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 2019/20 tax year (currently £20,000 each).
You might also want to consider increasing your pension savings before 5 April 2020 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.
Good tax planning can save you money, so it’s time to get your affairs into order. Our team at Nicholsons will be able to help you. Contact Richard Grayson on 01522 815100.