When it comes to making your savings and investments work hard, it is just as important to make the most of your tax reliefs as it is to chase the best interest rates and portfolio returns. These naturally include ISA allowances, but savers are often unaware of other simple ways to enhance their financial planning strategies. Wealth manager Brewin Dolphin has highlighted some of the key ways to make the most of tax reliefs before the end of the tax year on 5th April, the benefits of which will last a lifetime.
Nick Fitzgerald, Head of Financial Planning at Brewin Dolphin, commented: “ISAs are an excellent example of a strategy that people should consider implementing every year which, over time, can greatly enhance their savings. The end of the tax year is approaching rapidly, and we urge savers to make full use of the reliefs available to them. Just remember to seek professional advice as everyone’s individual circumstances are different.”
1) Use your ISA allowance
2) Consider possible pension contributions
3) Transfer assets
4) Offset losses to reduce your capital gains tax
5) Seek advice on other forms of enhanced tax relief