Make the most of your financial entitlements in 2019
Wednesday 27 March, 2019
Have you used your pension and ISA allowance for the 2018/19 tax year?
Remember there is still just over a week until the new tax year. For more information about your pension and investment allowances in 2018/19, read Vishal Gulrajani’s article – Use your ISA and pension allowances for the 2018/19 tax year. Alternatively, call your Thomas Oliver financial adviser for financial advice on 01707 872000.
Monthly financial planner - key 2019 dates
1 April 2019
- If you own a business or work in a company remember that salaries increase and the National Living Wage (for age 25+) rises to £8.21. The National Minimum Wage rises to £7.70 (21 - 24-year olds), £6.15 (18 - 20-year olds), £4.35 (16 – 17 year olds) and £3.90 (apprentices under 19 or in the first year of their apprenticeship).
- Council Tax bills rise up to 4.99%.
- Universal Credit for households with children and those with disabilities will to go up £1,000.
5 April 2019
- End of the 2018/19 tax year so make sure you have used all your personal allowances.
6 April 2019
- Start of the 2019/20 tax year
- Junior ISA allowance goes up to £4,368.
- If you are saving into a workplace pension or managing a business remember that the minimum auto-enrolment contributions goes up to 8% (at least 3% from the employer and 5% from the employee).
- State Pension rises by 2.6%. Recipients of the old State Pension will get an extra £3.25 a week, those with the new State Pension will get an extra £4.25.
- Lifetime allowance for tax free pension saving rises to £1,055,000. If you think that you are near the lifetime allowance for your pension savings contact your financial adviser to discuss how you should save.
- Personal allowance rises to £12,500.
- Higher rate tax threshold goes up to £50,000.
- Mortgage interest relief for landlords goes down to 25%.
1 May 2019
- National Savings and Investments index-linked savings to CPI.
21 June 2019
- Go Home on Time Day: part of a national campaign to highlight the importance of having a good work-life balance. Leave on time and do something you love!
1 July 2019
- New rules mean mobile phone providers must make switching easier.
31 July 2019
- Tax credit renewal deadline for anyone who claims Working Tax Credit or Child Tax Credit.
29 August 2019
- Payment Protection Insurance (PPI) Deadline day - you have until 11.59pm to claim for mis-sold PPI.
31 October 2019
- Paper self-assessment deadline for your return to be with HMRC.
30 November 2019
- Help to Buy ISA closes to new savers.
Vishal Gulrajani, Thomas Oliver’s Cheshunt based Financial Adviser and Financial Planner, said:
‘April 6th 2019 is the start of the new 2019/20 tax year so remember all individuals get new allowances. The individual ISA allowance remains at £20,000 so a married couple has £40,000 to invest in an ISA for the 2019/20 tax year. If you want to save tax free for your children you may be able to open a Junior ISA for them. In respect of pensions if you have joined your company’s workplace pension scheme your contribution will increase so you will be saving more into your pension. If your company offers a workplace pension scheme but you are currently not a member of the scheme you may want to consider joining the company pension scheme to save for your retirement. Remember the earlier you start to save into a pension the larger your retirement pot is likely to be when you retire. If you own a buy-to-let portfolio or you are looking to open a Help to Buy ISA (which closes in November 2019) we recommend you speak to a member of the Thomas Oliver mortgage broking team. The interest relief for landlords on buy-to-let investments reduces to 25% in the new 2019/20 tax year. If you are unsure what allowances you are entitled to this tax year or want advice about whether you should invest in your company’s workplace pension scheme or open your own personal pension we recommend you contact one of our team of financial advisers who will discuss your financial situation and make recommendations for you. Your financial plan could be impacted by these key dates. Talk to us now. For more information please contact a member of the Thomas Oliver team on 01707 872000.’
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.