S&W The Pulse

The tax year end is approaching on 5th April.  In this episode we discuss what you can do ahead of the year end to put you in the best tax and financial position. Episode overview:Consider making tax-free investments through National Savings or ISAs. The annual ISA subscription limit for 2021/22 is £20,000, and this limit cannot be carried forward if not used.Remember, all investments fluctuate in value and you may not get back the amount investedPension contributions are still a really tax-efficient way of saving for retirement, with tax relief given at your highest marginal rate of income tax. This is quite a complex area as tax relief is restricted in various ways.Spouses and civil partners can review who holds any savings that generate taxable income to ensure allowances are used efficiently.If you pay tax at the 40% rate or higher, you may be able to claim tax relief on gift aid donations you make to charity.As capital gains tax is charged when an asset is sold, you have some control over when to pay it,