3rd April 2015 at 9:29am
New Year resolutions and to-do lists are fairly standard fare for most of us. We don’t think twice about setting ourselves some goals or laying down some plans for the year ahead, so why should the dawn of a new tax year be any different.
6 April marks the beginning of tax year 2015/16, so we asked our Consumer Finance Expert Julie Hutchison for her tips on things to do in the new tax year.
Here’s Julie’s top 4 new tax year tips
- Look to see if you could increase your pension payments within the £40,000 annual allowance
- For married couples and civil partners, if neither pays tax at 40% or 45%, and one has income below the £10,600 personal allowance, register for the new transferable income tax allowance. For more information see my blog on ‘tax perks’ or go to the online registration service
- Make the most of the new ISA limit of £15,240 through increasing monthly payments or using lump sums. Remember even small amounts add up, but use your full allowance if you can
- If your income isn’t over £15,600, register for tax-free interest from your bank or building society – my Budget Day blog will give you more detail.
It’s always great to start off on a fresh foot and while these top tips from Julie will hopefully give you a good starter for ten, it’s important to build in your own.
This blog and any responses to comments are not financial advice. An ISA is an investment and investments can go up or down. You might not get out what you put in. Tax and legislation may change in future and this blog reflects our understanding at today’s date. Standard Life is not responsible for the content on external websites.