• Rachael Panteney

Don't pay more tax than you need to...



The 2019/20 tax year ends on 5 April, so it’s the perfect time to make sure you take advantage of the tax incentives available to you and don’t pay unnecessary tax.

Here’s a quick reminder to help you make sure you don’t miss out.


• Maximise your pension contributions

You can save into registered pension schemes and get tax relief on those contributions of up to 100% of your earnings each year. Subject to limits, you will receive basic rate tax relief on your contribution. If you’re eligible for higher-rate tax relief you can claim this through your tax return. The annual allowance for tax relief in 2019/20 is £40,000.


• Use your annual ISA allowance

You can invest up to £20,000 in the 2019/20 tax year and all future investment growth will be free from income and capital gains tax. There are a number of options including cash ISAs, stocks & shares ISAs, and Lifetime ISAs. (Lifetime ISAs have an annual limit of £4,000, but you can put the remaining £16,000 into any other ISA)


• Consider Junior ISAs (JISA)

Parents or guardians can open a JISA for their children. The JISA has all the tax benefits and investment choices of the normal ISA. The annual investment limit is £4,368 and you can split this between a cash JISA and stocks-and-shares JISA however you wish. Although only parents or guardians can set up a JISA, anyone can pay into it.


• Don’t forget IHT and capital gains tax

You can give away up to £3,000 in this tax year and it will fall outside your estate for inheritance tax purposes.

You can also make gains of up to £12,000 without incurring capital gains tax. So if you’re thinking of selling some assets there may be a benefit in doing so by 5 April.


• Act now!

Regardless of how or where you decide to invest your money, to take advantage of any tax incentives available in this tax year you must do so before 5 April.

We would love to help to make sure you don’t pay more tax than you need to.

Rachael Panteney

Financial Adviser

Willow Tree Financial Services

01323 436680

rachael@willowtree-fs.co.uk

Willow Tree Financial Services.

A6 Chaucer Business Park,

Dittons Road, Polegate.

East Sussex, UK.

BN26 6QH

01323 436680

rachael@willowtree-fs.co.uk

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested. Your home may be repossessed if you do not keep up repayments on your mortgage. 
 

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