As we approach the end of the tax year, now is the time to review your financial position and ensure you’ve made full use of your annual allowances before they reset on 6th April. Once the deadline passes, any unused allowances are lost, meaning you miss out on valuable tax-saving opportunities that could significantly enhance your financial future.
KEY ALLOWANCES TO USE BEFORE THE DEADLINE
ISA ALLOWANCE – £20,000
You can contribute up to £20,000 into an ISA (Cash ISA, Stocks & Shares ISA, or a combination). The key advantage? Any growth and withdrawals are completely tax-free.
🚨 Use it or lose it! Your ISA allowance does not carry forward, so if you don’t use it before 5th April, you lose the opportunity for tax-free savings and investments for that year.
PENSION ANNUAL ALLOWANCE – UP TO £60,000
The pension annual allowance allows you to contribute up to £60,000 (or 100% of your earnings if lower) while benefiting from valuable tax relief.
💡 High earners may also be able to carry forward any unused pension allowances from the past three tax years, potentially increasing the amount they can contribute tax-efficiently.
WHY YOU SHOULD ACT NOW
Making full use of your tax allowances can help you:
✔ Reduce your tax liability
✔ Grow your wealth tax-efficiently
✔ Maximise compound growth over time
✔ Strengthen your long-term financial security
ACT NOW – TIME IS RUNNING OUT!
The 5th April deadline is fast approaching, and once it’s gone, so are your unused allowances. If you’re unsure how to make the most of these tax-saving opportunities, now is the time to take action.
📞 Need expert advice? We’re here to help. Contact Clarity Wealth Limited today to discuss your options before the tax year ends.
🌍 Website: claritywealth.co.uk
📨 Email: service@claritywealth.co.uk
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