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Cumberland and Westmorland Herald
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    Cumbrian animal charity celebrates with dog show for opening of new kennel complex

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    Appleby Horse Fair: Several cases of animal cruelty

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    Lucy plays key role in county T20 triumph

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Cumberland and Westmorland Herald
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    Penrith Players present Noel Coward’s Hay Fever

    Penrith Players present Noel Coward’s Hay Fever

    Paula Roberts’ pilgrim route to raise cash for Red Cross

    Paula Roberts’ pilgrim route to raise cash for Red Cross

    Farmers flock to North Sheep

    Farmers flock to North Sheep

    Cumbrian animal charity celebrates with dog show for opening of new kennel complex

    Cumbrian animal charity celebrates with dog show for opening of new kennel complex

    Appleby Horse Fair: Several cases of animal cruelty

    Appleby Horse Fair: Several cases of animal cruelty

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Multiple fire crews tackle roof fire in Crosby Ravensworth

    Free domestic abuse support drop-in service launches in Penrith

    Free domestic abuse support drop-in service launches in Penrith

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    Penrith bar relaunched with vibrant events planned

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    Penrith Beacon access closed after vandalism

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    Patterdale’s Eden Eagles make history

    Patterdale’s Eden Eagles make history

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    Penrith teen crowned British vault champion

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    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

    Lucy plays key role in county T20 triumph

    Lucy plays key role in county T20 triumph

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    Gold for Keith in annual festival of orienteering

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    Cumberland and Westmorland wrestlers head to European championships

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Home Latest
This article appears as part of a paid partnership with Armstrong Watson

Don’t leave financial planning to the end of the tax year

by CWH
22 March 2022
in Latest, Sponsored
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Although the current tax year doesn’t end until April 5 2022, effective financial planning shouldn’t be a mad March rush. Starting your financial planning early in the year will give you a head start.

Often, as the end of the tax year is approaching, there are many financial commentators and institutions writing/advertising about how you should make sure you don’t lose your valuable tax allowances. The reasons being that they allow you to reduce your tax bill or use up an allowance that may otherwise be lost in that tax year.

There are several areas of financial planning to consider:

  • Pension contributions – maximising your allowance this year and in previous years to avoid losing any allowances
  • ISA Allowance – maximising your annual tax-free allowance – currently £20,000 per person per year
  • Capital Gains Tax – using up any allowances and reliefs from your portfolios
  • Inheritance Tax – using up small exemption allowances but also making gifts and disposals in the current tax year
  • Income tax planning – reducing your income tax bill for high earners and those who receive child tax credit
  • Marriage Allowance – allows you to transfer a portion of your Personal Allowance to your husband, wife, or civil partner.

Each area needs careful thought as both financial and tax planning is subject to individual circumstances and all the options and allowances mentioned are not suitable for everyone.

Aside from making full use of available allowances there are other advantages to planning ahead, for example, by using your ISA allowance or making your pension contributions earlier you could benefit from extra potential growth, as well as receiving an element of your tax relief earlier on your pension and any pension contributions.

Of course, there’s also the benefit of spreading your contributions over a tax year instead of in one lump sum at the end, when it might not be affordable to you at that time.

Planning ahead is essentially what financial planning is all about, but by working with a trusted adviser, you also benefit from being kept up to date on the latest position on pension & inheritance tax legislation and can be signposted to any new financial planning opportunities that might arise.

For help and support with your financial planning contact Justin Rourke on 01768 222030 or email justin.rourke@armstrongwatson.co.uk for a complementary initial consultation.

  • Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.

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