Preparing for the Tax Year End
In the eleventh episode of the Free Like Me podcast from FLM Wealth Management, Nick, Financial Adviser, and Georgie, Financial Adviser, join host Caitlin Lamber, Senior Adviser. In this episode, the trio discuss the tax year end and how listeners can prepare for it. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.
It’s important to note that this was recorded before the recent budget announcement, so some figures may have changed for the 2021/22 tax year.
Caitlin kicks off the episode by asking the guests what listeners should be considering as they prepare for the tax year end. Nick and Georgie shed light on what they see as the most important steps to take. They emphasise understanding your tax position and bracket as the key place to start.
Caitlin continues, asking our guests to explore what listeners should think about when it comes to pensions and the tax year end. The advisers remind us to think about changes in earnings and unused allowances. They advise that many people missed changes that occurred in last year’s budget announcement due to the chaos of the first national lockdown.
This leads them to discuss what other tax efficient investments an individual might consider in their tax planning. Georgie brings up the possibility of using Venture Capital Trusts (VCTs) or Enterprise Investment Schemes (EISs) to manage your tax relief opportunities. Nick and Georgie also discuss how to prepare for inheritance tax and other areas that often get overlooked.
The trio round off the episode by explaining how advisers are able to help people with their tax planning. They explore the value of having someone always on your side and to prevent anything from slipping through the cracks.
If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.
Intro 0.00 - 0.27
What listeners need to know about preparing for tax year end
Considerations for pensions
Tax efficient investments
When to look at investments relative to the tax year end
Preparing for inheritance tax
Frequently overlooked areas
How financial planners can help with tax planning