Financial well being for 2017
When January comes around each year, it’s inevitable that we take some time to consider our goals for the year ahead and how these can be achieved.
As such, if you’re looking to focus on your financial well being in 2017, you should bear in mind that there might be some opportunities to make some additional tax savings before the end of the financial year on 5th April and beyond.
Possible areas to consider are:
- Have you used your full ISA allowance for the 2015/16 tax year (£15,240)
If you’re looking to build a nest egg or make the most of cash savings on deposit that aren’t earning you much interest in the current economic climate, you could take advantage of the tax-free growth and penalty free withdrawals offered by ISAs. They are available as cash ISAs for those just looking to put a bit away for the future and for those who are more adventurous and willing to speculate with the funds, a Financial Adviser can help with recommending suitable investments for a Stocks and Shares ISA option.
The ISA allowance will rise to £20,000 from 6th April 2017.
- Have you made full use of the annual pension allowance?
Currently, depending on your circumstances, how you make contributions and eligibility, there is a possibility that you can boost your pension savings by as much as £40,000 per annum and receive certain tax savings or reliefs by doing so.
If you are unsure as to your eligibility to make further pension contributions this tax year, a Financial Adviser will be able to help you to review your position.
- Are you in a position to make use of the Capital Gains Tax Allowance (£11,100)?
If you are looking to sell or transfer the ownership of an asset that falls under the Capital Gains Tax regime, it would be in your interests to seek professional advice before going ahead, as adopting a planned disposal strategy could help to reduce any tax burden applicable.
The examples provided above are not exhaustive, but hopefully will give you some indication of how making a secure financial plan can help to put you in the best place possible to achieve the financial goals you’ve set for 2017.
If you want to find out more about anything mentioned above, contact Contractor Wealth today, and let us use our expertise in Contractor finances to steer you in the right direction.
The value of investments may fall as well as rise and past performance is not a guide to future returns.
Financial advice is given by Contractor Wealth Management Limited which is an appointed representative of Intrinsic Mortgage Planning Limited and of Intrinsic Financial Planning Limited who are authorised and regulated by the Financial Conduct Authority. Intrinsic Financial Planning Limited and Intrinsic Mortgage Planning Limited are entered on the FCA Register (http://www.fca.org.uk/register) under reference 440703 and 440718.