Many of us leave it to the last minute to ensure we are investing tax efficiently, but why?
I therefore want to remind everyone, don’t leave it until 5 April 2008 and then panic about missing the boat, look at your investment strategy now.
Ask yourself, have you got an ISA (Individual Savings Account), an ISA is a tax-efficient ‘wrapper’ in which you can hold either stock market based investments (e.g. shares) or savings accounts. You can invest up to £7,000, including cash up to a maximum of £3,000.
Pensions, have you made any payments into yours? With a pension for every £78 you pay in the Government adds another £22 (based on basic tax rates for 2006/2007).
Even with no earnings under stakeholder rules you can contribute to a stakeholder pension.
Don’t leave it until the last minute, contact your Financial Adviser and ask for a wealth check on your investments today.
Remember on our Free Tax Tips page we have already outlined 10 basic tax saving ideas.
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