For an estimated retail price of £150,150, and a tax rate of 18 per cent, Olly Lloyd would have to pay £27,027 in taxes.
For the new employment contract, Lloyd would have to pay taxes in the amount of £5,281. The sum is decreased significantly by deductions adherent to contributions made by Olly to the pension funds (Listen to Taxman).
c) Suggestions for financial management
Leone Lloyd-Cardle is, without a doubt, facing severe problems. In order to restore the responsibility and stability of her financial decisions, the following financial management recommendations are made:
Discussing the problem with her husband. Having reached such a high level of debt indicates severe problems which cannot be overcome by Leona herself. She needs support and help, both moral as well as partnership and financial aid.
Dividing the money entering the household into three categories -- savings money, the children's accounts and spending money. The money allocated for spending should represent the lowest category and should always come in last. By doing this, the family creates stability and future financial constancy, as well as a context in which Leona learns how to make do within imposed restrictions.
The elimination of all credit possibilities so that the family does not run any more debt.
If necessary, Leona and Olly should participate to sessions of financial counseling so that they become more responsible regarding their money.
d) Financial future of children
Finally, in order to ensure the future financial stability of their children, Olly and Leona should create savings accounts in the name of their children. They should constantly feed these accounts, based on the incomes made. They should establish a minimum contribution, such as 20 per cent of all monthly income, and when possible, they should make additional contributions.
The accounts opened in the name of the children should be focused on savings more than investments. If investment packages are also purchased, these should reveal low levels of risk. Lower levels or risk imply lower gains, but still higher than the rate offered by banks for deposits. The money invested is guaranteed and the risk for losses is decreased.
For the year to come, the recommendation for the fiscal management of the Lloyd family is that of being reserved in spending and focusing on saving and stability instead. This recommendation is derived both from the analysis of the family's earning and spending patterns, as well as from the correlation with the overall state of the economy. Specifically, in a setting of continued economic crisis, the recommendation for all economic agents and individuals would be that of consolidating their positions, increasing stability and implementing prudence in all financial decisions (Davis, 2009).
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