At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.
An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each).
You might also want to consider increasing your pension savings before 5 April 2021 as the unused annual pension allowance is lost after three years.
For those looking to do some inheritance tax planning, it would be a good time to review (or make) your Will.
If you’d like to put any of these in place and require advice or assistance, please contact us.
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January 14th, 2021
