Fostering Success Act Inc’s Post

The government has announced intentions to press ahead with plans to add 20% VAT on private school fees. Marking a significant change to how private education is financed in the UK, the Chancellor has confirmed that this will take place from 1 January 2025. Parents have limited time to review their financial plans and seek advice on how they might best navigate a fee increase. We can help you understand your options for raising the additional money required to keep your child on the educational path you’ve mapped out for them #EducationFinance #FinancialPlanning #VAT

The government has announced intentions to press ahead with plans to add 20% VAT on private school fees. Marking a significant change to how private education is financed in the UK, the Chancellor has confirmed that this will take place from 1 January 2025. Parents have limited time to review their financial plans and seek advice on how they might best navigate a fee increase. We can help you understand your options for raising the additional money required to keep your child on the educational path you’ve mapped out for them #EducationFinance #FinancialPlanning #VAT

When it comes to securing your children’s future, is an RESP really the best option for your family? The first question that you should consider is, why do you want to save money for your children? Is it to help them pay for school or is it to help them to grow, become independent and successful in life? If it is the latter, then we must evaluate whether giving your children money for school is the best way to accomplish that. RESPs come with advantages such as a government grant: 20% up to $2,500/yr (max grant $7,200/child) and tax free compounding. However, we urge you to consider the disadvantages of putting your money into an RESP: 🔹 Market risk 🔹 Government risk 🔹 Possible loss of future grants and scholarships 🔹 Saving to spend account 🔹 Limited use 🔹 No velocity of money 🔹 Taxable on withdrawal 🔹 No control 🔹 Lose advantages if children do not go to a designated school ➡️ This Wednesday, we will introduce an option that not only builds money over time but also offers lifelong coverage, tax advantages and a guaranteed payout, ensuring your children’s financial security no matter what their future holds.

The government has announced intentions to press ahead with plans to add 20% VAT on private school fees. Marking a significant change to how private education is financed in the UK, the Chancellor has confirmed that this will take place from 1 January 2025. Parents have limited time to review their financial plans and seek advice on how they might best navigate a fee increase. We can help you understand your options for raising the additional money required to keep your child on the educational path you’ve mapped out for them #EducationFinance #FinancialPlanning #VAT

The government has announced intentions to press ahead with plans to add 20% VAT on private school fees. Marking a significant change to how private education is financed in the UK, the Chancellor has confirmed that this will take place from 1 January 2025. Parents have limited time to review their financial plans and seek advice on how they might best navigate a fee increase. We can help you understand your options for raising the additional money required to keep your child on the educational path you’ve mapped out for them #EducationFinance #FinancialPlanning #VAT

Starting January 2025, the government will introduce a 20% VAT on private school fees. While this change aims to raise funding for new teachers, we understand it will impact many families. #SchoolFees #booksandbusiness #bookkeepingtips #booksandbusiness

We all want the best for the children in our lives. Whatever their future holds, we want to make sure they’re happy and have every opportunity to do well. Of course, money isn’t everything, but it can give children a valuable head start. A nest egg can pay for education, give them access to different opportunities and help them establish their adult lives. Starting to save money now will give them more freedom to make the choices they want when the time comes. Junior ISAs are a great way to save for a child’s future. This is because the money cannot be accessed until their 18th birthday. Up to £9,000 each tax year can be contributed for each child by parents, family members and friends, although only a parent or legal guardian can set one up. #taxplanning #finacialplanning

Did you know there’s no strict income cutoff for financial aid eligibility? Many families mistakenly assume they won’t qualify for aid due to higher income levels, but factors like family size, number of children in college, and other special circumstances play a crucial role in determining eligibility. Completing the FAFSA is essential for accessing federal aid and school-based scholarships, regardless of income level. Even high-income families may qualify for aid or low-cost loans. I recommend that everyone complete the FAFSA, as it’s required for federal aid and might affect eligibility for institutional and merit-based grants. Don’t leave money on the table—submit the FAFSA today! For more details, check out the article on Saving for College: https://lnkd.in/gKCYz5DE

Another item to watch in the looming 2025 tax debate - continued access of non-profit college and universities to borrow on a tax-exempt basis.

#1 of 4...relating to Financial Aid Options. POST SECONDARY SCHOOLS: Most post-secondary schools administer financial aid in the form of scholarships, grants, work-studies, and loans. To apply for financial aid, you are required to fill out and submit a FAFSA (Free Application for Federal Student Aid) form. This form determines your financial need. Some schools require additional forms, so be sure to check with the financial aid office at the school where you plan to attend. Schools also use the FAFSA form to qualify you for private funds administered by the schools.