As the new fiscal calendar begins, Parsonage Financial Planning’s Flora Maudsley-Barton is urging both business owners and individuals alike to take note of the new rules put in place as of April 6.
Flora said: “Year on year, the start of a new financial calendar brings with it a number of changes that are likely to directly affect the public. For example, this year we have witnessed a rise in tax-free personal allowance and a drop in the threshold for tax-free dividends to name a few, and it’s of vital importance that individuals understand how these revisions influence their finances and how best to utilise them to enhance existing and potential assets.
“As part of the new financial calendar, individual ISAs are refreshed meaning that individuals can save tax-free up to £20,000 in finances, stocks and shares and for those at the later stage in life, the annual gift allowance of £3,000 is also reset, meaning assets can be given away to reduce inheritance tax for family and friends. While an increase in auto-enrolment pension comes in to play, we continue to encourage our clients to make contributions that have tax relief added to their pensions as a tax-efficient way to save for retirement.”
Established in 2009, Parsonage Financial Planning offers assistance with a range of monetary concerns including investments, tax, pensions, mortgages and insurance to name a few. The firm withholds an IFA Chartered Financial Planner status, which is the gold-standard for independent financial advice.
"We hope individuals use this time to set achievable targets and work towards long-term plans and goals"
Managing Director Flora Maudsley-Barton
Flora added: “While financial jargon, strict rules and a plethora of information may seem daunting, the start of a new tax year presents an ideal opportunity to assess and re-assess finances. When it comes to our clients, we notice that not everybody is the same and whilst some are certainly natural planners, others may feel overwhelmed when it comes to wealth management – in January of this year, as many as three-million people had not filed their tax returns a week before the national deadline.
“We hope individuals use this time to set achievable targets and work towards long-term plans and goals to ensure that effective planning from the offset will not only ensure that tax deadlines become easier and more manageable, but that financial goals stay maintained month on month.”
For more information visit www.parsonagefinancial.co.uk
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