Use it, or Lose it

 I hope you all had an excellent Christmas and a Happy New Year!

In the first edition of 2023 'Wealth Is Health' newsletter we look at the importance of utilising our ISA allowances before tax year end April 2023 to ensure you are making the most out of the tax breaks available to you.  

DON’T MISS OUT ON THE TAX SAVINGS YOU’RE ENTITLED TO

The past few years have demonstrated that the unexpected has become the norm and that this new ‘normal’ is changing many of our expectations. It’s easy to be distracted by the events taking place around us and to lose focus of our priorities. Keeping track of your finances is more important than ever to make sure you achieve the right possible outcomes for yourself and your loved ones. One of the first steps to achieving this is to make sure any investment returns you make are as tax efficient as possible. ISAs are free from personal income tax and capital gains tax*, so it’s essential you don’t miss out on your tax-free ISA allowance.

Although having a wide range of options is a good situation to be in, it can be difficult to make the right choice. With so many options, how do you know which is right for you and your financial goals?

Don’t miss out unnecessarily

In this tax year (2022-23) you can save a £20,000 within an ISA, which you can split between stocks and shares ISAs, cash ISAs and Lifetime ISAs.

Junior ISAs offer the same tax benefits and investment opportunities with a generous limit of £9,250 in the 2022-23 tax year. So, whether you want to set aside money for your children’s education, a house deposit or their first car, Junior ISAs are a great way to start saving.

This is where we can help. We’ll find out about your goals and get to know your appetite for investment risk. Then we’ll use our expertise to help you decide which option is most suitable. We can do this by phone, using video technology or face to face where allowed.

Use it – or lose it forever

With so much to think about at the moment, it’s important you remember to use your 2022/23 ISA allowance by 5 April 2023. If you don’t it will be gone for good. So, act now and arrange a meeting by calling me 01332 299095 or emailing [email protected] and I would be delighted to arrange a meeting with one of our Financial Advisers here at Moss & Company.