NWM Smart Money Newsletters...

Welcome to our latest issue.

The UK tax year is a well-structured framework governing tax assessment and collection. It begins on 6 April and runs until 5 April the following year. As we approach the end of the 2024/25 tax year, maximising available opportunities is essential to make the most of your finances. Time is running out to review your plans and fully capitalise on tax-saving options. On page 12, this article explores some key strategies to ensure you finish the tax year in a strong position and make your money work harder for you.

The world is on the verge of an unprecedented intergenerational wealth transfer. Despite this monumental shift, many families remain unprepared, lacking structured plans to ensure their financial legacies are preserved or distributed according to their wishes. On page 05, we look at why wealth transfer planning involves much more than merely arranging for Inheritance Tax. This process requires asking crucial questions concerning your legacy, your beneficiaries and your long-term financial aims.

When planning for retirement, utilising a pension is one of the most effective ways to secure your financial future. The generous tax relief offered on pension contributions makes options like SIPPs (Self-Invested Personal Pensions) particularly advantageous. On page 08, we consider how to maximise investment opportunities, which could make SIPPs an appealing choice for appropriate investors.

For many earners in England, Wales or Northern Ireland, the highest Income Tax rate is 45%. However, while 45% is the highest ‘official’ rate, some individuals effectively pay a tax rate of 60% on part of their income. This phenomenon, commonly called the ‘60% tax trap’, affects those earning between £100,000 and £125,140. Turn to page 38 to find out more.

A complete list of the articles featured in this issue appears on pages 02 and 03.

Time to chart a clear, step-by-step path toward success?

Whether you're planning for a secure retirement, aiming to grow your investments or safeguarding your wealth, there's no better moment to take action. We're here to help turn your financial aspirations into real achievements. No matter your destination, we’ll work with you to chart a clear, step-by-step path toward success. Ready to begin? Contact us today - we look forward to hearing from you!

Appendices

1. Guide to Preserving Wealth for Generations to Come
2. Guide to Make Your Money Work Harder for You
3. Guide to Self-Invested Personal Pensions