Top tips for your financial future

Tees Business Digital Media Pack

With a new tax year approaching, it is important to remember some of the basics of financial planning.

Sam Tate, of Stockton-based Vintage Chartered Financial Planners, brings some tips on how to help you finish the year on the front foot financially…

1. Utilise your ISA allowances
Every UK resident, aged over 18, is entitled to an annual ISA allowance of £15,240 for the current tax year. The allowance is a ‘use it or lose it’, so make sure you don’t miss the opportunity to utilise the current year’s allowance!

2. Make a pension contribution
Arguably the most tax efficient solution available. Tax relief is received on the contribution and any growth within the fund is free of capital gains and income tax.

3. Don’t forget inheritance tax planning
Many people remain unaware that they are entitled to an annual gift allowance of £3,000, which is exempt from inheritance tax. Additionally, individuals can make unlimited gifts of up to £250 to any one individual per tax year. A great way to help reduce the value of your estate!

4. Review your investments and utilise your annual capital gains tax allowance
An investment review will also allow you to ensure that your portfolio is on track to meet your goals and objectives.

Sam Tate
Vintage Chartered Financial Planners


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