Reminder - Don’t lose your bonus to the taxman.

Please be aware the below blog is older than 12 months, therefore the information may not be relevant or up to date.

You may have already ‘spent’ your bonus before you have received it.  For example, you may have split the bonus to: 
•    Pay off debts, especially the high interest expensive ones,
•    Put toward a holiday, and /or
•    Put aside into that ‘rainy day’ or retirement pot.

All of the above are sensible ways of you ‘spending’ your bonus.  There are, however, valuable tax allowances which, if used efficiently, can increase the effectiveness of your ‘spending’, both legally and ethically.  You will need to consider your options now as you may need to take action before you receive your bonus.  The clock is ticking.

Last month I highlighted the benefits of using one of the many forms of Individual Savings Accounts (ISA’s), your existing pension plans or even gifting some element of your bonus to use your money for you and your family’s benefit.  All of these are legitimate and ethical ways of not losing out on money the taxman will take.

If the clock is ticking to your next bonus payment, let me help you reduce the taxman’s take of your hard-earned money so you don’t lose out and keep it where it belongs.

If you’d like to learn more, please get in touch now and stop losing money to the taxman unnecessarily.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested. 
 
Investors do not pay any personal tax on income or gains, but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA managers.

Stocks and Shares ISAs invest in Corporate bonds; stocks and shares and other assets that fluctuate in value.

Inheritance tax planning is not regulated by the Financial Conduct Authority.

Tax treatment varies according to individual circumstances and is subject to change.