There’s a commonly held belief that financial advice is only for older people – because they’ve accumulated sufficient wealth to make seeking advice a sensible move and they also start to worry about their income in retirement. Many people in their 20s and 30s have a very limited interest in financial advice, because they either don’t have surplus income or spend it all – and matters like retirement planning seem like a lifetime away.
Every tax year savers are given a gift by HMRC by way of a set of new annual tax reliefs. How these reliefs are best used is very much determined by an individual’s circumstances. But we often find that savers aren’t aware of these tax reliefs and waste them – because they are granted annually and can’t be recovered later. HMRC limits the amount to which these tax reliefs can be applied; these limitations are known as the annual allowances. This is our quick guide to these allowances.