With one month to go until the end of the current Tax year, it is a good time to remind employees to top up their pension and ISAs. Where possible, individuals should try to utilise their allowances for the current year. For instance adults can contribute £20,000 each into an ISA and maybe £40,000 into pensions. Don’t forget though that higher earners may have a reduced pensions annual allowance and their contributions could be capped at £4,000 per annum.
Individuals with earnings that take them into a higher tax bracket maybe able to contribute more to their pension to reclaim additional tax relief.
Many companies will have benefits that are due to renew in April and it is a busy time for benefits consultants. Where companies provide dental insurance and Health Cash plans, don’t forget to remind employees to claim for any treatment before the end of the policy year.
Lots of our clients engage us to talk to their employees about the company’s benefits at this time of year. In addition we provide 1 to 1 sessions for individuals for financial guidance. If you would like to find out more about these services, please get in touch at enquiries@theebpartnership.co.uk