Save yourself some money!
When we think about savings, most of us place our money in Building Societies or Banks; not many of us keep a tin under the mattress anymore!
With interest rates so low and a recent distrust of banks, many people can be unsettled to move their savings, but is this giving you the best result in the long term?
There are ways to help shelter your money so you do not pay tax on the interest you receive, no matter how little or much that interest may be. Each year, every individual can put money into a Cash ISA; for this tax year, the maximum is £5,640 and in the new tax year (from 6th April) it will increase to £5,760. That means that as a couple you could shelter up to £22,800 in Cash ISA’s between now and mid April.
For those of you who feel that inflation is increasing more than the interest you are getting on your deposit savings, Investment ISA’s may be an answer. These work similar to the Cash ISA, in that individuals have annual allowance to use or lose. This means a couple can invest up to £45,600 between now and the next tax year to help ensure tax efficiency. ISAs can be set up with lump sums or regular contributions so you can save over the year if necessary.
At Chilvester, we have access to a wide range of both Cash and Investment ISAs from a great number of providers to suit all client needs and have been helping our clients save in this way for many years. Please call us to see how we can help best you.