Latest News
APRIL IS JUST AROUND THE CORNER!
BUT DON'T BE AN APRIL FOOL !
In other words 'do not give the government the tax on the
interest received on your hard earned savings - keep it (and this is hard
to believe) with the government's blessing'.
Yes, the current tax year is coming to an end and there are only a
few days left to use up this year's ISA allowance. So, if you normally
pay tax, place up to £3,000 into a Cash Mini ISA before the 5 April.
(I can hear you saying "Yes, it may be good advice but I just don't
have £3,000 available") Therefore, the next good advice would
be - if you hold savings on which you pay tax, then why not transfer some
of it into an ISA? Unless you choose a fixed rate ISA, your money is accessible
for emergencies - although, of course, financially it usually makes sense
to leave the money in the tax-free high interest ISA and withdraw money
from other taxed savings.
A timely reminder - you cannot carry the allowance for this year over
to the next year, so unfortunately as we have mentioned before
'If you don't use it - then you will lose it!'
Also if you are a married couple, then there is an allowance
of £6,000 that you can place out of the taxman's reach.
Points worth bearing in mind - if you are a basic rate taxpayer and
invest in an ISA offering 5% interest, in order to receive a comparative
amount of interest outside of an ISA, you would have to find a savings account
offering 6.25% and if you are a higher rate taxpayer
you would need to find one paying 8.33%. Yet, amazingly, three-quarters
of adult savers do not bother to put their savings into an ISA account.
Page 2