There’s still time to invest up to £40,000 into a pension this tax year. To make the most of your pension allowance you can either contribute personally or from your business.
There are a number of benefits to investing in a Pension: –
• A tax efficient way of saving for your retirement –tax relief on contributions
• You can access a wide range of investment options within the pension contracts we recommend
• You have the flexibility to invest in a portfolio aligned with your appetite for risk
• Most modern pension contracts provide a wide range of options when it comes to taking benefits
Business owners – Please see our other article on how pension contributions can save corporation tax here
You can invest up to £20,000 into an ISA this tax year. To make the most of your ISA allowance you can transfer your existing investments to a new ISA or you can set up and put money into a new one.
There are a number of benefits to investing in an ISA: –
• A tax efficient way of saving – free of capital gains tax and income tax
• You can access a wide range of investment options within a stocks and shares ISA
• You can have the flexibility to change your investments as your needs change – so you can use your ISA to grow your savings or take an income when you need it.
• There is no fixed term – although you should be prepared to hold the investment for at least five years, ideally longer.
If you are thinking of making a contribution to a Pension or ISA before 5th April 2020 please contact us as soon as possible on 01270 250800 and ask to speak to a financial planner or email us email@example.com