How do I top up my pension?

Use your tax allowances before the new tax year on 6th April

Monday 1 March, 2021

How do I top up my pension?

As the new 2021/22 tax year approaches, we are recommending all our Thomas Oliver clients review their pensions and ISAs to make sure they have used this year’s annual allowances. If you are not sure how to top up your pension, please get in touch and one of our pensions advisers will talk through the options available to you. For any clients who are looking to move home the stamp duty holiday maybe extended so please contact us for mortgage advice.

On Wednesday 3rd March the Chancellor, Rishi Sunak will unveil his Spring Budget. The Chancellor should provide more information on the way forward as the country comes out of the Coronavirus crisis. The National Debt now stands at £2.1 trillion. In November 2020 at the Spending Review, he said: ‘We have a responsibility, once the economy recovers, to return to a sustainable fiscal position.’

What will the Chancellor announce in the Spring Budget?

Tax reforms could be introduced in the Spring Budget. There may not be any radical changes announced but the Chancellor will be looking at a variety of ways to address the National Debt. This could include changes to Capital Gains tax (CGT) and inheritance tax (IHT).

Tracy Dove, Financial Adviser in Basildon and Cheshunt, Hertfordshire said: ‘We are not expecting any major changes from the budget this week although furlough is likely to be extended and corporation tax could rise. However, it is important that all our clients appreciate that major tax changes may come soon. Now would be a good time to contact your financial adviser and make sure that you are using your £20,000 ISA allowance and your pension tax allowances. Clients should remember that it is possible that capital gains tax rates may increase, and inheritance tax changes could be introduced at some date in the future. Our financial advisers are well placed to review your financial position and offer financial advice so please get in touch as soon as possible.’

Tracy Dove, Mortgage Broker in Basildon & Cheshunt, Hertfordshire continued: ‘Stamp duty is now looking to be extended to 30th June so we recommend anyone wanting to move house contact us for mortgage advice on 01707 872000. We provide mortgage advice for first-time buyers, home movers and buy-to-let investors. If you want mortgage advice from our qualified mortgage brokers who work in Hertfordshire, Bedfordshire and North and Central London please call us. We offer a free initial mortgage advice consultation.’

In summary...

Use or lose your ISA and pension allowances. Call our qualified financial advisers now to invest before the new tax year on 6th April.

A discussion guide – Planning for the end of the tax year

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