A smoother year for financial planning?
As year end approaches we for once come to it knowing there are no new tax changes due. This is thanks to the Chancellor’s decision to move from Spring to Autumn Budgets and to make the Spring Statement a brief affair, focused on reviewing forecasts and announcing consultations. With major tax announcements shifted to the autumn, everyone should have time to get to grips with any changes.
So the good news for this tax year is that you shouldn’t have to make any last-minute changes to your plans. However, that doesn’t mean you should ignore the task and opportunities involved. If you haven’t already reviewed your situation and decided how to use your remaining allowances, we have some advice. Our article, Making Plans: The new tax year begins, offers a handy summary of the core allowances and tax planning opportunities you can take advantage of, giving you one less thing to worry about at this this busy time of year.
But sensible financial planning isn’t only focused on the coming weeks. It is also important to keep an eye on the future, and your investment and retirement plans. This is the case this year because changes – some affecting almost everyone – are coming into effect. We take a look at:
Tax relief reductions affecting landlords
The pensions lifetime allowance increases
The rising State Pension Age
The potential savings from relevant life policies explained