Over two thirds of advisers (68%) have said their firm is looking to grow by taking on new clients.

This figure is up from 50% last year.

Meanwhile, 40% plan to grow by hiring new staff, nearly double the number in 2023.

The research by NextWealth, based on a survey of 340 financial advice professionals, also reveals fewer firms are looking to sell up or exit the profession.

This is despite the “constant drumbeat of news” about the consolidation of financial advice firms.

Nearly half (46%) of respondents said that their number of active clients has increased – up from just over a quarter (29%) in 2023.

Only 11% said they have fewer clients this year compared to 17% in 2023.

Most clients come from referrals, either from existing clients or professional connections.

However, larger firms – those with six advisers or more – are increasingly attracting clients from digital and traditional marketing, the research shows.

It also highlights the positive sentiment people have over a career in financial advice.

Over three quarters of respondents said they are “confident” or “very confident” in the future of their role when it comes to long-term career prospects (79%) and continued satisfaction with their current role and activities (77%).

Overall, 71% of respondents said they are confident in their firm’s ability to attract new clients.

A SUPERMARKET’S own-brand cheddar has been crowned winner of a blind taste test, pipping Cathedral City to first place.

The group of shoppers, put together by consumer champion Which?, gave the top spot to a retailer’s Best Buy cheese.

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The Tesco Finest 12-month Matured Cheddar was praised for its firm but smooth texture, saltiness and strength of flavour.

Tasters also said the 350g pack, on sale for £4, was crumbly and creamy.

Overall, shoppers gave the classic cheese a 78% rating factoring in flavour, aroma, appearance and texture.

A Cornwall cheddar came second in the blind taste test, which asked tasters to try a range of own-brand and branded packs.

The Davidstow Classic 12-month Matured Cheddar, on sale at Amazon, Morrisons, Ocado, Sainsbury’s and Tesco from £4.75 for a 350g pack, scored a decent 75% rating from shoppers.

They rated the cheese highly for its strength of flavour, crumbly texture, saltiness and creaminess.

M&S’ Cornish Cove Mature Cheddar got a 73% overall rating from shoppers and was classed as a good all-rounder.

Shoppers said the cheddar’s salt level was just right while its smooth firm texture also had tasters singing high praise.

The 350g pack came in at £4 and can be bought at M&S in-store or via Ocado.

Shoppers also tested out six other major cheddar cheeses, including from Aldi, Asda, Co-op and Sainsbury’s.

The Castello Tickler Mature Cheddar on sale at Ocado and Waitrose for £4.75 for a 300g pack, came in fourth place.

Shoppers said it tickled their taste buds but a few who tucked in wanted a slightly stronger hit of cheddar.

Major brand Cathedral City’s 350g pack of Our Mature Cheddar came in at £3.50 and while many loved the taste, shoppers also said it lacked a tangy punch.

Meanwhile, two cheeses from Aldi and Co-op came in second bottom and bottom place, with 68% and 66% overall scores.

Here is the full list of cheeses and how they fared in the taste test:

• Tesco Finest Mature English Cheddar Cheese – 78%
• Davidstow Classic Cheddar – 75%
• M&S Cornish Cove Mature Cheddar Cheese – 73%
• Castello Tickler Mature Cheddar Cheese – 71%
• Cathedral City Our Mature Cheddar – 70%
• Pilgrims Choice Mature Cheddar – 70%
• Sainsbury’s Barber’s Mature Cruncher Cheese, Taste the Difference – 69%
• Aldi Specially Selected West Country Mature Cheddar – 68%
• Co-op Irresistible Somerset Mature Cheddar Cheese – 66%

Natalie Hitchins, Which? head of home products and services, said: “Finding an affordable and tasty cheddar cheese is a must for many shoppers.

“Tesco emerged as the preferred choice in our taste tests for its firm and smooth texture and was awarded a Best Buy.

“This narrowly beat Davidstow’s Classic Cheddar, proving that own brand products can be just as delicious and more affordable than the big brands.”

It’s worth bearing in mind, the prices included in Which?’s taste test are correct as of October 7.

That means you might have to pay more or less when you come to buying one of the packs as supermarkets change prices on products regularly, sometimes daily.

It’s worth using a price comparison site like trolley.co.uk which compares prices on thousands of products to find the best deal.

The cheddar blind taste test is not the first Which? has carried out in recent months.

The consumer website, a non-profit which advocates for consumers, recently revealed the results of a blind taste test of Irish creams.

And shoppers gave the top spot to Sainsbury’s Taste the Difference tipple ahead of the branded Bailey’s.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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Inheritance tax (IHT) receipts for April to September 2024 were £4.3bn, up by £0.4bn compared to the same period last year.

The figures, released ahead of the upcoming Budget by HM Revenue and Customs (HMRC), show a trend of rising IHT revenues.

The £325,000 nil-rate band (NRB) threshold for IHT has remained unchanged since 2009, while the residential nil-rate band threshold, introduced between 2017 and 2020, provides an additional £175,000 allowance under specific conditions.

Gross tax and National Insurance contributions (NICs) for the same period reached £406.3bn, an increase of £11.1bn year-on-year.

Meanwhile, receipts from income tax, capital gains tax (CGT) and NICs amounted to £226.8bn, up £6.2bn from the previous year.

Laura Hayward, tax partner at Evelyn Partners, said: “The steady annual rise in IHT receipts has been ingrained in recent years as inflation has dragged more assets and more estates over the frozen nil-rate bands.

“Any changes aimed at increasing the IHT take beyond this fiscal drag effect are likely to reap outsize results over the coming years as the baby boomer generation reaches average mortality.

“So, it’s no surprise IHT is at the centre of Budget speculation again, with firm reports claiming business and agricultural property reliefs will be reformed and the gifting rules revamped.

“We have spoken to many people this summer who were bringing forward plans to gift substantial assets, not just to start the seven-year clock ticking, but also to pre-empt an expected CGT rise.

“It’s not out of the question that the chancellor could also look at the nil-rate bands, as the residential NRB has come under criticism for discriminating against those who can’t or don’t want to leave their main property to a direct descendant.”

Alastair Black, head of savings policy at Abrdn, said: “Families will be closely watching the upcoming Autumn Budget for any changes to IHT, with rumours rife that the chancellor will look to raise tax on inheritances to help fill the now reported £40bn target.

“One of the more likely changes would be to bring pensions into IHT’s scope. But I doubt they will go to a full 40% charge as they won’t want to encourage consumers to use up their pension more quickly. It’s a balancing act. Further actual tax revenues could take a long time to come through, so changing the gifting rules to simplify and shorten seem likely too.”

Chancellor Reeves ‘wrapping herself in a straight jacket’ ahead of Budget

David Denton, technical consultant at Quilter Cheviot, said: “IHT is a highly emotive issue, and it has been ripe for reform and simplification for many years given it is full of impenetrable and irrelevant details in need of review.

“Historically, inheritance tax has been viewed as a tax on the wealthy, but this is simply no longer the case. IHT is one of the most hated taxes in Britain and can be incredibly polarising given the rich can often avoid it by employing expertise to help them navigate the complexities of the tax and the available reliefs, while those without such resource can be disadvantaged.

“If reports are true and Labour opts to make IHT more punitive, it could choose to balance this by modernising gifting laws. Simplifying the IHT regime and increasing the annual gifting exemption could ease the complexity of transferring assets and help families pass wealth on during their lifetime. Raising the gifting timescale would encourage earlier wealth transfer, potentially boosting consumer spending.

Andrew Tully, technical services director at Nucleus, said: “For IHT, changes could be made such as scrapping or updating the rules on agricultural land and business relief. Currently, a person can claim up to 100% relief on the inheritance of agricultural land if it is being actively farmed. This could be reduced, or certain limitations placed on the maximum value of the relief.

“Changes could also be made to the IHT benefits of holding shares on the Alternative Investment Market (AIM). AIM shares need to qualify for Business Property Relief and be held for more than two years at the time of death to qualify for IHT exemption. However, this may run contrary to the desire to increase investment in UK businesses, to drive further growth.

“Advisers can help clients mitigate these taxes by setting up trusts, making use of gift allowances, spousal exemption and using a pension to pass on wealth to family in a tax-efficient way. Additionally, equalising assets between spouses and civil partners, and making use of the “no gain no loss” disposal, could mean all exemptions can be utilised and household income increased if there is a disparity in the rates of tax each spouse pays.

“Alternatively, people could hold assets within a tax-efficient wrapper such as an Isa, pension or bond.”

THOUSANDS of pensioners who will no longer receive the Winter Fuel Payment are set to get grants worth £175.

Almost 10 million pensioners will not receive a Winter Fuel Payment which is worth up to £300 this year after chancellor Rachel Reeves changed the qualifying rules.

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From this winter the payments will be means-tested and will only be given to people receiving Pension Credit and several other benefits.

The cash were previously available to anyone over the age of 66 regardless of their financial situation.

As a result, many households are worried about how to make ends meet this winter and are looking for ways to get support with essential costs such as food, water and energy bills.

Some will be able to claim support from their local council through the Household Support Fund.

The Government has given money to local councils in England who will then decide how to distribute it to people who are eligible for support.

What households are entitled to and how much they will get varies depending on where they live.

The current round of support is worth £421million after the scheme was extended until April 2025.

Tower Hamlets council has revealed a £1million package of support to help households this winter.

Some of this money will be used to provide grants worth £175 to households who will no longer receive the Winter Fuel Allowance.

Tower Hamlets council said it expects nearly 5,000 pensioners to be eligible.

Payments will be made to those eligible in the coming months.

Executive Mayor of Tower Hamlets, Lutfur Rahman, said: “Making the Winter Fuel payment means-tested will have a detrimental effect on pensioners who are already facing the rising costs of energy bills.   

“This creates a risk that pensioners will not turn their heating on for fear of not being able to pay the bills, which is wrong. 

“This is why we are stepping in and providing a £175 safety net for those who will be missing out.”  

What is the Winter Fuel Payment?

Consumer reporter Sam Walker explains all you need to know about the payment.

The Winter Fuel Payment is an annual tax-free benefit designed to help cover the cost of heating through the colder months.

Most who are eligible receive the payment automatically.

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Those who qualify are usually told via a letter sent in October or November each year.

If you do meet the criteria but don’t automatically get the Winter Fuel Payment, you will have to apply on the government’s website.

You’ll qualify for a Winter Fuel Payment this winter if:

• you were born on or before September 23, 1958
• you lived in the UK for at least one day during the week of September 16 to 22, 2024, known as the “qualifying week”
• you receive Pension Credit, Universal Credit, ESA, JSA, Income Support, Child Tax Credit or Working Tax Credit

If you did not live in the UK during the qualifying week, you might still get the payment if both the following apply:

• you live in Switzerland or a EEA country
• you have a “genuine and sufficient” link with the UK social security system, such as having lived or worked in the UK and having a family in the UK

But there are exclusions – you can’t get the payment if you live in Cyprus, France, Gibraltar, Greece, Malta, Portugal or Spain.

This is because the average winter temperature is higher than the warmest region of the UK.

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You will also not qualify if you:

• are in hospital getting free treatment for more than a year
• need permission to enter the UK and your granted leave states that you can not claim public funds
• were in prison for the whole “qualifying week”
• lived in a care home for the whole time between 26 June to 24 September 2023, and got Pension Credit, Income Support, income-based Jobseeker’s Allowance or income-related Employment and Support Allowance

Payments are usually made between November and December, with some made up until the end of January the following year.

Tower Hamlets will also work to increase the number of pensioners in the borough who are eligible for Pension Credit but are not claiming.

It estimates that 4,500 residents could be eligible for the benefit, which is worth over £3,900 a year.

Pension Credit gives you extra money to help with your living costs if you are over 66 and on a low income.

It also opens doors to other support including the Winter Fuel Payment.

To be eligible you must have an income which is below £218.15 a week if you are single or £332.95 as a couple.

This is known as the “guarantee” part of the credit.

Even if your income is higher you could still claim if you meet other requirements, such as having a disability, being a carer, having extra housing costs or living with a child.

If you have more than £10,000 in savings then you may find that your payments are cut or reduced.

But it is still worth applying even if you only get a small amount of cash each week.

Residents have until December 21 to complete an application.

The London Borough of Tower Hamlets Outreach Team can support claims through its website.

Can I get help if I don’t live in Tower Hamlets?

To receive help you will need to check with your local council, which is in charge of distributing funding.

You can find your local council using the gov.uk council finder tool.

There should be information on your council’s website about how to apply.

You can also call them to ask for more details.

Each council has a different application process, which will vary depending on where you live.

This means that the criteria you will need to meet to access the fund could also vary.

In some areas you do not need to apply for help as your council will contact you if you are eligible instead.

What are other councils offering?

Residents in Birmingham can get £200 to help pay for household essentials including energy and food bills.

Meanwhile, West Berkshire Council has set aside £45,000 for struggling pensioners this winter, with priority access for those no longer eligible for winter fuel payments.

In Devon pensioners and households receiving welfare benefits can apply to receive cash from the council’s £5million Household Support Fund budget.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

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