Here are ten ideas to consider to help ensure you make the most of your tax allowances and exemptions before it’s too late.
- Make use of your ISA allowance of £20,000.
- Check your spouse or partner has maximised their ISA allowance to fully utilise the combined allowance of £40,000.
- Make contributions of up to £4,368 per child into Junior ISAs to help them get a head start.
- Those wishing to maximise pension saving should consider fully utilising their annual allowance. Unused allowances can be carried forward, but only from the three previous tax years. If your 2019/20 allowance is fully utilised, you should review whether you have any unused allowances from the 2016/17 tax year first.
- High-earners could take steps to bring their taxable income down by making pension contributions or charitable donations. These can help individuals:
- Bring their income to below the additional rate tax band, which starts at £150,000.
- Regain their Personal Allowance, which starts to be withdrawn for incomes over £100,000.
- Avoid losing Child Benefit, which is gradually removed if one parent in the household earns more than £50,000
Please get in touch if you would like to review your individual circumstances and receive advice on how to best take advantage of tax-saving and investment opportunities before the end of the tax year.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.