Money Tips Daily by Charles Kelly, former IFA and author of

Following the tragic loss of a dear friend and business partner this week, I was reminded of just how precious and fleeting life can be. We all should make the best of our time on this earth.

She certainly packed more into her short life than most people would in three lifetimes.

Someone once said that there are two things certain in this life:

Death and taxes!

We’re all going to die one day, but unfortunately, taxes, and other financial liabilities, do you not die with you. The government still wants its share of your estate before it is passed on to your beneficiaries.

Even though you build up your savings and property from money on which you have already paid tax, the taxman still puts his hand out for a cut when you die so that the government can spend it. Each year, HMRC collect’s around £5 billion in inheritance tax (IHT) from ordinary families, as well as the rich. Politicians on the left would like to see this increase, as they do not believe children should inherit wealth.

You cannot change the system, but you can take steps to legally mitigate inheritance tax liabilities. See my article on the billionaire Duke of Westminster who legally avoids several billion pounds inheritance taxes. Even the staunch left-wing socialist MP Tony Benn used trusts to avoid inheritance tax on his substantial estate before he died.

You need to take advice on IHT planning, but three of the common methods used are:

1. Wills

2. Trusts

3. Life Assurance

Where there’s a will there’s a relative.

Full details and other articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

UK economy grew by 6.6% in July

The UK economy continued to recover in July, growing by 6.6%, according to figures. The economy has expanded three months in a row, but remains well below pre-lockdown levels.

The Office for National Statistics (ONS) revealed that the UK "has still only recovered just over half of the lost output caused by the coronavirus", the BBC reports.

Whilst this is good news, things are far from back to normal. Growth in July was slower than June, when the economy expanded by 8.7%.

The health of “UK PLC” is nowhere near pre-coronavirus levels and has partly bounced back due to pent up demand and growth in sectors such as hairdressers, pubs and restaurants which were allowed to reopen in July. Reopening of restaurants and pubs meant the accommodation and food services sector "rose by a whopping 140.8%" between June and July, according to Thomas Pugh, UK economist at Capital Economics.

Economic output measured by the value and the volume of goods and services it produces remains at 11.7% lower than it was in February, prior to lockdown restrictions which shut down the economy.

The alcohol industry which grew by 30%, but billions has been lost in the travel and tourism industry and many restaurants and pubs are struggling to survive with social distancing rules.

The government are imposing new social distances rules on gatherings after a spike in Covid cases, which is another blow to business.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

UK economy grew by 6.6% in July

The UK economy continued to recover in July, growing by 6.6%, according to figures. The economy has expanded three months in a row, but remains well below pre-lockdown levels.

The Office for National Statistics (ONS) revealed that the UK "has still only recovered just over half of the lost output caused by the coronavirus", the BBC reports.

Whilst this is good news, things are far from back to normal. Growth in July was slower than June, when the economy expanded by 8.7%.

The health of “UK PLC” is nowhere near pre-coronavirus levels and has partly bounced back due to pent up demand and growth in sectors such as hairdressers, pubs and restaurants which were allowed to reopen in July. Reopening of restaurants and pubs meant the accommodation and food services sector "rose by a whopping 140.8%" between June and July, according to Thomas Pugh, UK economist at Capital Economics.

Economic output measured by the value and the volume of goods and services it produces remains at 11.7% lower than it was in February, prior to lockdown restrictions which shut down the economy.

The alcohol industry which grew by 30%, but billions has been lost in the travel and tourism industry and many restaurants and pubs are struggling to survive with social distancing rules.

The government are imposing new social distances rules on gatherings after a spike in Covid cases, which is another blow to business.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

Tesco drone delivery starting NOW threatening thousands of jobs

A Tesco drone delivery trial will start in Ireland dropping off smaller packages at customers' homes within 30 minutes of ordering.

Drones company, Manna, currently runs medicine delivery trials in Ireland.

The 50mph drones can deliver 4kg of shopping a mile away in three minutes.

Amazon made its first commercial drone delivery in the UK in 2016 in Cambridge to a customer within 13 minutes of the order being placed.

In April 2020, the government announced much larger unmanned aerial vehicles (UAVs) would deliver essential hospital supplies from the mainland to the Isle of Wight. Source: BBC

How many jobs could drones replace?

An MIT professor Daron Acemoglu co-authored a new study revealing that each robot added to the workforce has the effect of replacing 3.3 jobs in the U.S.

PWC report says robots could replace $127 billion of human capital and 50% of all jobs by 2030.

Delivery drivers, bus drivers, taxi drivers, bank tellers and cashiers, warehouse packers, lawyers, accountants, agricultural workers, prescription pharmacists, tele marketers and call centre workers, and analysts and more are all jobs which can be replaced by robots, drones and AI within the next few years.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Three reasons why the richest family in the UK have kept their wealth intact for 300 years

On 9 August 2016, 25-year-old Hugh Richard Louis Grosvenor became the billionaire 7th Duke of Westminster, when his father, Gerald Grosvenor, suddenly died of a heart attack aged 64.

The Duke and his family are estimated to be worth at least £10.1 billion (US$13 billion), according to the Sunday Times Rich List in May 2019. The exact amount of wealth is difficult to estimate, since most of it is held...

Full articles and text available at Money Tips Podcast - www.moneytipsdaily.com

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Could Wall Street tech stocks sell-offs and poor economic outlook indicate another market correction? Apple 6.7%. Amazon, Facebook and Microsoft dropped by 4%. Dow Jones Industrial Average closed 2.25% lower, S&P 500 fell 2.78% and Nasdaq dropped 2.95%.

The global economy is expected to shrink by roughly 5% this year, which is huge.

With Covid-19 showing signs of a return, further lockdowns could stall economic recovery.

Full articles available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

Leasehold trap – major builders could face court action over rip-off leases on newbuild properties

The UK's largest housebuilders are being investigated by a watchdog after "troubling evidence" has emerged over the way leaseholds on newbuild housing estates have been sold to property buyers.

Major companies like Barratt Developments, Countryside Properties, Persimmon Homes and Taylor Wimpey are facing legal action from the Competition and Markets Authority (CMA), which could take the developers to court.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

As the recession deepens and the end of the furlough scheme looms, Ann Summers becomes the latest retailer to threaten landlords with CVA unless shop rents are renegotiated

Some landlords are “burying their heads in the sand”, says Ann Summers boss Jaqueline Gold.

Ann Summers is a hugely successful lingerie and sex toy chain, which has brought the industry from the backstreets into mainstream retailing in the high street. They famously selling millions of pounds worth of products through ‘party plan’ selling in customers houses.

Gold warned that unless landlords come to the table, they would ask to restructure its rent costs through a Company Voluntary Arrangement (CVA), which would wipe out much of its debt and liabilities such as lease agreements.

A CVA is a legally enforceable rescue deal that enables limited companies to close unprofitable parts of the business, such as low performing stores, reduce their rent on others without going into bankruptcy or liquidation which would wind up the business.

Jacqueline Gold said landlords needed to recognise things had changed.

"Ultimately no retailer can afford to run stores unprofitably, and with business rates set to return next spring, the challenge of property costs is going to become even more pressing than ever," she said.

Writing in Retail Week, Ms Gold said the threat of a CVA was "no idle threat".

Source: BBC

In my experience, commercial landlords can be ruthless especially to smaller tenants with no clout. I have seen many small business owners made bankrupt by landlords over unpaid rent on a binding lease agreement.

5 tips to avoid bankruptcy

1. Avoid signing long leases especially in your own name.

2. Avoid signing personal guarantees.

3. Limit your personal liabilities and debts.

4. Incorporate your business

5. Take out liability insurance

Individuals suffer most from debts and can lose everything including their home.

Jaqueline Gold or Richard Branson will not lose their home of one of their companies fails because they are not sole traders or in a partnership.

The above information should not be treated as personal financial advice, and you should always take advice from your own advisers, accountants and lawyers who know your personal circumstances.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

By Charles Kelly, Wealth Mentor, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on wealth mentoring and coaching, how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

The Sunday Times reports that the UK government is planning to raise taxes, for instance Corporation and Capital Gains Tax, to pay for lockdown rescue packages.

End of the month and lost summer of lost tourist billions.

Other articles available at Money Tips Podcast - www.moneytipsdaily.com

· Tax increases plan to pay for furlough

· Zero interest credit card deals returning

· Will demand for HMO rooms rise or fall?

· EU staff offered chance to go home to work

· Capita to shut a third of offices permanently

· Is this the end of office work as we know it?

· Home workers one step closer to outsourced

· What will happen to all the city office blocks?

· Companies still have long leases on big offices

· Why live in expensive town centres anymore?

· Buy-to-let landlords ignore “NO DSS” tenant ban

· Restaurants extend ‘eat out to help out’ scheme

· Thousands trapped in unsellable leasehold flats

· 2m homeowners apply for mortgage payment holiday

· Government extends ban on landlords evicting tenants

· Unemployment to double 7.5% and economy slump 9.5%

· Self-employed, have you claimed your government grant?

· Lenders not passing on rate cuts and mortgage rates going up!

· UK property prices jumped by 3% since June following stamp duty cut

· Why UK Property prices rising after stamp duty cut, despite the downturn?

· New planning rules will open up more opportunities to make money in property

· You can create a second income during the lockdown…and come out stronger

· Learn how to make money from propertywithout deposits, mortgages or cash

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com

“No DSS” tenant blanket ban ignored by buy-to-let landlords despite ‘unlawful’ ruling by Judge

The BBC has launched its own investigation into landlords who still advertise their properties to rent using the terms “No DSS” or “Working tenants only”. Last month, a District Judge has ruled that blanket bans on renting properties to people on housing benefit are unlawful and discriminatory.

The county court ruling found a single mother-of-two had experienced indirect discrimination when a letting agent refused to rent to her. She subsequently ended up homeless with her two children, when her case was taken on by housing charity Shelter.

The judge ruled "No DSS" rental bans are against equality laws.

Full article and more available at Money Tips Podcast - www.moneytipsdaily.com

Millions of people face a bleak future post-Coronavirus lockdown, as businesses disappear and the job furlough scheme eventually comes to an end. However, life doesn’t have to end because of lockdown! You can join thousands of ordinary people who have increased their income and added streams of new income during this period.

Are you ready to adapt to the new economic model?

As lockdown restrictions around the world are being eased, the economic model has subtly changed forever. How will you adapt to this new way of working and running a business, what obstacles and opportunities lies ahead? Will you be a participant or spectator in this revolution?

By Charles Kelly, Property Investor, Author of Yes, Money Can Buy You Happiness and creator of Money Tips Podcast.

There are more examples and practical steps to getting rich and being happy in my book, Yes, money can buy happiness, I cover the 3 R’s of Money Management, the Money B.E.L.I.E.F System and much more. Check it out on Amazon http://bit.ly/2MoneyBook.

If you’d like further information on how to survive the crisis and even quit the rat race, email me at [email protected]or send me a message through Facebook or my Money Tips Daily community. See more articles at www.moneytipsdaily.com