Traditionally, autumn is a time of change, and of preparing for the long winter months. As the midpoint in the 2021-22 fiscal year, it’s also a good time to organise your finances.
Many people leave it until well into the New Year to review their tax affairs, leaving them with little time to adjust their financial plans if they have drifted off course. Ticking off this task during the autumn months gives you time to tweak your plans if necessary, for example by adjusting your ISA and JISA contributions. And, while you’re at it, why not take a look at your pension arrangements?
Change could lie ahead
This year’s Autumn Budget and Spending Review will be delivered on 27 October, which could potentially impact your finances. Speculation surrounding the event is already circulating, with more tax rises rumoured to be on their way. However, considering that the government has already announced a National Insurance hike to support health and social care, and the suspension of the pension ‘triple lock’, it could be that this year’s most important financial announcements have already been made.
Whatever happens, we’ll keep you updated on what the Autumn Budget means for you.
In the meantime…
Here are some numbers worth knowing to help you get organised:
Tax planning involves taking sensible steps to reduce the amount of tax you pay. Working with us can help you put in place plans for your future to safeguard your wealth.
Information is based on our current understanding of taxation legislation and regulations. Any levels and bases of, and reliefs from taxation, are subject to change.
The Financial Conduct Authority does not regulate tax planning.