With the new tax year upon us, some aspects of taxation have changed. But as several allowances and thresholds have been frozen, the points that have not changed are even more significant. In this guide, our team at Castlegate (financial planners in Grantham) outline the main tax allowances and explain how you can make the most of them.
The UK is currently facing its highest tax burden in almost 70 years. From April, for instance, a new Health & Social Care Levy will come into force – adding 1.25% to dividend tax and also to National Insurance (NI) contributions (for workers and employers). As such, it is understandable that many people are looking for legitimate ways to reduce needless taxes and ease pressure on their monthly finances.
Are you interested in keeping more of your hard-earned money? One of the best ways to achieve this is to maximise your tax allowances. Each financial year (April-April), each person can access a range of tax-free schemes which can result in you saving £100s or even £1,000s. Although April seems far away, it can catch you up quickly and leave little time to arrange your affairs to get the best deal.
With inheritance tax (IHT) set at 40% on the value of an individual’s estate over £325,000, it is easy to see why many people need to plan for this now. Today, hundreds of thousands of UK homes are valued over £1m. Many others have an estate worth over £1m when other assets are factored in addition to their home – such as ISAs, Buy-to-Let properties and shares in a general investment account (GIA).
ISAs (individual savings accounts) can be wonderful “vehicles” for savings and investments. Not only are they very tax-efficient, but the Lifetime ISA (LISA) even offers a government “top up” if you use the funds for a first home purchase, or for retirement.
What if it was possible to put more money back into your pocket – possibly £100s or £1,000s – by taking a bit of time to ensure that your savings and investments are set up correctly? In this article, our financial planning team at Castlegate here in Grantham, Lincoln and across the East Midlands, offer insights into how this can be achieved by making the most of the 2021-22 allowances available to you.
This content is for information purposes only and should not be taken as financial advice. Every effort has been made to ensure the information is correct and up-to-date at the time of writing. For personalised and regulated advice regarding your […]
When it comes to passing on your wealth to your loved ones, having a strong estate plan is crucial. Not only does it help to mitigate unnecessary taxes; it also assists with preventing future complications with inheritance tax (IHT) and with the distribution of your estate to beneficiaries.
This content is for information purposes only and should not be taken as financial advice. Every effort has been made to ensure the information is correct and up-to-date at the time of writing. For personalised and regulated advice regarding your […]
Many people are resigned to the idea that they will have to pay a large inheritance tax (IHT) bill on their estate one day. However, is this the case? In 2014, left-wing politician Tony Benn made headlines by leaving a £5m estate to his children whilst avoiding a large IHT bill.
When it comes to the subject of inheritance, most of us will have heard horror stories about families (even happy ones) being torn apart by arguments over the family wealth. One recent story in The Telegraph, for instance, tells of […]
Did you know that the ONS found that the average inheritance across the UK is about £11,000? The figure jumps to an average of £33,000 for those receiving an inheritance between ages 55-64, but those aged 16-34 tend to get […]
Castlegate Financial Management Limited is registered in England No. 2077374. Registered Office: 8 Castlegate, Grantham, Lincolnshire. NG31 6SE. Authorised and Regulated by the Financial Conduct Authority. FCA No. 169777.
