A new PAYE coding system introduced by HMRC in July is resulting in 'aggressive' tax deductions, says the Financial Times. Experts point to flaws in the new 'dynamic coding' system, which is meant to alter tax codes in response to changes in income. The problem is that it generates large tax demands in response to big bonuses paid early in the tax year, while employees returning from foreign assignments do not get credit for foreign tax they have already paid.
There is evidence that more homeowners are choosing to improve rather than move, says the Mail. Residential property transactions for the year to March 2017 were £239 billion, down from £273 billion the previous year - the first fall since the financial crisis a decade ago. The higher levels of stamp duty are one deterrent for movers, says the Mail.
The 30 hours of free childcare promised by the government - an extra 15 hours per child from this autumn – will result in parents having to contribute, says the Financial Times, since the amount paid by the government to nursery providers is less than their actual costs of operation. Half the nursery providers surveyed said they planned to raise charge for hours outside the 'free hours', and about the same proportion said they would be adding charges for snacks and trips. Providers said the scheme should be rebranded with the extra hours described as 'subsidised' rather than free.
One in four parents have moved home in order to be in the catchment area for a good school, says the Independent, with the result that the average property price in those areas commands a 12 per cent premium - worth £27,000 on the average property but as much as £81,000 in London. One in five parents have changed job to be near the right school and the same proportion have downsized to be in the right area. In consequence, a quarter of parents say they are overstretched on their mortgage.
The costs of moving are deterring older people from downsizing, says the Mail. Surveys show around 5.5 million older people would like to downsize if they could find a suitable property, but moving costs are a major obstacle. The move from an average 4-bed home (national average value £490,000) to a 2-bed one (average value £293,000) would typically cost £29,000 by the time stamp duty, lawyers' fees and moving costs are included. Former Minister Baroness Altmann is among those calling for a stamp duty holiday for downsizers.
As part of our storybook we created a day in the life of our two offices and the teams based there. No day is the same but this gives you an insight as what our team are involved in on a day to day basis. View it here
The Wealth Design Group is proud to welcome Ross Whittle as the newest member of our team. This week they introduce Ross Whittle to their team who has taken on the role of Head of Professional Connections. He will be responsible for the development of new and existing relationships in addition to developing his own client base.

Ross has worked within the Professional Financial Services sector for more than 25 years. He has a varied knowledge and experience which has been gained from working in a number of senior roles including tax consultancy and private client sectors. He will be based in our Cannock office and also work closely with Chris O’Meara in the Hunter & Co office who specialises in Catastrophic Injury. We are delighted to welcome Ross to the team.
Chris O'Meara discusses in this story his passion for music outside work.
"Outside of work I have played in a band for almost 30 years. I enjoy playing the guitar at my favourite Irish bar, Quigleys in Rugby. I enjoy the lasting friendships I have made and the social interaction and release it provides.

Sound financial knowledge is a must have for all advisers. The industry has become increasingly regulated and this has resulted in raising the standard across the industry. However, what makes a difference for clients is feeling a connection with their adviser which is chemistry of sorts, particularly as it is an enduring relationship. Therefore, clients and advisers need to get on and have a connection which is beyond a transactional relationship.

Back to making music
That’s why I mention my passion for music. Not because my clients necessarily share that passion, but they will have their own interests which I find fascinating to hear about. With the Wealth Design Group, I am not tasked with having so many appointments a day, instead I can spend time getting to know those people I am working with and understanding what they value in life.

Developing a rapport
When working together with someone who has been involved in a life changing situation and is left living with the ongoing repercussions, there is one thing that sees you through and that is the chemistry or rapport you have with them.

Having a good rapport with a client enhances the quality of life for both my client, but also personally, as an adviser too. Enjoying the relationship is good for both parties; the adviser becomes personally invested in their client as they will have seen the journey their life has followed."
David is one of Co-Founders and Directors of the Wealth Design Group. He has worked in financial services since 1987 and specialises in financial advice for pensions. It is giving David enormous pleasure to see Wealth Design grow from modest beginnings. Wealth Design's ethic of caring is more than a cliché, as the aim is to make a genuine difference in people's lives, by ensuring focus on their particular circumstances. David also plays an active role in the Personal Finance Society, which works to develop professionalism within the industry. Outside of work David loves art and drawing, has his own studio at home. For more information and to view David’s profile, click here.
At Wealth Design we are looking forward to getting the coffee machine going and teapot out and welcoming you to our office at Virage Point, Cannock. Please join us for the Macmillan coffee morning this Friday between 9-11am and have we'll have a catch up as well as raising funds for charity.