Updated: Oct 26, 2022
Another January and another year. Let’s hope we can contemplate this one with greater confidence than the last and that we can make plans with more certainty.
One thing is for sure, whatever else happens, the tax year will end on April 5th – and you can, and should be, making plans for that. It may still be three months away but it’s the most important date in the financial year and you should start planning for it now. You should consider how you’re going to make the most of valuable tax reliefs before that date, because, if you don’t use them, you’ll lose them, along with thousands of pounds you could have potentially saved.
Granted, April may be practically in spring and we’re still in the depths of winter, but it pays to plan ahead. That allows you – with the help of your Reeves Independent life stage team – to identify any changes that need to be made, while there’s still plenty of time to make them. Then, you can rest easy knowing it’s sorted rather than having to panic close to the deadline.
Don’t fall into the trap of thinking that because you reviewed your tax affairs last year, that will somehow cover you for this year too. For one thing: important allowances are annual and you need to ensure you make full use of them every year. Also, financial circumstances change, either through events or because you enter a different life stage, so your tax plan from last year may no longer be appropriate. Reviewing your situation is a good idea to ensure you’re still on track by optimising your tax situation.
Between now and the end of March we will be running our annual end of tax year campaign to remind people to review their circumstances, so make sure you contact your adviser now to book yours to ensure you’re gaining the maximum benefit for your pension pot. Also, if you know somebody who isn’t a Reeves Independent client and who may benefit from a tax review, why not refer them under the Reeves Advocate Scheme, whereby a £100 Amazon voucher will be given to both referrer and referee.
Take action now to ensure 2022 is a prosperous year. Book your tax review.
No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.
Please note that tax rates and reliefs are dependent upon an individual’s unique circumstances. These tax reliefs and rates differ between Scotland and England.