Financial Planner

Annual income, per person. Enter gross (pre-tax) annual amounts. This helps assess your total household income, tax allowances, and savings capacity.

Your household's annual spending, split into common cost buckets. If you only know a monthly figure, multiply it by 12. These numbers are used to assess your emergency fund, savings rate, and where you may be able to free up money to invest.

This includes employment and personal pensions. Contributions are made pre-tax up to a cap of £60,000 per annum (this limit gets tapered for income above £260k). At retirement, the money will be taxed as income. There is no capital gains tax incurred on the profits made.

An Individual Savings Account (ISA) is a UK tax-efficient investment wrapper. You can invest up to £20,000 per person per tax year. Any capital gains or interest earned within your ISA are completely free from UK tax. Note that some ISAs may have limited access or early withdrawal penalties, so check the terms of your specific account.

These are investments held outside of tax-advantaged wrappers (e.g., through a brokerage, bank, building society or fund manager). All profits are taxed upon realisation, including capital gains tax, dividend tax, and interest tax.

These are savings held in bank and building society accounts. Tax is paid on the interest earned.

When you sell your primary residence, the profit is exempt from capital gains tax. Secondary properties, however, will incur capital gains tax when sold at a profit.

UK student loans are handled differently from other debt: repayments are income-contingent and the balance is eventually written off, so they are not treated as "pay off first" debt in the results.