The end of this tax year is the 5th of April, which this year falls on Easter Monday. This means that it’s important to not leave your planning until the last minute!

 

ISAs

Don’t leave it too late to maximise your ISA allowance. It’s particularly important to remember that you can’t carry any unused allowance over to the next tax year, so timing is crucial.

How Does It Work?

UK residents receive an ISA allowance each tax year. This is reset every year.

What Is The ISA Allowance?

The ISA allowance for the 2020/21 tax year is £20,000, and if you’re thinking of saving tax-efficiently for a child, the Junior ISA annual limit is £9,000.

Of course, while your savings could grow, their value can also go down. This means you could get back less than you started with.

 

 

Pensions

A pension is one of the most tax-efficient ways to save for your future. The government encourages pension saving by giving tax incentives, known as tax relief.

You can make a single contribution at any time to take advantage of tax relief and power up your pension. And the more you save into your pension, the more help you’ll get from the government. Of course, while your savings could grow, their value can also go down. This means you could get back less than you started with.

 

To find out more about how you can give your savings a boost, and any limits that may apply, don’t delay, and come at speak to us at our cost, to see how we can help your finances succeed.