Cash Management for Barristers
In the current environment of historically low rates, efficient cash management can be an effective planning tool that is often overlooked.
Emergency Cash
We always recommend that individuals hold at least six months’ worth of expenditure in cash in an instant access account. This avoids being caught short in the event of a sudden need for cash; this could be for unforeseen expenditure or income shock.
Personal Savings Allowance
Savings interest is paid tax-free and most will not pay any tax on it at all. Basic-rate taxpayers can earn £1,000 per annum tax-free and higher-rate taxpayers £500, so it is only those with much larger amounts of savings who would need to worry about this.
Financial Services Compensation Scheme (FSCS) protection
As long as the bank institution you use is fully regulated in the UK, you get up to £85,000 of your money protected in the event of the bank going bust. It is important that you look to manage this effectively so you are not putting your cash at unnecessary risk.
“Ifamax have been advising me for 10 years.
Their investment and tax planning advice has been invaluable. They are responsive, friendly and reliable. I trust them to steer me through the financial planning maze.”
Introducing Insignis Cash Management
All asset classes are important to us, and cash is just one of them. To enhance our service model, Ifamax has partnered with Insignis. Insignis Cash Solutions is an innovative cash management solution that complements your asset portfolio by looking after your cash. Cash is different to your other assets due to its liquidity and return potential.
This service allows you to get a better return than you would at a traditional high street bank, while still allowing you to determine what liquidity requirements suit you.
The great benefit of using this service is that it is done with a single sign in procedure, making it as easy for you as possible. Insignis use a number of secure UK-based financial banks to invest your cash. All the banks used have FSCS protection, which is currently £85,000 per bank, per individual. This gives our clients a variety of options, depending on the capital amount and term requirements. The service is aimed towards those that typically hold high cash balances as the minimum account size is £50,000.
How could you benefit:
-Client remains the beneficial owner at all times
-A single sign-up procedure, giving you access to multiple bank accounts
-Interest rate monitoring and cash account management
-The ability for Ifamax to manage the service on your behalf (if required)
-View your live cash portfolio online
-Their assets being safe and secure -Individuals, Companies, Trusts or Charities