Call Richard Cook: 07770 575 122

email: richard@theinvestmentandretirementcoach.co.uk

Tax planning for the financial year-end

With only four weeks to go before the end of the tax year, I thought it would be useful to let you have some year-end tax planning thoughts.


Pension planning

If you are over 50 and a higher rate tax-payer either with invested capital or an excess of income over expenditure making a one-off pension contribution before the end of the tax year could be the most efficient investment you ever make. 

An investment of £1,000 at a net cost of £600 with access to the money within 5 years just cannot be beaten. Let me know if you would like to know more.

If you are drawing from your pension fund and your pension withdrawals together with your other taxable income does not exceed £50,000 it may be worth thinking about taking a one-off additional withdrawal as this will only be taxed at 20%. This needs to be done within the next week or so.


ISA contributions

I have clients who have been contributing to ISA accounts over many years and are now ISA millionaires.

Managing their investments with nothing to declare to HMRC and not having to think about tax when they make investment /withdrawal decisions is a very valuable part of their financial planning.

We should all be maximising ISA contributions wherever possible and by that, I mean contributions to Stocks and Shares ISA accounts.


Money sat in Cash ISA accounts is doing you no good unless it is your emergency fund or earmarked for expenditure in the next 2-3 years.

If you are in the fortunate position of being able to make a substantial contribution to a Stocks and Shares ISA before the end of the tax year, put it in as cash and then invest in the underlying funds over, say, the next 6 months. There are some great investment opportunities but also some significant risks just at present, so buying at average prices over a few months is the safest strategy.

Transferring Cash ISA accounts to a Stocks and Shares ISA is not a tax year-end strategy but is often without cost and well worth doing. 

Also, not a year-end strategy, but whilst I am on the subject of ISA, do please think about setting up Junior ISA accounts for your children, or taking out a Lifetime ISA if you are between 18 and 39.


Capital Gains Tax

If you are fortunate enough to have investments where you are sitting on gains in excess of £12,300 think about making some sales within the £12,300 annual CGT allowance. You can reinvest in a similar share or fund but not the same one.


Company pension contributions

If you are operating as a Limited company and are making personal pension contributions, you are paying unnecessary national insurance contributions. Start the new tax year by switching to a company contribution


General Financial Planning

The start of a new tax year is a good time to take a fresh look at your financial planning. If you are a member of The Investment and Retirement Guidance Club and would like to bring forward your next review please let me know.

If this is new to you and you would like to know more about our services an introductory Zoom meeting can be arranged without charge, you can schedule it here: https://calendly.com/rhcook/30min


March 2022 



This document and our on going services are not personal advice. We'll give you all the help and guidance you need to make your investment and retirement decisions, but we can't advise you. If you're not sure whether you need regulated financial advice we can put you in touch with a suitably qualified and experienced regulated adviser. Because we are not regulated by the Financial Conduct Authority you will not have access to the Financial Ombudsman Service in respect of any complaints. If you use one of the "no advice" on line services to handle investment transactions they will be Regulated and you will have access to the Ombudsman and The Financial Compensation Scheme in respect of their services. The value of investments/pension plans can fall or rise depending on market performance. The Retirement Team and The Investment and Retirement Coach are trading names of Capture Success Ltd Reg No 01825075 Tel 07770575122

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