Scottish Budget Update


The draft Scottish budget has been announced in Edinburgh by Derek Mackay, Cabinet Secretary for Finance and the Constitution.

The main announcement for Scottish resident taxpayers was the creation of two new income tax bands as outlined below. These bands only affect non-savings, non-dividend income e.g. salaries, trading profits and pension income. The various allowances and taxation of savings and investment income are reserved matters.

– The basic rate of income tax has been frozen at 20p, but a new intermediate rate of 21p will be established for those earning between £24,000 and £44,290

– A new Scottish starter rate will be introduced, meaning earnings between £11,850 and £13,850 will be taxed at 19%

– The higher and additional rate of tax will be increased by a penny to 41p and 46p, respectively

– Combined, these changes mean those earning under £26,000 will pay marginally less tax than elsewhere in the UK, while tax will not change for those earning less than £33,000

The main announcement that will impact on housing was that Land and buildings transaction tax (formerly stamp duty) will not apply for first-time buyers for properties under £175,000. Mr Mackay also announced that £756m will be allocated as part of the wider £30bn investment for building affordable homes.

NS&I puts fixed term Bonds back on sale


National Savings and Investments (NS&I) has reintroduced 1-year and 3-year Guaranteed Growth Bonds and Guaranteed Income Bonds to general sale.

Guaranteed Growth Bonds and Guaranteed Income Bonds have not been on general sale since 2009 but both 1 and 3-year Guaranteed Growth Bonds and Guaranteed Income Bonds will now be available to purchase online-only through

The Bonds can be managed online, by phone and by post and will be open to people aged 16 and over; with a minimum investment of £500 and a maximum limit of £1 million per person per Issue.

The 1-year Guaranteed Growth Bond will pay an interest rate of 1.50% gross/AER, while the 3-year Bond will pay 2.20% gross/AER.
Investment limits apply: minimum of £500 and maximum of £1 million per person per Issue.

The 1-year Guaranteed Income Bond will pay an interest rate of 1.45% gross/1.46% AER, and the 3-year rate is priced at 2.15% gross/2.17% AER.
Investment limits apply: minimum of £500 and maximum of £1 million per person per Issue.

Budget Update


Philip Hammond has delivered his second Budget as chancellor. Here are some of the key points of his speech that impact on the finances of those in Scotland –

Tax-free personal allowance on income tax to rise to £11,850 in April 2018. Higher-rate tax threshold to increase to £46,350.

After years of hikes, the Individual Savings Account (ISA) allowance for 2018/19 is to be frozen at £20,000. The annual subscription limit for Junior ISAs and Child Trust Funds for 2018-19 will be increase in line with CPI to £4,260.

Stamp duty to be abolished immediately for first-time buyers purchasing properties worth up to £300,000 does not apply in Scotland however this will increase the pressure on the Scottish Government to re-examine its equivalent, Land and Buildings Transaction Tax.

Mr Hammond gave local councils the ability to increase the council tax premium on empty homes from 50% to 100%.

The Chancellor also announced a freeze on whisky duty, which will be welcomed north of the border, and a tax break for transfers of oil and gas fields in the North Sea. The latter policy will kick in from November 2018, with the hope that it will encourage new investments in the struggling industry.

Phil Anderson sponsors Scottish Indoor Bowling teams

Scottish Indoor Bowling Ladies Test Team 2017

We are delighted to now be sponsoring the Scotland Indoor Bowling team for the 2017 test matches against England. As part of the partnership, our logo will feature on the Scotland shirts.
Phil Anderson, Managing Director at Phil Anderson Financial Services said: “We are delighted to be involved with the Scotland team. It was great seeing the ladies in action on ITV4 last week and I am looking forward now to the men’s event this week. It was great seeing the company name on the shirts and the ladies team did very well defeating England 6-5. Hopefully the men can follow this up with more success.”

Following on the back of the success of the Scottish Indoor Bowling Ladies Test team in their match against England, the men will take centre stage next week at New Earswick Indoor Bowling Club in York on Wednesday 11th and Thursday 12th October. This match has been highly anticipated with an array of World Champions on display. The format of the Match will be sets play with 2 Triples and 3 Pairs Matches on the first day followed by 6 Singles matches on the second day.

This is the fifth year of this event with Scotland having won three of the previous four stagings of the match.
Scotland currently hold the David Bryant Cup after their win against England last year which was completed early on Day Two of the event.

The Gents Test Match will be live on ITV4 over the 2 days from 10am to 5.30pm.

The Teams for the Test Match are as follows –

England Team
Nick Brett (Huntingdon), Jamie Chestney (Exonia), Mark Dawes (Blackpool Newton Hall), Greg Harlow (City of Ely), Rob Paxton (Taunton Deane) and Jamie Walker (Kingsthorpe)

Scotland Team
Stewart Anderson (Blantyre), Ronnie Duncan (Midlothian), Paul Foster MBE (Prestwick Ambassador), David Gourlay (Prestwick Ambassador), Alex Marshall MBE (East Lothian), Colin Walker (Midlothian). Alex Marshall will also act as the Team Manager for this event.

A spokesman for the Scottish Indoor Bowling Association said “the SIBA are delighted to welcome Phil Anderson Financial Services as sponsor for this team and we are pleased to see him add to his growing portfolio of support he gives to the sport.”

Double Celebration for Phil Anderson Financial Services

Ryan Yule & Laura Stephen - September 2017

Two members of staff at Phil Anderson Financial Services are celebrating after a double success for the firm. Senior financial planner, Ryan Yule, was recently named UK Pension Adviser of the Year at the Finance Monthly Awards and administrator, Laura Stephen, is celebrating after passing the R01 financial services, regulation & ethics diploma exam.

Commenting on the achievements Managing Director, Phil Anderson said “It has been a great month for our firm and to have Ryan named as the pension adviser of the year is a real accolade for him personally and also for Phil Anderson Financial Services. The pension advice side of the business has flourished recently and we have seen a big increase in demand in this area.” It is also great to see Laura pass her Chartered Insurance Institute examination and both of them should be very proud of their achievements.”

Now entering its 9th year, the Finance Monthly Global Awards recognise and celebrate companies and individuals who have delivered the highest quality results within the corporate, financial and legal sectors. Commenting on his award Ryan Yule said “It has been a very busy year in the pension world. We have seen a huge rise in enquiries from people with defined benefit and final salary pension schemes looking for advice. Along with the new flexibility offered on personal pensions this has certainly kept me busy over the last 12 months. To receive this award is a great honour and I would also like to thank the team around me as my success has been helped greatly by the team we have in place at Phil Anderson Financial Services.”

Phil Anderson Financial Services extends Whitehall sponsorship

Whitehall Pairs Winners 2017

Leading North-east financial advisers, Phil Anderson Financial Services has pledged its support to the local outdoor bowling scene by agreeing to sponsor the Whitehall Invitation Pairs for a further three years.

The firm which has offices in Aberdeen, Ellon and Caithness have been the main sponsor of the event for the last three years and they have committed to sponsor the tournament for a further three years. Next year will be the 45th year of the Whitehall Tournament which is widely regarded as one of the most prestigious bowling competitions in the area.

Winners of this year’s event were Scottish Internationalists Stuart Anderson and Darren Burnett who beat local pair Bob Logan of Whitehall and Jason Banks of Inverurie in the Gents final and Scottish Internationalists Carla Banks and Stacey McDougall who beat qualifiers Alison Gilles of Dufftown and Isobel Laing of Moray in the ladies final.

Phil Anderson, company managing director, said: “It is great to be involved with the Whitehall Tournament. We are huge supporters of bowls locally and we have also sponsored the Ellon Super Six, Oldmeldrum Fours and Cruden Bay Triples recently. Hopefully our sponsorship will help attract the top players to Whitehall for future tournaments.”

Whitehall Bowling Club president Gordon Smith added: “In the current climate getting sponsors is much harder and we appreciate the support from Phil Anderson Financial Services. “It is great that Phil has agreed to sponsor the tournament for a further three years and this sponsorship does not only give us a major boost for the tournament, but will also help contribute towards the prizes and general running costs. “The increased amount of sponsorship takes the figure donated to the club by Phil Anderson Financial Services to over £10,000 and we are very appreciative of this. Phil is one of our former members which makes this sponsorship that little bit more special.”

Gathimba Edwards Foundation

GEF Presentation June 2017

Phil Anderson Financial Services has helped to provide Kenyan children with opportunities for a better future through a charitable donation.

Phil Anderson Financial Services, which has offices in Ellon, Aberdeen and Caithness, recently donated £500 to the Gathimba Edwards Foundation, a charity that supports disadvantaged kids in the east African country of Kenya.

Through its sponsorship of the Charity Open at Oldmeldrum Golf Club, the firm selected the Gathimba Edwards Foundation as a beneficiary, due to the charity’s dedication towards improving the lives of almost 250 poverty-stricken Kenyan children.

To date, the Gathimba Edwards Foundation, founded by Aberdonian Myles Edwards and Kenyan international Gideon Gathimba, has built 15 homes for 66 children and provided education opportunities, shelter, clothing and food to 243 kids across Kenya.

Phil Anderson Financial Services regularly supports numerous charities and community initiatives across the North-east. Last year, the business was recognised for its charitable efforts and was awarded with the Small Business Big Heart Award for its support of the Aberdeen Cyrenians.

Since the firm was launched in 2011, our staff have raised over £10,000 for a large number of local charities and causes, including Diabetes Scotland, Shelter, Aspire and Aberdeen Cyrenians.

Phil Anderson, managing director of Phil Anderson Financial Services, said: “After hearing about the Gathimba Edwards Foundation and all the fantastic work they’ve managed to achieve in such a short space of time, I thought it was only right to get behind this truly worthwhile cause.

“Supporting those that are less fortunate is something that both myself and my staff are all very passionate about. We are all looking forward to hearing about the charity’s next project and how the donation will help make a difference to the lives of many disadvantaged children across Kenya.”

Founder of the Gathimba Edwards Foundation, Myles Edwards, said: “We are hugely grateful for the incredibly generous support from Phil and his team, as it is going to be life-changing for our children.

“There are a number of families who desperately need houses built for them, as they are currently living in iron sheet structures with no walls. We are able to build two-bedroom houses with furniture and electricity for under £3,000, so £500 is absolutely huge for us.

“Phil does so much for numerous charities and causes in both the North-east and abroad, so it really is a big honour that he has chosen to support our kids.”

Spring Budget 2017

Budget 2017

Within the many announcements made in The Budget yesterday, there were a couple that potentially affect client’s financial planning:

Firstly, the Dividend Allowance reduction from £5,000 to £2,000 from April 2018. This not only affects the remuneration planning of Directors and the income strategy of investors, but it increases the value of the tax efficient allowances of both ISAs and Pensions.

Secondly, the transfers to an overseas pension (QROPS) will now be taxed at 25%, provided certain criteria are met.

There was good news for pensions as no changes were made to the current structure of Pension Tax Relief. This allows one to continue to benefit from 100% tax relief on pension contributions, while only being taxed on 75% of benefits.

With the Dividend Allowance now reducing next year, and pension’s Annual Allowance limits, it is important to take advantage of these each year while available.

If you have any questions regarding the budget please do not hesitate to get in touch.

Phil Anderson wins two prestigious finance awards

Phil Anderson Financial Services Ltd-Best Financial Advisory Fir

Phil Anderson Financial Services is celebrating after winning two finance industry awards.

We retained the title as Best Financial Advisory Firm – Northern Scotland at the Wealth & Finance 2016 Finance Awards for the second year in a row.

We were also awarded with the Excellence in Client Service – Northern Scotland accolade at the same awards, finishing off an extremely successful year for the business.

Now in its third year, the Wealth & Finance Finance Awards is a prestigious programme that is dedicated to recognising and supporting talented firms, individuals and departments within the finance industry.

Laura Hunter, awards coordinator at Wealth and Finance International, said: “We would like to congratulate Phil and his team on both award wins at the Wealth & Finance 2016 Finance Awards.

“Our winners are comprised of some of the most influential names in the financial market, so to win an award two years in a row demonstrates that Phil Anderson Financial Services is consistent in providing a high quality service.

“I would like to wish everyone at the firm the very best of fortunes going forward.”

Phil Anderson, managing director of Phil Anderson Financial Services, said: “2016 was a great year for us, as the business has grown from strength to strength, so to be recognised for our achievements was a fantastic feeling.

“My team and I are all absolutely delighted, as we work incredibly hard through the year to provide our clients with the best service

possible, by ensuring that they get the right financial advice for their situation.

“We’ve definitely started the New Year on a high and we’re all looking forward to what the business can achieve in the year ahead.”

Festive Opening Times


We’d like to take this opportunity to thank our clients, staff and friends for their tremendous support this year and wish you a very Merry Christmas and a Happy New Year!

We’re closing the office at 4pm on Friday 23rd December and are returning to work on Wednesday 4th January 2017, but don’t forget we can be contacted via our Facebook page for anything urgent during this time.