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Financial Year End Planning

Spring: a time of new beginnings, of blossom on the trees and birds starting
to nest. But in one respect spring is also a time of ending as the
financial year rolls inexorably to a close on April 5^th.
That means there is just over five weeks from the time of writing to
the end of the tax year. And those five weeks will fly by;
particularly for those who have yet to optimise their 2021/22 tax
efficient investment and pension plans.

For example, the amount which can be invested in Individual Savings
Accounts (ISAs) is fixed on a tax year basis. For adults, the maximum
that can be invested in an ISA in the 2021/22 tax year is £20,000.
Leave it too late and you can’t add this year’s allowance to next
year’s.

Pensions are slightly different in that there is some provision to carry
forward allowance from the previous three tax years. However, there
are various rules which have to be followed including the requirement
to have been a member of a pension scheme in the year from which you
are carrying forward the allowance. Calculating what allowance is
available and deciding whether a pension, ISA or other investments
might be the most suitable for an individual, taking into
consideration their current circumstances and future expected needs,
can take time.

If you are looking for advice on investments or pensions, or if your
situation has changed and you may therefore need to review your
existing pensions or investments, contact Beckworth by using one of
the links on our website.