The new year brings many resolutions of prudent financial management and plans to save and invest for our futures. Central to any of these plans should be the considered use of the available tax allowances and reliefs available to you on or before 5th April each tax year.
Many people leave the use of these allowances to the last minute which means that any decisions are usually rushed and ill thought out. It usually follows that the investments chosen are an afterthought and
do not get the attention or due diligence they deserve. Furthermore, investments made in haste often lack sufficient diversification and carry a far higher degree of risk than would normally be taken on by most clients.
By making early use of your tax allowances, not only will you benefit from a whole year of tax advantaged fund growth, you will also have sufficient time to really consider what your objectives are and how the various allowances can help you to achieve them. The result is the right tax wrapper for the right objective with the right investments, meaning you are far more likely to achieve your goals.