With the end of the
tax year looming there is still time to save tax for 2018/19.
- Make full use of your ISA allowance - ISAs can offer a useful tax free way to save, whether this is for your children's future, a first home or another purpose. Individuals may invest up to a limit of £20,000 for the 2018/19 tax year. Savers have until 5 April 2019 to make their 2018/19 ISA investment.
- Pensions provide significant planning opportunities. The annual allowance (AA) which is the maximum you can contribute to a pension and still get tax relief, is generally £40,000. Exceeding this can result in an AA clawback charge. However, in many circumstances you may have unused AA from the three previous tax years which can be used in 2018/19, providing the means of making a significant contribution without incurring a charge. Please contact us for advice specific to your circumstances.
These are only a
couple of options that you may wish to consider as part of your tax planning
strategy. For more information please do
not hesitate to contact the team at Ward Williams Financial Services Ltd on 01932 830664 or
by email on wwfs@wardwilliams.co.uk.
Internet links: GOV.UK ISAs Pensions
Advisory Service AA
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