You must be thinking hasn’t the tax year just ended? Well you’re right, it has. And what a year it has been!

Nevertheless, what I would say is, tax year end allowances can be used throughout the year and don’t need to be dealt with in the last week of March and first few days of April.

To ensure you have a better tax year in 2021/2022, we would encourage you to plan early and use all the appropriate allowances available to you throughout the year.

Detailed below are just a few of the annual allowances available:

• ISA - £20,000
• Junior ISA - £9,000
• Pension contributions – up to £40,000 annual allowance
• Dividend allowance £2,000
• Personal savings allowance – up to £1,000
• Capital Gains Tax allowance (annual exempt allowance) - £12,300
• Gift annual exemption - £3,000
• Venture Capital Trusts - £200,000
• Enterprise Investment Schemes – up to £2,000,000 depending on nature of the investment

With a number of potential allowances to benefit from, planning early could provide you with better investment opportunities and choice. It’s also worth considering making regular monthly contributions where possible, to take advantage of pound cost averaging with your investments.

Throughout the year, we’ll be expanding on these options in future blogs, but, in the meantime, if you would like to discuss any of these options further, please contact me or your usual Johnston Carmichael Wealth Financial Planner.

Johnston Carmichael Wealth Limited is authorised and regulated by the Financial Conduct Authority. This article is based on our understanding of tax legislation as at 6th April 2021. The benefit of any reliefs or allowances will depend upon your own situation. Please note: This communication should not be read as financial advice. While all possible care is taken in the completion of this article, no responsibility for loss occasioned by any person acting or refraining from action as a result of the information contained herein can be accepted by this firm.  This blog does not constitute investment advice or recommendations to buy or sell investments and you should not place undue reliance on such statements or returns, as actual returns and results could differ materially due to various risks and uncertainties.