So Christmas is upon us which means that the 5th of April is just around the corner. This day marks the end of the tax year and is the date by which you should have finalised any tax-efficient savings plans and pension issues.
If you have money to save, but have yet to use up your ISA allowance, make sure you take advantage of this tax-free form of investment before the April deadline. The allowance is £15,240 for the current year. If you don’t use your allowance by this date, it will be gone for good, as you cannot carry any allowance which you haven’t used over to the following tax year. The ISA allowance rises to £20,000 from 6th April 2017.
Equally, make the most of allowances on your pension contributions to cut your tax bill. Business owners can contribute up to £40,000 to their pension annually tax-free, effectively a tax efficient way of saving for the future.
The lifetime allowance for pensions reduced from £1.25m to £1m from 6th April 2016. This affects not just those with individual personal pensions but also employees or members of occupational pensions such as the NHS pension scheme, teacher pension schemes, dentists etc.
It is possible to still apply for the increased allowance to be retained however, applications must be made to protect this.
Tax issues can be complicated but at Hamnett Wealth Management, we speak in plain English and explain everything comprehensively. We try to make everything as simple and easy as we possibly can. We encourage you to ask as many questions as you need until you are comfortable and able to make an informed decision. We take time to understand your individual aims and objectives.
Hamnett Wealth Management offer unbiased, expert tax planning advice. Our professional, qualified Independent Financial Advisers will stay in touch with you throughout the year, not just when tax deadlines are on the horizon.
Take control of your tax planning today with Hamnett Wealth Management. We offer a free initial face-to-face consultation where we will assess your needs and explain how we can help. Call us now on 0114 235 3500.
