The end of the financial tax year will soon be upon us all (5th April) and time is running out to complete those tax year sensitive tasks. The end of tax year is of particular significance when managing your finances and investments and offers planning opportunities for every individual. At Fiducia Wealth Management we have put together an end of year checklist to help you get your finances in order and make the most of the available tax breaks.
Pensions
Pay into your pension – you receive tax relief on any contributions up to 100% of your earnings (capped at the current Annual Allowance of £40,000) or £3,600, whichever is greater. Making pension contributions can lower your income tax bill, restore lost personal allowances or help you avoid the child benefit tax charge.
Carry forward pension contributions– unused pension contribution Annual Allowances can be carried forward, and used, from the previous 3 year
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