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Top financial tax tips for Parents

Remember to take full advantage of whatever opportunities you can to make pension contributions, with pension plans the government contributes whenever you do, by rebating the income tax on your contributions, and try to increase your regular pensions savings as and when you can; or pay in a lump sum after a windfall such as a bonus.

At Enable our IFA’s will always suggest you use as much of your £10,680 ISA allowance as possible before the end of the tax year. ISA’s are a great way to save for your child’s wedding or fund university fees. A cash ISA can be earmarked as an emergency fund to help you and your children with more immediate concerns. While an ISA in equity funds can be there for a rainy day and you have the chance of greater tax efficient growth over the longer term.
 Enables’ Independent Financial Advisors also like to check to see if you can save on tax by you and your spouse taking a team approach to your Personal Allowance. The amount you can earn tax-free each year is currently £7,475 a person. If you shift assets to the one of you with the lower income, you could pay income tax or capital gains at a lower rate.

Think about the whole family and remember that children have tax-free allowances too and Junior ISAs are now available. Our IFA’s like to help parents make the most of their hard earned cash.

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