By ADRIAN LOWCOCK 19/02/2010
As the end of the tax year approaches, finances are at the forefront of peoples’ minds. There are some practical steps everyone can take to make sure they are in the best position for the next financial year.
- Debt - Number one priority is always to clear your debts. You should review your credit cards, loans etc and look to pay off the most expensive debt first.
- Investments - Reviewing the performance and quality of your investments is a simple act which can give your portfolio a head start this year. If you are unsure of what action to take, speak to one of our experienced Investment Advisers on 020 7189 9999.
- Mortgage - The availability of mortgage products is still limited, so home owners will need to find out what is available to them and how this will impact them in the future. The best thing to do is plan ahead. Check your paperwork and find out when you should renew your mortgage. Then call and let us know when your mortgage is due for renewal and we will then call you back nearer the date.
- Pensions - These remain unpopular for many investors however, as debt rises and the population gets older the reality is that we will all have to take on responsibility for our own pensions. The sooner you start saving, the higher your retirement income is likely to be. You can also protect your hard earned money from the taxman, who will very soon be trying to take even more from you.
- ISAs - Don’t wait until the end of the tax year to take advantage of your ISA allowance. The sooner you put your money in, the sooner it will start to work for you. Taxes will rise, so protect as much as possible, as soon as possible. There are investments and strategies to suit every investor. If you’re unsure how to create an appropriate blend of funds, why not take a look at our suggested ISA portfolios?
- Tax - These will rise, and much more than many expect. However, the Government do offer legitimate ways to shelter your money from the taxman. Pensions and ISA are ways everyone should look to protect their savings, but there are other options including VCTs, EISs or Estate Planning. So if paying 50% tax bothers you, take a look because the highest rate of tax is likely to rise.
If there is anything you wish to discuss regarding this article please call one of our Advisers on 020 7189 9999.