Many of us will be using this extra time at home or the Christmas break to complete our tax returns.
You may have been fortunate to have saved more money than usual in 2020; with 5 months still to go before tax year end, there remains opportunities to invest your money and recoup tax. Did you know that the UK has over 1000 tax reliefs? Admittedly, these aren’t applicable to every individual, but as a nation we forego over £400 bn every year.
It is too late to change your tax bill due this January; now is the time to speak with your adviser on how you can make a difference going forward!
There is increasing speculation on how the government will use fiscal measures to address the escalating national debt, such as the widely rumoured removal of high rate tax relief on pension contributions. This means that there has never been a better time to think smart and make the most of the current tax planning opportunities.
Tideway specialise in providing retirement advice, including active portfolio management, aligned to your approach to investment risk. We are here to assist.