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Managing your Finances this New Year

Financial Plan 2017

With a new year upon us, there has never been a better time to carry out a financial review to get your finances in order. The end of the tax year is creeping up at the end of March and many people will leave it until the last minute to make sure everything is in order.
So why not move now to get your finances sorted in good time, avoiding the rush at the eleventh hour.

Tax-free savings with ISA’s

An ISA allowance is set every tax year by HM Revenue & Customs. The limit for 2020/2021 period is set at £20,000, meaning that this is the maximum amount that you are allowed to deposit into your ISA. You do not pay tax on any interest, income or growth any investments through a stocks and shares ISA.

Use it or Lose it

You are unable to carry over any unused allowance into the following tax year, which will begin on 6th April. The best practice is to use your allowance as soon as possible to make the most of the tax-free returns, maximising on your investments. If you have left it late, make sure that you do use your full allowance before midnight on 5th April, or you will lose it.

Transferring your ISA

If you are planning on switching your provider, you will need to act soon. Usually transferring a Cash ISA will take 15 working days, and 30 working days to transfer stocks & shares or an innovative finance ISA. Make sure that you act in plenty of time to ensure that everything is in place in good time before the end of the tax year with a plan for the coming months.

Have a Financial Plan for 2021

If you would like some advice and guidance on your financial situation, whether it be investments, ISAs, mortgages or protection, our trusted and knowledgeable advisors at Cotswold Financial Planning are here to assist you in your financial queries. Contact us on 01608 651608 or via our enquiry form and we will be happy to discuss your requirements.