Eldon

We’re incredibly proud of our team for undertaking the 2025 Alzheimer’s Society Trek through the North York Moors on Saturday.

The experience was a far cry away from our 2023 Ullswater Way trek, which we undertook in wild and stormy weather in the Lake District. This North York Moors challenge was blisteringly hot, with no breeze and a strong sun!

With plenty of water, good spirits, and team camaraderie, our two teams completed their challenge, raising almost £4,000 for Alzheimer’s Society as a result of their dedication.

We’re so proud of them!

Donations to our fundraising page will stay open for another week or so. Eldon is matching all fundraising so whatever you give will be doubled to the charity: https://www.justgiving.com/page/eldon-financial-alzheimer-trek-2025

Every donation, no matter the size, will help bring us closer to a world where dementia no longer devastates lives.

Together we can take a step towards a better future.

Well done, Team!

We are delighted to announce that Trainee Paraplanner Samantha has now gained her Diploma in Financial Planning.

Samantha started her studies in March 2024 whilst she was working full time in clinical trials at the NHS before joining Eldon in April 2025 to support us with both administration and paraplanning.

Samantha will now be working towards the Advanced Diploma in Financial Planning with a view to achieving Chartered Status.

Well done, Samantha! We are looking forward to seeing what you achieve next!

Inheritance tax (IHT) continues to generate increasing revenue for HMRC, with April 2025 alone bringing in £800 million. This is a rise of £97 million compared to April 2024, or a 13.8% year-on-year increase. The broader picture shows the 2024/25 tax year setting a record £8.2 billion in IHT receipts.

This growth isn’t new; since 2009/10, when inheritance tax brought in £2.4 billion, receipts have steadily climbed—both in real terms and as a proportion of the UK’s GDP. In fact, IHT now makes up an estimated 0.28% of GDP, nearly double the 0.15% seen in 2009/10.

Why Are Receipts Increasing?

A few key drivers are contributing to this trend. Since March 2021, the nil-rate bands for inheritance tax have been frozen—a policy set to continue until 2030. Meanwhile, rising property prices, often the biggest asset an individual has, and strong investment markets have increased the value of many estates, pushing more of them above the tax threshold.

And the upward pressure isn’t over. The Autumn Budget 2024 announced significant reforms to Agricultural and Business Relief (effective April 2026) and the inclusion of unused pensions in estates from April 2027. These changes are likely to see the inheritance tax revenue increase further for HMRC in the future.

What Does the Future Hold?

According to the Office for Budget Responsibility, nearly 10% of estates will be subject to inheritance tax by 2030. That’s more than double the 4% of estates affected in 2020/21.

This shift is prompting more individuals and families to consider how inheritance tax might affect their legacy and whether steps can be taken to reduce the impact.

“A Voluntary Levy”?

To quote former Labour Chancellor Roy Jenkins:

“Inheritance tax is, broadly speaking, a voluntary levy paid by those who distrust their heirs more than they dislike the Inland Revenue.”

While tongue-in-cheek, the quote underscores the importance of effective inheritance tax planning.

That said, everyone’s priorities are different. Some value the reassurance of retaining capital for life’s uncertainties and are accepting of any potential inheritance tax that comes with this, whilst others prefer to pass on as much as possible to loved ones or spend their wealth during their lifetime.

Planning Ahead

There’s no one-size-fits-all approach to inheritance tax planning. Each situation is unique, and careful, tailored planning is essential to align financial strategy with personal goals and values.

What’s more, IHT planning isn’t static. Legislative changes can undo previous strategies, and personal circumstances often evolve. Regular reviews and proactive planning are crucial to staying on course.

If you would like to speak with your Financial Planner here at Eldon, then please do not hesitate to get in touch with us.

On 12^th July, the Eldon team will be participating in The Alzheimer’s Society Trek across the North Yorkshire Moors, along with over 700 other walkers, to raise money for the charity. Our team will be split into two groups, with one covering 26 miles, while the other covers 13 miles. The two routes incorporate stunning coastal and moorland views and will present an enjoyable challenge.

In their own words, Alzheimer’s Society are working towards a world where dementia no longer devastates lives. They help those currently living with dementia, with around 900,000 people estimated to be living with the condition in the UK today. Alongside this, they campaign to make dementia a priority and hold decision-makers to account, whilst funding vital research projects to seek the best ways to get early diagnosis, innovate care, and develop targeted treatments.

Our team is looking forward to the Trek and we are grateful to anyone who feels able to donate to the cause. If you would like to donate, you can do so via our Just Giving page at the following link: https://www.justgiving.com/page/eldon-financial-alzheimer-trek-2025

More information on Alzheimer’s Society and their work can be found here: https://www.alzheimers.org.uk/

If you would like to talk to a member of the team about the Trek, please don’t hesitate to contact us.

Earlier this month, we were delighted to welcome Samantha to the Eldon team. She will be supporting us with both administration and paraplanning, and we’re thrilled to have her on board. We look forward to supporting her growth as she develops her career in paraplanning with us.

Here’s a little bit about Samantha:

“I joined Eldon in 2025, drawn by the firm’s genuine, client-focused approach to Financial Planning. I am passionate about helping people feel confident and in control of their financial future, and I bring with me a background in healthcare – an experience that has shaped my ability to build lasting, honest relationships with clients.

Currently, I am working towards my Diploma in Regulated Financial Planning, with the long-term goal of achieving Chartered status. I’m excited to continue growing with Eldon and to support our clients through every stage of their financial journey.

When I’m not at work, you’ll usually find me walking my two dogs around Northumberland, keeping up with Formula 1, or enjoying some really good cheese.”

Market Situation

Trump’s ‘Liberation Day’ announcement of universal and country-specific tariffs has increased uncertainty in trading worldwide. As is typical, uncertainty leads to increased market turbulence.

This US stance risks creating inflation and/or recession in various markets around the world. It is certainly big news. Markets have quickly adjusted to the prospect of lower company earnings based on current forecasts. This doesn’t mean there is confidence in current forecasts; these change by the day, hour, and minute. Forecasting is especially challenging at present given continued uncertainty.

In fact, it’s entirely possible that we are close to the peak of ‘trade uncertainty’, with the potential for many positive actions ahead. For example, there are likely to be elements of monetary easing, fiscal stimulus, deregulation, and new trade agreements to come.

Your Financial Plan

We know it can be unsettling when markets are turbulent, especially if you’re new to investing.

But it’s important to remember that market ups and downs are a normal part of investing.

Here are three key things to remember when markets are unsettled:

As humans, we are programmed to take action. But if a market downturn occurs and your financial goals haven’t changed, staying the course and riding out the dips is usually the right course of action.

All Eldon’s clients have been recommended to hold a reserve of accessible cash savings that feels comfortable for their foreseeable circumstances. This means that if some form of emergency arises whilst markets are down, there should be enough in savings to cover that need.

For those with regular withdrawals from an investment portfolio, this level has been set with your needs and wider circumstances in mind. All our clients have regular planning reviews too so we can ensure their Financial Plan is regularly updated and all new circumstances taken into account.

In summary, tuning out the noise and staying focused on your long-term goals can help you navigate the inevitable ups and downs of investing.

If you would like to speak with your Financial Planner here at Eldon, then please do not hesitate to get in touch with us; we always love to hear from our clients.

In a significant update for UK savers, the Prudential Regulation Authority (PRA) has today proposed an increase to the deposit protection limit under the Financial Services Compensation Scheme (FSCS), raising it from £85,000 to £110,000.

The FSCS currently protects 100% of the first £85,000 held by an individual, per UK-regulated financial institution (not per account). Joint accounts are eligible for FSCS protection up to the same limit of £85,000 per eligible person.

The FSCS only applies to organisations regulated by the Financial Conduct Authority, with the main categories of protected savings including:

• Current accounts
• Savings accounts (including sharia accounts)
• Cash ISAs (including cash Lifetime ISAs & Help to Buy ISAs)
• Small business accounts
• Cash saved within a SIPP (Self Invested Personal Pension) 

The proposed increase aims to reflect the level of inflation since the limit was last changed in 2017, offering even greater reassurance to consumers that their savings are safe should their bank, building society, or credit union face financial difficulties.

The new limit, if approved, would apply to any financial institution that fails after 1^st December 2025.

What happens next?

The PRA has opened a consultation on the proposed changes today, and they are seeking responses from the public and stakeholders until 30 June. After reviewing feedback, the PRA expects to announce the outcome of the consultation in November, with any changes to the deposit protection limit requiring approval from HM Treasury.

If you have any questions about this, please do not hesitate to get in touch with a member of the team.

Financial scams have become much more prominent and sophisticated in recent years. A few examples that are concerning include those purporting to be HMRC, phone companies, and banks. These are all companies that people rely on and trust.

With HMRC, we have recently seen an example of a scam letter, and at first glance, the letter would appear to be genuine, with the HMRC logo and the contents laid out in the same format as usual HMRC correspondence. However, this letter was in fact not genuine, and there were a few signs which indicated that it was suspicious. I have highlighted a few points to look out for below:

• No contact phone number on the letters – HMRC would always include this, but the scammers don’t want you to call HMRC to verify or discuss the letter (as you’d find out it isn’t genuine)

• Requesting copies of recent accounts, VAT returns or anything else that HMRC can obtain themselves from their own records.

• Asking for proof of ID – HMRC would never ask for this.

• Any email address they give as their own should always end with “.gov.uk”. No government agencies (which includes HMRC) will use a .com or .org domain, it will always be .gov.uk.

• HMRC would always request the information or documents to be sent by post, never emailed to them.

Scammers will also send texts, make phone calls and send emails too. Within these communications, there are a few other signs to look out for, that are more generalised and apply to all different types of scams:

• Threatening language: scammers may threaten lawsuits, arrest warrants, or demand immediate payment 

• Pressure to act quickly: scammers may try to pressure you into acting without thinking 

• Unprompted contact: scammers may contact you out of the blue 

• Requests for personal information: scammers may ask for your bank or credit card details, National Insurance number, or other sensitive information 

Between 1 February 2024 and 30 June 2024, Which? has collected the data from “Who Called Me”, a company that collects reports of suspicious phone numbers. The table below shows the top 10 scam calls search during that time:

1. Phone contract scam                                    3,419,100

2. Debt scam                                                       1,568,776

3. Utility scam                                                     1,494,591

4. Energy scam                                                   1,428,304

5. Billing scam                                                     1,298,175

6. Insulation scam                                              1,044,064

7. Bank scam                                                          987,423

8. Life insurance scam                                          943,588

9. Housing repairs scam                                       801,206

10. Survey scam                                                     699,866

If you’re ever called by a number that you’re not sure of, you can visit “Who Called Me” and search the number. This will bring up the history of that number and a summary, often including a note to say whether or not the number is likely to be linked to a scam.

So, what can be done to avoid falling victim to a scam?

• Be skeptical when someone contacts you out of the blue. Don’t give out any personal information that can be used by others to access any of your accounts.

• Don’t click on unknown links you have received in emails. Clicking the link can be the ‘way in’ for scammers.

• Ensure you keep your devices updated – software updates can include important security measures.

• Enable multi-factor authentication for log-ins. This can add an additional layer of protection for you.

• If someone mentions a company name they are working for, research the company name. Often there will be reports and information on how this could be connected to a scam.

• Look out for suspicious payment requests. Scammers will ask for payments via cash, gift cards, cryptocurrency and other forms of payment that are harder to trace.

• Don’t refund or forward any overpayments that are made to you. Once done, the original payment will be fraudulent and taken back later, leaving you out of pocket.

• Sign up for a free credit monitoring with Experian to get alerted when there are unexpected changes in your credit report.

Eldon welcomed Charlotte Scott as a new addition to the paraplanner team this month.

Below is a short introduction from Charlotte:

“I began my career in the financial services industry in 2020 as an Accounts Assistant and in 2022, I transitioned into a Paraplanning role, where I discovered that a customer-focused career path was the right fit for me.

I joined Eldon at the start of 2025, drawn to their strong focus on clients and overall approach to holistic Financial Planning.

I am currently working towards my Diploma in Regulated Financial Planning and hope to progress to Chartered status while at Eldon.

Outside of work, you can often find me on the couch with a good book, or in the kitchen trying new recipes. As well as this, I enjoy spending time with my partner, friends and family.”

Charlotte is an excellent addition to the team, and we can’t wait to see her achieve her goals and succeed with Eldon.

The deadline of 31st January 2025 for submitting Self Assessment tax returns for the 2023/24 tax year is fast approaching. If you need to submit a tax return, it is important to do so by the deadline to avoid paying late filing penalties.

You can check whether or not you need to complete a tax return for the 2023/24 tax year by using the government tool.

If this is the first time you are submitting a Self Assessment, the deadline to register without penalty was 5^th October 2024. If you have not registered yet, it is therefore important to contact HMRC as soon as possible to receive your Unique Taxpayer Reference (UTR) to enable you to submit your tax return.

If you are registered to submit a Self Assessment tax return but no longer need to complete a return, you must inform HMRC. If HMRC agrees, they will send a letter confirming you do not need to file a return. You may have to pay a penalty if HMRC do not agree before the Self Assessment deadline of 31^st January 2025, and you do not submit a return on time.

If you submit your return later than the deadline, you will typically face a £100 penalty if the tax return is up to 3 months late. Should the return be submitted over 3 months late, you may be faced with a larger penalty.

Any payment of tax required by 31^st January 2025 will have interest applied if paid after this date. This rate is currently 7.25% (Bank of England Base Rate plus 2.5%). If the payment is made more than 30 days after the deadline, you may also be faced with greater penalties at a percentage of the tax owed.

You can complete your Self Assessment tax return online here.

You can pay any outstanding Self Assessment tax bill online here.

For a fee, professional accountants can help you complete your Self Assessment, or complete it on your behalf, however you will need to provide them with the relevant figures. Please get in touch if you would like a recommendation for accountants we have previously worked with.