Welcome to our latest edition. Inside, we look at New Year’s tax saving resolutions to make sure you are fully utilising your relevant tax planning opportunities. With the tax year end (5 April) on the horizon, taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. On page 08 we have provided some key tax and financial planning tips to consider prior to the end of the tax year. Now is also the perfect time to take a wider review of your circumstances and plan for the year ahead.
ISA Deadline
Is it time to give your financial future a boost? Then get ready to beat the Individual Savings Account (ISA) deadline. Savers and investors have less than 3 months to use the £20,000 they can put into their tax-efficient ISA. And this has to be done before the end of the financial year on 5 April. With interest rates still at very low levels, you might be looking at investing for the potential to achieve a bigger return from your savings. Read the full article on page 07.
Long-term care
The government has set out its vision for the future of adult social care. On page 12 we explain the new plans announced for adult social care reform in England. This includes a lifetime cap on the amount anyone in England will need to spend on their personal care, alongside a more generous means test for local authority financial support. We all want the best possible long-term care for ourselves or our loved ones. Planning for the long term can help ensure you have sufficient income to pay for any care you, or an elderly relative, might need in later life.
Inflation Risk
Is your wealth protected from the damaging effects of inflation? Many people underestimate the damaging effect of low interest and high inflation on their cash savings. A continued period of low interest rates on cash savings and rising inflation could pose a real risk to savers in 2022. Even if the Bank of England (BoE) moves to increase interest rates further in the coming months. Read the full article on page 10.
Time to take stock of your current financial position?
You’ve probably made some New Year’s resolutions. Now you need to figure out how to keep them. Heading into 2022, it’s time to take stock of your current financial position and to ensure it’s aligned with your financial goals. Your goals and ambitions are unique to you and we want to help you get there – to discuss how we can help, please contact us.
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Personal circumstances differ and not all of this information is applicable to every client and/or their business, this information is general in nature and should not be relied upon without seeking specific professional financial advice.
The Financial Conduct Authority (FCA) does not regulate tax advice, estate planning, trusts or will writing.
The content in this article is for your general information and use only and is not intended to address your particular requirements. Articles should not be relied upon in their entirety and shall not be deemed to be, or constitute, advice.
Although endeavours have been made to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No individual or company should act upon such information without receiving appropriate professional advice after a thorough examination of their particular situation. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of any articles.
Thresholds, percentage rates and tax legislation may change in subsequent finance acts. Levels and bases of, and reliefs from, taxation are subject to change and their value depends on the individual circumstances of the investor. The value of your investments can go down as well as up and you may get back less than you invested. Past performance is not a reliable indicator of future results.
Pareto Financial Planning Limited is authorised and regulated by the Financial Conduct Authority (FCA).
