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Today is Tax Freedom Day! The theoretical date at which the average earner will have paid all of their taxes leaving the rest of their earnings available to spend on themselves. Simon Torry explains.
Is a pension the best form of saving for retirement? Or is it better to look for other elsewhere?
Use these money-saving investment ideas to avoid paying too much tax and keep those pennies in your pocket.
The amount you can put into your pension and still claim tax relief is now just £40,000 a year, but you can still benefit from a higher annual pension allowance with some careful planning.
A new pension ruling for April 2014 will implement a lower ‘lifetime allowance’ of £1.25m. So the clock is ticking to become tax efficient, have the most flexible retirement income strategy and avoid hefty tax penalties.
It’s easy to focus on what to spend your money on here and now, but not so easy to invest it for your future spending. And it’s even less easy to make plans for what will happen when you die.
Don’t complain about your tax bill, do something about it. This quick checklist is a great place to start.