As we enter another new tax year, now is the time to plan ahead and tweak your financial arrangements for maximum returns.
The pension lifetime allowance has increased to £1,055,000; an increase in the income tax personal allowance from £11,850 to £12,500 means you can now save £130 in tax this year. The higher paid will benefit from an increase in higher rate income tax threshold to £50,000, a £3,650 rise – meaning you will only begin to pay 40% tax on any income over £50,000. While the personal allowance for Capital gains tax has now increased to £12,000.
Many do their tax planning at the end of the year when they know what their income has been but in truth much angst can be avoided by doing more of it at the start of the tax year – check in with your independent financial adviser if you already have one, or to find out about how the tax changes affect both you and your money contact us on 01233 722999.
Tune in to Money Talk at 1pm today to find out more! #MTRadioUK