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Are you being forced to dip into your pension pot get through the pandemic?

If you are over 55 and considering accessing your pension it is essential that you receive professional financial guidance to enable you to make an informed decision. If you get it wrong, you could end up with a large tax bill.

Needing Money after a change in circumstances? Here are our top 5 things to consider before withdrawing money from your pension:

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ISA – Don’t miss out on this year’s tax-efficient opportunity

If you have cash savings or are investing, there is no reason not to use an ISA tax efficient wrapper. The end of the 2020/21 tax year is Monday 5 April 2021, meaning that if you’re planning to use this year’s ISA allowance you need to act fast – there’s no rollover from one tax year to the next.

We’ve answered some typical questions we get asked about how best to use the ISA allowance to help make the most of the opportunities as this tax year draws to a close.

“An ISA is a tax-efficient way to invest because your money is shielded from Income Tax, tax on dividends and Capital Gains Tax. Individual Savings Accounts (ISAs) have been available since 1999. The proceeds are shielded from Income Tax, tax on dividends and Capital Gains Tax.”

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Guide to 2020/21 Year End Tax Planning

Do you want to keep more of your money to enjoy, invest, save or pass on – easy right? Tax planning never requires a one-size-fits-all approach. Each taxpayer and each year will be different. And with the end of the current 2020/21 tax year approaching on Monday 5 April 2021, now is the time to carry out a tax health check and implement any planning opportunities.

We should all be thinking about tax planning throughout the course of a year, but this year we have been distracted by the impact of the coronavirus (COVID-19) pandemic on our lives.

We have listed below a few reminders of the issues you may want to consider as worthy of including in your 2020/21 tax planning to-do list.

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Generating income from investments throughout your retirement years

The time has finally come, you’re ready to retire. You’ve worked hard all your working life to save and prepare for your retirement, but how should you approach investing now that you’re no longer earning a salary? When it comes to investing in retirement, even during volatile markets, the right strategy can help make sure your retirement savings last.

For many, the idea of retirement means getting away from the stresses of everyday life. But with living costs rising and interest rates low, retirees still need to think about how they can continue to generate income from their investments throughout their retirement years.

It is not unusual for people to live more than 30 years once retired, due to increased incentives to quit work early and rising life expectancy, which in itself can present a major risk that retirees may outlive their savings. The longer the time spent in retirement, the harder it becomes to be certain about the adequacy of your assets.

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Lasting Power of Attorney – peace of mind that there is someone you trust to look after your affairs

A Lasting Power of Attorney (LPA) is a legal document that allows you to appoint one or more people to make decisions on your behalf during your lifetime. The people you appoint to manage your affairs are called the ‘attorneys’.

An LPA is a completely separate legal document to your Will, although many people put them in place at the same time as getting their Will written, as part of wanting to plan for the future.

During your lifetime
Once you have an LPA in place, you can have peace of mind that there is someone you trust to look after your affairs if you became unable to do so yourself during your lifetime. This may occur, for example, because of an illness, old age or an accident. Having an LPA in place can allow your attorney to have authority to deal with your finances and property, as well as make decisions about your health and welfare. Your LPA can include binding instructions together with general preferences for your attorney to consider. Your LPA should reflect your particular wishes so you know that the things that matter most would be taken care of.

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