Tag: tax relief

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Reimagine Your Tax Planning

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No one likes to pay tax on their hard-earned money. But due to the complexities of the tax system, without expert professional financial advice, some individuals could be paying more tax than necessary.

Now the new tax year is under way you have the opportunity to save money on taxes and plan for the year ahead.

Now is the time to review your tax affairs to ensure that you take advantage of all reliefs and options available to you – we have listed 17 below to get your started, all readily available to reduce your bill.

This information should not be construed as advice and is applicable to the 2020/21 tax year end.

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Tax Relief and Pensions

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Saving into a pension is one of the most tax efficient ways to save for your retirement. Not only do pensions enable you to grow your retirement savings largely free of tax, but they also provide tax relief on the contributions you make.

There are various complex pension allowances in place that you need to be aware of and understand how to make the most of them. These limit the amount of money you can contribute to a pension in a year, as well as the total amount of money you can build up in your pension accounts, while still enjoying the full tax benefits.

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