Approachable Finance has moved offices!

Category: Company News
Published: Wednesday, 25th April , 2018, 10:24 am
Written by Chris Dixon

Approachable Finance have recently acquired and moved into a new office – we are now situated on the main street of Cross Hills making it easier than ever to see our clients current and new.

Our new address is: 24 Main Street, Cross Hills BD20 8TF

If you are familiar with the Cross Hills area, then you probably have heard of the very succussful florist, Anne Russell, after 20 years of running the shop she decided it was time to retire and spend more time with family. We bought the shop from her and set about renovating the space into a modern and spacious office. 

The former florist looks different now as we opened the space by knocking down the middle supporting wall and blocked up the door behind The first picture below was taken before Christmas and the building needed time to ‘settle’ as the wall had probably been there for over 100 years! 

After much work by our builders, plumbers and electricians the office was ready to have a new window fitted…. As can been seen in the picture, it is a very large space!

After 3 months of renovations, we have managed to transform the former florist into a thoroughly modern office.

If you have any financial queries, please do not hesitate to pop in. We have tea/coffee and biscuits waiting!

Chris Dixon 

Director of Approachable Finance & Approachable Locum Insurance 

GP sickness absence April 2017.

Category: Financial News
Published: Tuesday, 25th April , 2017, 10:23 am
Written by Chris Dixon

The new reimbursement provisions effective (in England) from 1st April 2017, mean that practices can claim up to £1734.18 pw for the first 26 weeks of a GP’s sickness absence, falling to half   –    £867.09 in the second 26 weeks of absence.

We have been told you must submit invoices to the CCG along with a fit note. So, if your doctor’ sessions were covered by colleagues and the costs the practice incurred were £1200 a week, that is what you can claim.

Read more “GP sickness absence April 2017.”

Pension Freedoms

Category: Financial News
Published: Wednesday, 19th April , 2017, 10:20 am
Written by Chris Dixon

Pension Freedoms.

There is an old adage that “Just because you can, doesn’t mean you should” however, according to the Association of British Insurers,  over £3 billion has been paid out in lump- sum cash payments from British pensions. If you choose to access your pension- pot ‘as a lump sum’ then 25% of it is paid tax free which means the remaining 75% you will be paying tax at your standard marginal income tax rate.

It is important to remember that, if you are still earning, then any extra pension monies you take out will be included in your total tax liabilities before working out your tax levels.

In most cases to lose 20% of your pension fund or, in some cases 40%, in order to have the ‘cash in the bank’ is ill- advised, especially when pensions themselves are efficient tax- saving wrappers. This argument is enforced by the low interest rates currently being offered. In cases where you have no choice but to take the pension as a lump sum then ‘flexible’ or ‘phased’ drawdown over several tax years can effectively save thousands of pounds – simply by spreading the withdrawal over several tax years.

It is also important to remember the purpose of setting up your pension in the first place, which in most cases will have been to provide an income in retirement. One wonders whether in 10 years time those who have decided to ‘cash- in’ their private pensions and are possibly living off a measly state pension won’t, in time, come to regret their decision?

If you have a pension- pot and you are uncertain of your options, it is absolutely essential to take good Independent Financial Advice on the matter.