General tax planning

When you pay money into your pension, some of the money that would have gone to the government as tax goes towards your pension instead. This can help boost your money for the future and help to reduce the amount of tax you pay. Tax relief is given based on the highest rate of income tax you pay.

It’s important, however, to be aware of certain limits which can impact the amount of tax relief you could be entitled to. If you exceed these limits you may have to pay a tax charge. One limit to be aware of is known as the annual allowance.  

The UK tax system is complex and ever changing. It’s important to regularly check your finances to make sure they’re up to date and remain efficient. The government offers many different tax reliefs and allowances for individuals to encourage investment and other behaviours to support the economy.   

Here are some other types of tax that may impact you:  

• Income tax
• Capital Gains Tax
• Inheritance Tax
• Investments