The new tax year brings with it new opportunities to save tax.
ISAs: avoid the last minute rush. This year the allowance is £11,880 (rising to £15,000 in July, of which all can be in cash). Don’t forget that’s each, so married couples can invest double. And the junior allowance is £3,840 (rising to £4,000 in July). ISAs could save you tax when compared to other investments or savings accounts.
Pensions: the earlier the better – get those savings working for your retirement. With the proposed relaxation of rules mooted in the recent budget, pensions are looking more attractive. Contributions you make attract tax relief, effectively redirecting money away from HMRC and towards your future. Everyone can make pension contributions of £3,600 regardless of earnings.
Contact MyTax for all your tax planning needs.