Welcome to our January/February 2022 TIPS magazine. Inside, we look at New Year’s tax saving resolutions to make sure you are fully utilising your relevant tax planning opportunities. With the tax year end (5 April) on the horizon, taking action now may give you the opportunity to take advantage of any remaining reliefs, allowances and exemptions. On page 08 we have provided some key tax and financial planning tips to consider prior to the end of the tax year. Now is also the perfect time to take a wider review of your circumstances and plan for the year ahead.
Is it time to give your financial future a boost? Then get ready to beat the ISA deadline. Savers and investors have less than three months to use the £20,000 they can put into their tax-efficient Individual Savings Account (ISA) before the end of the financial year on 5 April. With interest rates still at very low levels, you might be looking at investing for the potential to achieve a bigger return from your savings. Read the full article on page 07.
The government has set out its vision for the future of adult social care. On page 12 we explain the new plans announced for adult social care reform in England. This includes a lifetime cap on the amount anyone in England will need to spend on their personal care, alongside a more generous means test for local authority financial support. We all want the best possible long-term care for ourselves or our loved ones. Planning for the long term can help ensure you have sufficient income to pay for any care you, or an elderly relative, might need in later life.
Is your wealth protected from the damaging effects of inflation? Many people underestimate the damaging effect of low interest and high inflation on their cash savings. A continued period of low interest rates on cash savings and rising inflation could pose a real risk to savers in 2022, even if the Bank of England (BoE) moves to increase interest rates further in the coming months. Read the full article on page 10.
A full list of the articles featured in this issue appears on page 02.
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Time to take stock of your current financial position?
You’ve probably made some New Year’s resolutions. Now you need to figure out how to keep them. Heading into 2022, it’s time to take stock of your current financial position and to ensure it’s aligned with your financial goals. Your goals and ambitions are unique to you and we want to help you get there – to discuss how we can help, please contact one of our advisers by clicking here