With only two months remaining until the end of the tax year, Laura Suter, head of personal finance at AJ Bell, has provided some tips as to what people need to consider before the April 5 deadline.
She encouraged Britons to maximise the free money they can get from the Government.
Ms Suter said: “Whether it’s your pension, your Lifetime ISA or ensuring you claim tax breaks that you are eligible for, it’s important to get as much free Government cash as you’re entitled to.
“Pensions benefit from tax relief at 20 percent for basic-rate taxpayers, but higher and additional rate payers can reclaim an additional 20 percent or 25 percent tax relief respectively through their tax return.
“That means for a basic-rate taxpayer every £1 in your pension only costs you 80p and for a higher-rate taxpayer every £1 in your pension only costs you 60p.”
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She also encouraged people to make use of their pension and ISA annual allowances.
ISAs and pensions can be an effective way to save for the future…
