Planning for the Tax Year End? With everything going on in the world right now, we want to make it as easy as we can to make your money work for you and help you achieve the financial future you deserve.
An ISA is an Individual Savings Account that operates like a normal savings account. There are four types of ISAs:
All dividends earned from your Stocks and Shares ISA are Tax Free;
Except from paying Capital Gains Tax;
Interest earned is all Tax Free.
Adult ISAs = £20,000.00
Junior ISAs = £9,000.00
At age 16 & 17, you are able to deposit £9,000 to a Stocks & Shares ISA, and £20,000 to a Cash ISA.
Do you ever feel like you’re just getting by and worry if you’re going to have enough capital to retire? Well the honest answer is millions of people are too.
A Pension scheme is here to tackle just that, providing you with something to live on when you retire.
Pensions are a long term savings plan that has additional benefits such as Tax Relief. Contributions made into your pension will be topped up by either your employer, or the government.
At retirement (minimum age 55), 25% of your pension is eligible for a Tax Free cash withdrawal.
Upon death, your Pension(s) are not included under your estate. Providing Inheritance Tax benefits, such as easily transferable to your spouse/family.
Is the period of time used to measure deposits paid into your pension against your annual, money purchase, or tapered allowance.
Is defined as employment income, such as:
Tax is exempt on dividend income if it falls within your Personal Allowance.
As mentioned above, Carry Forward allows you to make full use of your unused last 3 years allowance
Written by: Gregor Gough
10 March 2022