The deadline for the end of the tax year is nearly here and it is more than likely that, if you have not acted now, you will have missed the window for the year’s financial planning.
So here is your reminder that the best chance to get your planning in order is at the beginning of the tax year, rather than rushing at the end. Here are some essentials to consider:
1. Getting Back Last Year’s Taxes
There are in fact a variety of financial products out there that can provide you tax relief for the previous tax year. So, if you know you may have forgotten to carry out the one last tax year and had a big tax bill, here is your chance to make hay while the sun is shining and claim some of that back from HMRC.
2. Income Tax Relief at your Top Rate of Tax
Ever wished you paid less tax and had more money to put away for the future. This is literally what a pension contribution does but people everywhere are sticking to their employer scheme minimums and not looking at the massive potential of having their own private schemes. Tax free growth, the potential to create a tax free future income and funds free from 40% inheritance tax*. Hard to ignore.
Every year you have an allowance that you either use or loose for the tax year, so you cannot rush and pay in your savings on the last year before you retire. As financial advisers, our job each year is to remind you that you should think about it and there is no better time to do this than now.
3. ISA ISA BABY
Do do, do do, do do do do…… Vanilla ice’s classic put to good use here, to remind you of the £20,000 a year limit on ISA contributions. A tax free plan that has more flexibility than a pension for just popping away those savings every year.
So many people however miss out on a lot of those benefits, by choosing cash ISA’s rather than looking to the market. With cash losing out to inflation at around 5% this year and everyone within one effectively getting poorer this year, now might be the time to rethink the plan.
4. Give us a Call
We are independent financial planners and this is our job, year in, year out. Forget trying to remember these each year and give us a call, so we can sort you out and make sure you are making the best use of your money every year.
For more information, contact us here.
* Tax planning and Inheritance tax planning are not regulated by the Financial Conduct Authority.
A pension is a long term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.
The tax treatment is dependent on individual circumstances and may be subject to change in future.
The value of units can fall as well as rise, and you may not get back all of your original investment.
Fusion Financial Ltd. Registered in England & Wales. Registered Office: Marlborough House, 298 Regents Park Road. Finchley London N3 2SZ Fusion Financial Ltd is an appointed representative of The On-Line Partnership Limited which is authorised and regulated by the Financial Conduct Authority. In Partnership trading name of The On-Line Partnership Limited (reg. no. 03926063) and The Whitechurch Network Limited (reg. no. 03663042) are wholly owned subsidiaries of the On-Line Partnership Group Limited (reg. no. 03936920).
