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👋 Hey Money Peeps,

No messing about this week, with the tax year ending tomorrow (April 5th), here is everything you need to know to maximise your finances!

1. Utlise your ISA allowance

ISA = Individual Saving Accounts which are accounts where you pay ZERO TAX on anything you make be it interest, dividends or capital gains.

Bearing in mind that the average savings account this year was 5%, and the max interest you can make before you pay tax is £1000 (if you’re a 20% tax payer), then just £20,000 in savings would make you hit this limit.

Everyone in the UK get’s a £20,000 allowance to utilise across 5 different types:

Cash ISA: This is the ISA version of a normal savings account, with a set interest rate. You can find the best rates on the market HERE.

Stocks & Shares ISA: The investing version of an ISA, where you can buy stocks, bonds, ETF’s and all other kinds of investments. I’ll put a list of my top three different types of accounts at the end of this weeks newsletter

Junior ISA: These are ISA’s for children (below 18) which you can contribute up to £9,000 per year towards.

Lifetime ISA: For saving towards your first time property valued up to £450k or towards retirement, but you have to be 18-39.

Innovative Finance ISA: For peer to peer lending… I’m also confused

2. Top up your pension

The pension allowance currently stands at the higher of £60,000 or 100% of your salary, and is a great way to save on some taxes before April 5th.

If you earnings have gone up this year, meaning you’ve entered a higher tax bracket, or miss out on some benifits, paying more towards your pension can be a great way to go back below that threshold.

BUT REMEMBER: once it’s in your pension, it’s gonna be a while till you can touch it.

3. Other

Feel free to have a google about the topic if you are interested as there are a few other things you can look to do, but the two I’ve mentioned cover the majority!

👀 My Favourite Stocks and Shares ISA’s

Heads up, the links below are affiliates 🙂 

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Whenever you're ready, there are ways I can help you.

1. ​Hit reply to this email: I respond to every single question I get from these newsletters, so please don’t be shy!

2. ​The Budgeting Template PRO: Most of you have probably tried the lite version, but the PRO is what I use in my day to day life. (use the code ‘letstalkmoney’ for 30% off)

^{DISCLAIMER: None of the above is financial advice. This newsletter is strictly education and should not be taken as investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and always do your own research.}

^{Investing Disclaimer: This information does not represent financial advice, and I am not a financial advisor. When investing, your capital is at risk. Investments can rise and fall and you may get back less than you invested. Past performance is no guarantee of future results. Free shares with Trading 212 can be fractional. Terms & fees apply.}