Are you maximising the right tax wrappers?
Using wrappers and available allowances is the key to managing money tax efficiently. But which wrappers should you be utilising, and what is the interplay between pensions and ISAs?
Could you pay more into your pension this tax year?
You may be eligible to increase your pension contributions by ‘carrying forward’ unused annual allowances from the three previous tax years. However, any unused allowance from 2019/20 must be used in the 2022/23 tax year, or it will be permanently lost.
Five top financial tips for the 2022/23 tax year
We highlight five financial tips to implement in the 2022/23 tax year, including maximising pension plan contributions, using your ISA annual allowance, and how to counter the erosive effect of inflation.
Watch out for excessive costs and charges
Numerous research studies confirm the benefits of financial advice, but excessive fees or costs can be a major barrier to growing your wealth over time. This is akin to driving with the handbrake on.
Retirement income: how much will you need?
The amount you’ll need to live on in retirement will differ depending on your specific circumstances, but there are some universal key aspects to consider when it comes to your asset base and income needs.
Avoid paying IHT on your life insurance policy
Writing a life insurance policy into trust, and designating children as beneficiaries, can help to avoid a large IHT bill, as well as affording the policyholder greater control and avoiding the often lengthy probate process.
Has house price growth increased your inheritance tax liabilities?
Figures published by Nationwide show that UK house prices increased by 10.5% between July 2020 and July 2021. This puts large estates at increased risk of facing expensive IHT bills, particularly since the tax-free IHT threshold has been frozen until April 2026.
What to watch out for on the tax horizon
The government has been mulling over a number of key personal taxation aspects. With a potentially tougher tax environment to come, it is wise to take advantage of generous allowances in place today.
UK inflation surpasses 11%: Stop the erosion of your savings
Do you have money sitting in cash accounts from a financial windfall or tax-free pension lump sum, or do you have cash ISAs? Many cash accounts are losing value over time.
