Did you make some New Year resolutions about your finances, if so are you sticking to them? As we pass the halfway point this year, here are a few thoughts about actions you may want to take to keep your finances in good order.
I will get my pension reviewed
The tax incentives offered by pensions are too good to pass up; because of tax relief on contributions, it costs the basic rate taxpayer only £80 to make a £100 contribution to their pension, while a higher-rate taxpayer only pays £60 for the same effect. If it’s been a while since you looked at your pension, get in touch to arrange a review.
I’ll make sure my Will is up to date and write a Power of Attorney
A Will written a few years ago might not reflect your current wishes about how your wealth should be apportioned on your death. So, you may want to review and update its provisions.
Everyone should plan for a time when they might not be able to handle their own financial affairs, or deal with decisions about their care. Creating a Lasting Power of Attorney enables you to nominate the person or people who would legally be able to take charge of making important decisions about your money and welfare if there comes a time when you are not able to do this yourself.
I will save as tax-effectively as possible
With the Individual Savings Account (ISA) limit for 2017-18 set at £20,000 it makes sense to shelter as much money as you can in these accounts. In an ISA, you don’t pay tax on income or capital gains and the Help to Buy and Lifetime ISA accounts offer attractive government bonuses too.
If you’re making plans for your retirement and would like some professional advice, then please get in touch.
Tax treatment depends on individual circumstances. Tax treatment, rates and allowances are subject to change.
The value of pensions and the income they produce can fall as well as rise. You may get back less than you invested.