The front page lead story in today’s Daily Express carries a warning from one of Britain’s biggest pension firms that funds set aside for retirement by millions of people are being targeted by the treasury.
The report claims that – “UK pensioners are already handing more than 30 per cent of their income to the taxman – effectively propping up the UK’s economy.” It goes on to say that, “The figure is an eye-watering £47.26billion per year collectively, or £6,500 from each retired household.”
By April 2019 the Treasury expects pensioners will be contributing an extra £3billion to the Exchequer, taking the total tax take from those aged 65-plus to almost £51billion. However, hundreds of millions of pounds of tax is paid needlessly because peoples’ personal affairs are not organised efficiently.
Financial Planning does not stop just because you have retired. Arranging your savings and investments across the most tax efficient vehicles available to you each year is essential.
By doing so you are able to continue to build tax free savings and when required, provide as much tax free income as you can. Financial Planning makes use of your ISA allowances, pension allowances, maximises your personal allowance and can reduce income and capital gains tax.
As Chartered Financial Planners we work with our clients in an ongoing relationship, to make sure that tax is never paid, needlessly.
If you would like to speak to us about your own financial situation or retirement planning concerns, please call us on 0800 731 7614 or by e-mail at firstname.lastname@example.org and we’d be delighted to help.