294 March 19 - Gryffe Advertizer

12
The Advertizer
Weir Networking
Our meetings are now held quarterly, on a Wednesday in Amaretto, Bridge of
Weir. Breakfast starting at 9.30am. There is a cover charge of £5.
Our next meeting will be held on Wednesday 20th March 2019.
Following dates are June 12th, 11th September and 4th December.
Venue may change for later dates, so please check facebook page nearer time
or email colin@magifilms.co.uk. We look forward to seeing you all.
New Tax Year...
New Opportunities
by Carl Melvin, Affluent Financial Planning Ltd
How quickly time flies, and another tax year is ending. This brings with it some
important financial opportunities to act on before tax year end and once a new
tax year begins. So, time to tidy up your finances – but what to consider?
1. Maximise your pension contributions, especially if you are a higher or
additional rate income taxpayer. You’ll get tax relief on your pension
contributions at your highest income tax rate paid.
2. Keep your Pension Annual Allowance – if you are a higher earner with
total annual income of £110K or more, you could have a reduced pension
allowance imposed on you, and it may result in a tax bill on any pension
contributions you make above your reduced annual pension allowance.
Making a pension contribution to get your income below £110Kpa could
be a smart move.
3. Keep your tax-free personal allowance by keeping your income below
£100K as you lose tax allowance when your income exceeds this. Consider
making a pension contribution to reduce your taxable income.
4. Recover child benefit by keeping your income below £50K if possible
as child benefit is lost fully once earnings exceed £60Kpa. A pension
contribution could help here.
5. Boost your pension pot now, before you draw benefits flexibly in the
future. Once you take flexible benefits from your pension, your pension
annual allowance will reduce to only £4,000pa – so you won’t be able to
make large pension contributions in the future.
6.
Consider exchanging some salary for a pension contribution to reduce
your income tax bill and boost your retirement wealth.
7.
Tax shelter your wealth using tax free ISA accounts. You can shelter up to
£20,000 each, so up to £40,000 for a couple.
8.
Use your Capital Gains allowance to take out investment profit from your
investment funds. Each person can take £11,700 in profit this tax year,
so up to £23,400 tax free!
9.
Use your personal savings allowance (and starting rate for savings if your
income is low) to get tax free interest or offshore bond gains.
10.
Recycle gains into more tax efficient alternatives such as ISAs or
pension but beware using pension tax free cash to do so.
The great thing is that each new tax year gives you a new set of allowances, so
you can do the above all over gains on 6th April 2019!
This information is not financial advice. If you require advice you should
consult a professional adviser. The first meeting is normally free and there
is no obligation. Call us for a FREE financial review on 01505 59 50 60 or
email info@affluentfp.co.uk. Alternatively, pop into the Affluent office opposite
Amaretto restaurant on Main Street, Bridge of Weir. www.affluentfp.co.uk
Deadline date for our April 2019 issue - Friday 15th March - you don’t want to miss it!!