TAX EFFICIENT WAYS TO SAVE OR INVEST by Antony Keen
Partner, PM+M Financial Planning
The start of a new tax year is the perfect time to consider if you’re making the most of the tax saving options available, below we highlight some key considerations:
Maximise your pension contribution
The standard annual allowance you can pay into your pension tax free is £40,000 and you should utilise that where possible, but did you know that you can potentially carry forward any unused allowances from the previous three tax years?
Marriage allowance
For couples where either spouse or civil partner will not be able to use their income tax personal allowance, you should consider claiming the marriage allowance.
This could save the other spouse or civil partner up to £252 in tax. Claims can also be backdated for four tax years.
However, a claim can only be made if the recipient does not pay tax above the basic rate.
Individual savings accounts
You can invest in one cash ISA, one stocks and shares ISA and one innovative finance ISA in each tax year.
ISAs are free of UK tax on investment income and capital gains. If you are aged 18-39, you can also invest up to £4,000 in a Lifetime ISA.
However, the maximum investment limit of £20,000 (for 2022/23) applies across all four types of ISA.
Lifetime allowance
The maximum you can hold in a tax-favoured pension scheme without triggering an extra tax charge is £1,073,100 in 2022/23.
The allowance will be frozen at this level until 2027/28.
Is now the time to look more closely at your tax savings? Get in touch to find out more.
Get in touch today: 01254 679131
financialplanning@pmm.co.uk www.pmm.co.uk
PM&M Financial Planning Ltd is authorised and regulated by the Financial Conduct Authority
HELPING YOUR MONEY ACHIEVE MORE
Investments Lifetime cashflow planning Business and personal protection Pensions Court of Protection advisory Tax and estate planning
MANAGING YOUR RISK by Jen Lancaster
Independent Financial Adviser, True Bearing
When it comes to managing your wealth, don’t risk it by going it alone and, instead, engage the services of an expert.
Whether you are investing for the long term or are accumulating your wealth ahead of retirement, all investments carry a certain degree of risk.
Some present higher stakes than others, with a higher potential upside counterbalanced by a greater chance of significant losses.
High-risk investments provide a larger percentage chance of under-performance, lost capital or a permanent loss of value, but often with a greater chance of significant growth.
Low-risk investments are safer and more secure, meaning they are more likely to perform in line with expectations.
This ensures a lower chance of failure, but also a lesser
likelihood of significant growth.
At True Bearing we pride ourselves on putting you, our client, first, and creating your plan before we even look at products.
We know you have worked hard to earn the money you are looking to invest, and we will make sure we recommend a long-term approach to help that money grow over time.
Being independent helps as it means we aren’t tied to just one or two solutions to present to you.
We also pride ourselves on our knowledge in the world of sustainable, ethical, impact and socially responsible investments and are happy to walk you through the differences.
The value of investments may fluctuate in price or value and you may get back less than the amount originally invested. Past performance is not a guide to the future.
• Financial advice for your businesses • Pensions and Retirement Planning • Investments • Protection
• Care Fees Planning • Mortgages • Estate Planning • Equity Release
If you are looking for tailored fi nancial advice, True Bearing are the perfect partner for your journey. Contact us to discuss your situation further.
01257 260011
www.truebearing.co.uk
@TrueBearingIFA
enquiries@truebearing.co.uk
TRUE BEARING
CHARTERED FINANCIAL PLANNERS T e Right Direction for Financial Advice
True Bearing Chartered Financial Planners is a trading name of True Bearing Ltd. True Bearing Ltd is an Independent Financial Advisory Firm, which is authorised and regulated by the Financial Conduct Authority. The Financial Conduct Authority does not regulate Tax Advice.
Award winning North West Independent Financial Planners, helping you achieve your fi nancial goals.
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