With tax year end just around the corner, it’s time to check you are making the most of your tax reliefs and allowances to save for a brighter future. You may want to consider:
Using ISA allowances
ISAs offer savers valuable protection from income tax and capital gains tax and, for those who hold all their savings in this type of investment wrapper, it’s possible to avoid the chore of completing self-assessment returns.
The ISA allowance is given on a use it or lose it basis, and the period leading to the tax year end, often referred to as ‘ISA season’, is the last chance to top up. Savings delayed until after 6 April 2019 will count against next year’s allowance.
- Remaining annual ISA allowance.
Please be aware that the value of investments and the income derived from them can fall as well as rise and you may not get back what you invest.
Effective tax planning is a year round job. It’s only at the end of the tax year that you have all the pieces to complete the planning jigsaw, but there are steps you can take now to get ahead of the game and give yourself time to put plans in place. And with less than 7 weeks until 6 April, there’s no time like the present to get started.