What is Cash Flow Planning?

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2018 Spring Statement

The Chancellor’s first Spring Statement

Mr Hammond made clear some while ago that he wanted his Spring Statement to be a short financial briefing rather than a mini-Budget, complete with rabbit-out-of-hat announcements. Although his speech ran to 25 minutes, rather than the 15-20 that had been promised, the Chancellor stuck to a no-frills script.

There were no new tax measures and no spending changes. The Office for Budget Responsibility (OBR) trimmed its projections for government borrowing, but Mr Hammond simply banked the savings for his Autumn Budget. Spending will be subject to a detailed review in 2019. 

While the Chancellor appeared to say little, his statement was followed by the publication of a range of documents covering areas including:

  • English business rates The next revaluation of business property in England will be brought forward one year to 2021, with three-yearly revaluations thereafter.
  • Entrepreneur’s relief A consultation paper was published on how to give entrepreneurs’ relief in circumstances where it would otherwise be lost because of a new share issue.
  • VAT threshold The government issued a call for evidence on restructuring the VAT registration threshold to offer more incentives for small businesses to grow. There is some evidence that businesses deliberately limit growth to avoid crossing the existing £85,000 threshold (which has been frozen for the next two years).
  • Tax and the digital economy There were several papers examining taxation issues surrounding the digital economy, including VAT and income tax leakage through internet trading platforms.
  • Self-funded work-related training A consultation paper was published examining how to extend the existing tax relief framework to self-funded work-related training by employees and the self-employed.

Many of these documents will eventually result in legislation, but that does not mean no tax changes in the interim. The impact of last November’s Budget (and some earlier measures) will soon be felt with the start of the new tax year.

Please download the full Spring Statement 2018.


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Fyfe Financial Budget Summary 2016

Budget 2016We have pleasure in providing our summary of the key announcements in the  Chancellor’s 2016 Spring Budget statement. We hope you find it useful and interesting.

This was the third Budget within a year, but George Osborne still managed to produce a few surprise measures among the inevitable re-announcements. The most significant measures included:

• The launch of a new Lifetime ISA from April 2017 for adults under the age of 40, with a maximum contribution of £4,000 a year and a 25% government bonus on savings.

• A cut in the main rates of capital gains tax from 2016/17 to 20% for higher and additional rate taxpayers and 10% for other taxpayers, although the existing rates will continue to apply to gains on residential property and carried interests.

• An increase in the income tax personal allowance for 2017/18 to £11,500 and the higher rate threshold to £45,000.

• Two new £1,000 tax allowances for property income and trading income, starting in April 2017.

• A restructuring of stamp duty land tax (SDLT) on commercial properties.

• A major revamp of business rates, permanently doubling the Small Business Rate Relief.

• The abolition of Class 2 National Insurance contributions from 6 April 2018.


Please download the full Fyfe Financial Budget Summary for 2016.


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David & Jean Fyfe break their £1 million Fundraising Target at the 26th Daffodil Ball

David & Jean Fyfe have raised over one million pounds to help make Sheffield Children’s Hospital even better, after hosting their 26th annual ball.

Daffodil Ball 2016

Over 190 supporters came together on Saturday night (March 5th) for the Daffodil Ball, hosted by David and Jean at Sheffield’s Baldwin’s Omega.

All money raised from the ball will support the charity’s Make it Better appeal, which aims to transform Sheffield Children’s Hospital into a world-class facility to match the existing world-class care. As part of the appeal, kind donors pledged over £30,000 to help bring a brand new Burns treatment room and outpatient area to the new wing.

This room will feature specialist medical equipment as well as a special bathroom where young patients can bathe their injuries. The space, built specifically for children, will provide distraction and an area of comfort at what is a distressing time.

Julie Baker, ward manager and lead nurse on the Burns Unit, said: “The new burns area will make it so much easier to give the care we need and will be a much nicer space to support our patients and their families. The treatment room and bathroom will be in adjoining rooms so children can move more easily between them for their care. The idea is it will make it as child-friendly as possible.”

David, who runs Fyfe Financial Ltd said: “We’re absolutely delighted to have reached this incredible milestone. When we started our fundraising journey 26 years ago we never envisaged raising so much.

“Jean and I are extremely proud and hugely thankful to everybody who has contributed to this brilliant fundraising total over the years – we couldn’t have done it without them.”

The Children’s Hospital Charity director, David Vernon-Edwards, said: “We are overwhelmed by the support David and Jean have given the charity over the years. Thanks to their tireless fundraising efforts we can bring new facilities to the hospital – making it better for children who come from all over the world for the hospital’s specialist care.”

The evening was supported by local businesses and individuals including Michael Craven from Brewin Dolphin, Richard and Pat Howard, AGW Electronics Ltd, Irwin Mitchell and Lynda V Price.

Sheffield Children’s Hospital, is one of only four stand-alone children’s hospitals in the UK and is a centre of excellence in many areas including neuroscience.

Over the last 26 years, charitable support from the Daffodil Ball has funded some amazing enhancements at Sheffield Children’s Hospital, benefiting thousands of children and saving lives. All of the specialist medical equipment is over and above the standard NHS provision. Here are some Daffodil Ball highlights…

  • Over £15,000 was donated for endoscopic instruments. These enable surgeons to perform minimal access transnasal (through the nose) neurosurgery, allowing neurosurgeons to operate without cutting through the skull and therefore not leaving a scar. This also minimises the amount of pain the patient will have after surgery as well as reducing the length of their stay in hospital.
  • Over £27,000 has been donated to the Make it Better appeal which will build a brand new hospital wing to match world-class facilities with the existing world-class care, creating the best possible environment for children to get better more quickly.
  • Over £22,000 was donated towards an intraoperative 3T MRI scanner making the theatres department at Sheffield Children’s Hospital one of the most advanced operating environments in the country. Alongside this, the charity funded a Leica Dual Imaging Colour Microscope Module thanks to over £16,000 raised at the Daffodil Ball. Together this equipment enables more precise treatment, reduced surgery time and improved recovery time.
  • The neonatal surgical unit provides high quality care to some of the hospital’s smallest patients. Previously babies needing ultrasound investigations had to be moved to the X-Ray department across the hospital. Thanks to funding by the Daffodil Ball, over £25,000 was raised towards a portable ultrasound allowing babies to be tested in the comfort of their own cots.

The event was also reported in local newspaper The Star.

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25th Daffodil Ball raises thousands for Sheffield children

David & Jean Fyfe have raised over £970,000 for charity after hosting their 25th annual ball in aid of The Children’s Hospital Charity.

Daffodil Ball 2015

Over 200 supporters, including singer Katie Melua and James Toseland, came together on March 7th for the Daffodil Ball, hosted by David and Jean at Sheffield’s Baldwin’s Omega.

All money raised from the ball will support the charity’s Make it Better appeal, which was launched in 2012 to help transform the hospital into a world-class facility to match the existing world-class care. As part of the appeal, kind donors pledged £23,000 to bring a ground-breaking 3T MRI scanner to The Children’s Hospital in Sheffield – currently this specialist piece of equipment cannot be found in the UK and is only available in three countries worldwide.

The £3m scanner is able to produce images during surgery so surgeons can carry out assessments in a sterile environment when necessary without the need to resuscitate the patient or close the surgical wound. This means that the surgeon will be able to have a more concise idea regarding the size and location of the tumour, even in places which are not easy to reach.

Mr Shungu Ushewokunze, Consultant Paediatric Neurosurgeon at The Children’s Hospital, said: “Neurosurgery in children has to have strong links with the latest technology in order to achieve the very best results. This piece of equipment will mean our hospital is a world-leader in the treatment of brain tumours in children.

“We are in the process of building the most advanced paediatric neurosurgery facility anywhere in the world, and all the money raised will have a profound positive impact on children not just from Sheffield and South Yorkshire, but from around the world too.”

The evening’s host, David Fyfe, who has been involved in organising the Daffodil Ball for the past 25 years, said: “It all started in 1990. Together with our friends Nigel & Sandra Worthington we set up what we thought was a “one-off” ball raising £5,000. We have now passed our 25th year, raising over £970,000 in total. We are proud to support The Children’s Hospital in Sheffield and would like to thank the generosity of those that have contributed to our success over the years.”

The evening was supported by many local businesses and individuals, including Richard Caborn. Special thanks go to champagne sponsors Richard and Pat Howard alongside two main sponsors, Jeremy Priestley of the P&A Partnership and Michael Craven from Brewin Dolphin. Money was raised from sales of tickets, a tombola – featuring prizes including a television, tablet, meals out and luxury goods. There was also an auction and a silent auction, with prizes ranging from six VIP tickets to see One Direction at the Motorpoint Arena, a holiday to Iceland, and a 30kg giant Easter egg.

The Children’s Hospital Charity Director, David Vernon-Edwards, said: “We are always overwhelmed by the support we receive from members of the public who are tireless in the fundraising efforts, and generous in their donations.

“Tonight’s donations will be contributing to our Make it Better appeal where we are making great progress in raising the necessary funds for this wonderful transformation of the hospital – events such as the Daffodil Ball are a vital way to raise the necessary funds to make it happen. We’d like to thank David and Jean for once again supporting us.”

The Children’s Hospital, Sheffield, is one of only four stand-alone children’s hospitals in the UK and is a centre of excellence in many areas including neuroscience.

The event was also reported in local newspaper The Star.

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Frozen Family Fun Day raises much needed funds for Syrian Refugees

Donna & IsabelDonna Fyfe, the wife of Fyfe Financial Director Richard Fyfe, recently organised a ‘Frozen’ Family Fun Day and raised over £3,000 for young Syrian refugees.

Donna, who is a qualified teacher as well a children’s entertainer, had hoped that the special event would be popular with children of most ages and she was not disappointed as it attracted more than 150 families to a packed Wesley Hall in Crookes. The ‘Frozen’ theme ran throughout the day, including Donna performing as the film’s most popular characters. There was also face and nail painting, new and used toy and book stalls, a craft stall, cakes and refreshments and a bouncy castle.

Donna said: “I was overwhelmed by how well everything went and delighted to have raised so much. I am thinking of organising one next year but I think a larger venue might be a good idea!”

Richard added “I’m incredibly proud of Donna for organising such an amazing event and raising so much money to help the Syrian refugees. Holding this type of fundraiser takes so much dedication and determination. We’re also unbelievably thankful to all the amazing volunteers who made the day a success. The event simply wouldn’t have happened without them and it was truly a team effort. Our thanks also go to all the companies and individuals who donated prizes and the families who attended the event. I really hope the money raised makes a positive difference to the lives of some of those affected by the on-going tragedy in the Middle East.”

Save The ChildrenDonna and Richard would love to improve on the £3,000 that has been raised so far and further contributions can still be made at All donations go towards Save The Children’s Child Refugee Appeal.

Donna and Richard’s efforts have also been reported in local newspaper The Star.

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The Taxation of Commission Rebates does not Treat Customers Fairly

This isn’t the first time I’ve got myself into a flap about an announcement concerning the financial services industry. It usually results in a forthright discussion with a colleague and then back to business as usual. However, since reading about HMRC’s intention to tax trail commission rebates, I’ve been unable to get it out of my system.

There’s something inherently wrong about taxing someone on the return of their own money, particularly when investors have been shoe-horned down this route with the banning of trail commission on new investments and changes to existing ones. Don’t get me wrong, the implementation of Customer Agreed Remuneration is an improvement on automatic commission payments and the move towards clean charging is a positive step. However, penalising clients because the fund management industry has not yet caught up with the new regulatory framework is surely against the principles of the Treating Customers Fairly initiative. It’s not their fault that many funds do not have clean share classes nor that those that do are often more expensive.

I understand that HMRC are legally obliged to collect any tax that is due but surely there could be some leeway. After all they have already stated that they will not seek to collect tax due for previous years. Could such a concession not be extended at least until the proposed rebate ban has been enforced towards the end of the year? This would give the industry both the time and motivation to sort out the move to clean charging once and for all.

Let’s hope common sense prevails.

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Make It Better

GMM RWBPlease support Richard Fyfe who is running The Greater Manchester Marathon in support of The Children’s Hospital Charity in Sheffield.

As you may know the Children’s Hospital Charity in Sheffield has recently announced plans to transform and modernise the hospital to make it even better for their young patients and they are looking to raise £20m through their ‘Make It Better’ campaign.

The Children’s Hospital is part of Sheffield Children’s NHS Foundation Trust and it’s one of only four of its kind in the country. It’s just for children and has a whole range of specialist services that make it different from most hospitals.Over 245,000 patient journeys are made to the hospital from all over the UK and beyond every year!

TCHCharity Logo

The hospital already has a world class team providing expert care around the clock. What they need now is a world class environment to match. They need to transform their extraordinary hospital into something even better.

In order to help them reach their £20m target Richard Fyfe, one of our Chartered Financial Planners, will be raising money by running the Greater Manchester Marathon on 28 April 2013.

Make It Better Logo“This is a wonderful cause and I am delighted to be able to contribute to the fantastic work being done by the team at the Children’s Hospital Charity and their supporters. We’re really lucky to have a specialist children’s hospital here in Sheffield and I hope the local community will help me back the plans to make the facilities even better.”

If you would like to sponsor Richard, please visit his fundraising website at and follow the ‘Donate now’ link. By sponsoring Richard through his Virgin Money Giving fundraising page, donations will be quickly processed and passed on to The Children’s Hospital Charity. Virgin Money Giving is a not for profit organisation and will claim gift aid on a charity’s behalf where the donor is eligible for this.

For more information about the amazing work done at the Children’s Hospital please visit their website at You can also find out more about the fantastic fundraising efforts of the Children’s Hospital Charity at including details of their Make It Better campaign.

All donations will be greatly appreciated by Richard and the team at the Children’s Hospital Charity.

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Yorkshire Post Article – Income Protection (31.03.2012)

Below is an article from the Yorkshire Post written by their Personal Finance Editor, Conal Gregory.  It includes the comments of our adviser, Richard Fyfe who was asked his thoughts on Income Protection.

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Yorkshire Post Article – Retirement Planning (18.02.2012)

Below is an article from the Yorkshire Post written by their Personal Finance Editor, Conal Gregory.  It includes the comments of our adviser, Richard Fyfe who was asked his thoughts on Retirement Planning.

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