The beginning of a new tax year brings\nchanges to taxes, benefits and the cost of some essentials \u2013 and despite\nCovid-19, this year is no different.<\/p>\n\n\n\n
There are many adjustments that will\naffect the money in your pocket. Here is a run through of the tax rules\nand allowances for Isas and pensions at the start of the 2020\/2021\ntax year: <\/p>\n\n\n\n
https:\/\/www.moneyobserver.com\/news\/new-tax-year-20202021-tax-rules-isa-and-pension-allowances<\/a><\/p>\n\n\n\n A new tax year is an excellent time to\nspring clean your financial arrangements. Here\u2019s our suggested to do\nlist:<\/p>\n\n\n\n 1. Maximise your tax-free saving allowances<\/strong><\/p>\n\n\n\n If you\u2019ve money to save, but haven\u2019t used\nup your ISA allowance, make sure you take advantage of this tax-free form of\ninvestment. Equally, ensure you\u2019re making the most of allowances on your\npension contributions to cut your tax bill.<\/p>\n\n\n\n 2. Take control of your pension arrangements<\/strong><\/p>\n\n\n\n Whether you\u2019re looking to set up a\npension, save money on annual management charges or to reduce fees on expensive\npension plans, review your current pension arrangements to see if they\u2019re\nlikely to help you achieve your retirement goals.<\/p>\n\n\n\n 3. Review your investments<\/strong><\/p>\n\n\n\n With fast changing world events affecting\nmarkets, it\u2018s imperative that your portfolio and pensions are strategically\ninvested to profit from uncertainty and protect yourself from market shocks.<\/p>\n\n\n\n 4. Plan for the future<\/strong><\/p>\n\n\n\n Safeguard against unexpected future\nevents spoiling your final wishes by setting up a trust alongside your\nwill. Trusts come in a variety of forms and can help lower potential\ninheritance tax bills as well as give extra guarantees that loved ones\nwill be looked after.<\/p>\n\n\n\n Appoint a lasting power of attorney so\nloved ones can act in accordance with your best interests and wishes as they\nare now. There are two different lasting powers of attorney to consider \u2013\none to look after your health and the other your finances.<\/p>\n\n\n\n Remember, when the financial landscape\nchanges, to not respond would be a missed opportunity. We recommend you seek\nadvice from a professional Independent Financial Adviser to review your current\nfinancial plan and ensure it is still working for you now and will\ncontinue to do so in the future. <\/p>\n\n\n\n Hamnett\nWealth Management are following all the guidance and advice that the Government\nand Public Health England are giving and the team are now working from home and\nholding appointments via the telephone or video links. Please contact us on 0114 235 3500 for a free initial review meeting.<\/p>\n","protected":false},"excerpt":{"rendered":" The beginning of a new tax year brings changes to taxes, benefits and the cost of some essentials \u2013 and despite Covid-19, this year is no different. There are many adjustments that will affect the money in your pocket. Here is a run through of the tax rules and allowances for Isas and pensions at the start … Continue reading “New Tax Year 2020\/2021”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[],"class_list":["post-288","post","type-post","status-publish","format-standard","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/comments?post=288"}],"version-history":[{"count":1,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/288\/revisions"}],"predecessor-version":[{"id":289,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/posts\/288\/revisions\/289"}],"wp:attachment":[{"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/media?parent=288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/categories?post=288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hamnettwealth.com\/news\/wp-json\/wp\/v2\/tags?post=288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}