity and ability to connect and relate to one another with grace, patience and goodwill.

The contrasting lives and experiences are set against one another, the minimalist nosy neighbour who can barely tolerate Michael’s chaotic overgrown garden. The ‘brother-in-law’ who has lost everything as an adult, yet can find his childhood being restored. The lost treasure within our clutter. The hopes of superstore staff who dream of careers whilst serving others intent on their own DIY, most being oblivious to all that is in front of them (bucket scene) and missing the mystery and magic within the ordinary.

So what? It is so easy for us to forget the basics of life, to connect and be connected, to pause, to think and to thank. The talent and skill of genuinely caring. To be curious and to allow our curiosity to explore the mundane to the mystical. It reminds me of what I sometimes hear from clients “we have a fairly ordinary modest lifestyle” as though I may judge your life choices or maybe perhaps you aren’t sure if you are quite rich or ambitious enough.

The point of great financial planning is to live on your terms, not those of others. Whilst it may not be mathematically ‘best’ to repay your mortgage, the sense of liberation felt by doing so is priceless for many. To be able to live and give generously, on your own terms, without strings attached and to be able to see your legacy taking shape during your lifetime. These are things that are ordinary yet deeply fulfilling and are the true profits of a rich life.

The short 6-episode series, which I watched on the BBC iPlayer was a great way to end an evening, that may otherwise have been punctuated by a stream of “nothing good” on social media. I agree with those who gave it the high score of 8.5/10 on IMDB. Here is the trailer.

What profits?2026-03-27T15:01:26+00:00

THE AUTUMN BUDGET 2021

TODAY’S BLOG

THE AUTUMN BUDGET 2021

In terms of your personal finance, not a lot has changed. Indeed, most of the announcements merely confirmed previous announcements, such is the way of our politicians. As a reminder, the next tax year begins on 6th April 2022. The main changes for most are really for those that receive dividends or pay National Insurance

iNCOME TAX RATE ON DIVIDENDS 2022/23 2021/22 (NOW)
Basic rate taxpayer 8.75% 7.50%
Higher rate taxpayer 33.75% 32.50%
Additional rate taxpayer 39.45% 38.10%
Rate for Trusts 39.35% 38.10%

National Insurance for employers increases from 13.8% to 15.05% which basically makes it more expensive to employ people. Employees will also pay rather more at the main rate, rising from 12% to 13.25% and then at the upper or higher rate increased from 2% to 3.25%. Remember the thing about National Insurance is that there is a threshold for the main rate after which you simply pay a flat, reduced rate (currently 2% but increasing to 3.25%). The self-employed main rate increases from 9% to 10.25%. Self-employed people do not fully enjoy the same benefits for their NI payments.

MAIN ALLOWANCES

For those of you using your pensions, the annual allowance remains at £40,000 but if you have begun drawing income from investment-based pensions it is restricted to £4,000 the delightfully named “Money Purchase Annual Allowance” or MPAA. The Lifetime Allowance (the total value of your pensions permitted before excess charges) remains frozen as previously indicated at £1,073,100. This is equivalent to a pension income of £53,655.

ISA and JISA limits remain as they were (£20,000 and £9,000) which are fairly substantial allowances but indicate a “kick the can down the road” policy of Government worrying about tax in the future. Capital Gains Tax (CGT) allowances and rates remain as they are (which is daft).

If you own a second property or inherit one, the capital gains rate and requirement for payment are important to understand. However, one small improvement is that you now have 60 days to pay the liability rather than 30 (with immediate effect). I imagine one of Rishi’s friends was offloading and was worried about an extra charge (surely not!).

As for inheritance, the nil rate remains at £325,000 per person and those with children inheriting the family home the residential nil rate band adds a further £175,000. However, this is tapered when an estate is worth more than £2m.

In short, for all the bluff and thunder and 200 pages, not much is in it for you and I. Remember – death and taxes.

Dominic Thomas
Solomons IFA

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 [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

THE AUTUMN BUDGET 20212025-01-21T16:33:57+00:00

CHANGES FOR TRUSTEES

TODAY’S BLOG

CHANGES FOR TRUSTEES

A series of government moves over the past few decades have reduced their tax advantages and made trusts much less attractive to wealthy families. They are likely to become less popular still from March, when a new requirement will force thousands more trustees to list on a government register that is partially open to the public, or risk penalties.

Since 2017, certain types of trusts have had to report information to a government online register called the Trusts Registration Service (TRS). This came into being as result of an EU-wide directive to tackle money laundering. Far be it from me to imply or suggest that motivation for Brexit had anything to do with circumventing new EU Anti-money laundering rules!

To comply with the rules, all UK trusts that have to pay a tax liability such as capital gains tax (CGT), income tax, inheritance tax or stamp duty must report information to the register.

Trusts that are outside the UK but trigger UK tax must also do so, as must all trusts that are required to fill out a self-assessment tax return anyway. Currently the register is not publicly available, with access limited to law enforcement authorities. But from March 2020, the next phase of the EU directive (the fifth Anti Money-Laundering Directive) is set to increase the number of trusts that must submit reports.

It will also partially open up the register to the public, including journalists, leading some to worry about an erosion of privacy. Despite the UK’s imminent departure from the EU, the government is committed to implementing the directive and passing it into domestic law. Tax experts warn that hundreds of thousands of trustees and beneficiaries could be affected and need to understand better the possible impact of the changes.

TRUSTS & MONEY LAUNDERING

Dominic Thomas
Solomons IFA

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 [email protected]

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected] 
Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

GET IN TOUCH

Solomon’s Independent Financial Advisers
The Old Mill Cobham Park Road, COBHAM Surrey, KT11 3NE

Email – [email protected]    Call – 020 8542 8084

7 QUESTIONS, NO WAFFLE

Are we a good fit for you?

CHANGES FOR TRUSTEES2025-01-21T16:34:00+00:00
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