Financial Advice Kent

    Sir Michael Fallon Congratulates Chevening Financial, the UK's first Small Business Big Heart Winner 

On the 10th March 2017 Rt Hon Sir Michael Fallon, MP for Sevenoaks and Secretary of State for Defence visited Chevening Financial , the first ever recipient of the Small Business Big Heart Award to congratulate them on their success. Chevening Financial, secured the title after stiff competition from small businesses across the UK. 
Chevening Financial was selected as the overall winner for its eight-year long programme of community support taking housebound pensioners out for shopping and socialising, which has now become the highlight of many of the beneficiaries’ weeks. To date Chevening Financial Founding Director David Hawes-Gatt has clocked up 4,000 miles taking care of his group of lovely, lively ladies and gone on to arrange additional outings like Christmas lunches, cream teas and trips to the seaside. 
Rufus Bazley, Director of Marketing at comments, “When we launched the Small Business Big Heart campaign we were confident the small business community would provide plenty of examples of how they help worthy causes, but even we were overwhelmed with the volume and exceptional quality of entries. Chevening is without doubt a worthy first winner of what proved to be a hotly-contested award.” 
Sir Michael Fallon MP adds, ““I was delighted to be able to congratulate David and his team at Chevening Financial in person for receiving this award. Becoming a regional finalist was impressive; winning the national competition is a quite remarkable achievement. I am proud that a business in my constituency is playing such an active role in the community and I look forward to hearing more about its work in the future.” 
David Hawes-Gatt began using his own car to ensure the ladies that couldn’t manage to get on the minibus did not miss out on their shopping and the all-important socialisation that goes with it. He says, “It seemed like the obvious thing to do and now it’s one of the best parts of my week. The time since I started has really flown by and the ladies are fantastic company. Getting an award is great, and even more so since we can pass on the prize money to another great cause.” 
The ladies comment; “ I wouldn’t be able to get here without him.”, “We were all strangers and now we’re all friends.”, “It’s lovely to get together for a natter each week.”, “It makes such a difference to me as David picks me up from my door and carries all my shopping into the house.”, “David goes out of his way to be helpful and puts smiles on our faces.”, “The cream tea he organised was fantastic” and “Some weeks, if I didn’t get picked up, I wouldn’t see another soul.” 
Chevening Financial donated the £1,000 prize money to Lucie Robson from DEBRA, a charity the business actively supports year-round.  
Further coverage on the event can be found at:  
This article was taken from "Small Business Big Heart" press release March 2017. 

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David Hawes-Gatt 
March 2017 
Pensions Freedoms  
– unforeseen implications? 
Most people will by now be aware that quite a few major pension things happened recently. There’s been plenty written on the subject so this particular blog isn’t going to be about the detail of the changes (do call us if you’d like to know more though!) and its also not going be about how crucial it for those close to, at or even beyond retirement to now get solid professional advice (Er, I won’t state the obvious about who we think you should call!) 
But one implication of the changes that has attracted little attention so far might be the impact on how people could now change their savings habits. 
Its always been the case that money being saved specifically to provide a retirement income should probably (though not always) have gone into a pension of one kind or another – the tax reliefs applicable usually made it a pretty strong net tax benefit overall and as it was for retirement income, it didn’t matter that it was tied up and could only be used for that specific purpose. 
Similarly, savings for most other reasons have historically made use of ISAs or other types of accessible products. 
But now that we know you can access all of your pension savings at age 55, there is a need to review this approach. To put it very simply, if your circumstances mean that the tax side of things will work in your favour (i.e. you’ll get relief at a higher rate going in than the rate you’ll pay coming out) then, if invested on a like for like basis, the pension would usually generate a greater net figure than the ISA. 
On the tax front, given that one quarter of what comes out of the pension will (under current rules) be tax free, you only really need to be sure you wont be paying higher rates of tax on the rest of what comes out for the tax to work in your favour overall. 
Of course you’ll currently need to be at least 55 to withdraw monies from a pension, so this might not impact much on those in their 20’s or 30’s saving for shorter term goals. But there are many in their 40s and 50s who may be using ISAs who should now reconsider – even to the point of looking at whether savings already accrued could work better for them through some careful recycling. 
There may be some beneficial IHT side effects as well, but of course there are as ever a number of pitfalls to catch the unwary, all of which means this strategy needs great care when being planned or implemented. 
Now if only we knew a creative but careful professional advice firm who could help…? 
22 February 2016 
By Paul Harding 
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