Getting started with investments in the new tax year
You may want to consider investing your money in 2023. There are a lot of misconceptions about investing, like you need a lot of extra cash to start making investments. This isn’t the case and some of our clients have regular contributions of around £50 to £100 a month, others put lump sum annual payments into their investments perhaps when they receive bonus and some clients put ad hoc savings away as and when they have built some cash up. Other worries people have about investing are around whether their money is going to be safe. Whilst there will always be an element of risk it doesn’t have to be “dangerous” for your savings. When successfully planned investment planning is highly rewarding, especially when you can see it fluctuating in the markets and having linear growth over time.
If you’re unsure where to start, are new to investing or perhaps you are unsure about the existing investments you have in place, Unividual can help. Our family-run business provides support for those planning their investments, with honest advice tailored to your unique lifestyle and specific to your situation, which ensures you only invest what you can afford.
There’s still some time to invest into this side of the tax year and utilise your 2022/23 tax allowances but it is swiftly running out. Managing your tax can be daunting at the best of times but our experts are here to provide you with all you need. For more information, get in touch.
Author: Alex Caswell, Chartered Financial Planner in London
Editor: Cherie-Anne Baxter
Approver: Quilter Financial Limited 27/02/2023
The content and details of this article are as accurate as the day it was written or updated.
The value of investments and the income they produce can fall as well as rise, you may get back less than you invested.
Tax treatment varies according to individual circumstance and is subject to change.
For ISA’s Investors do not pay any personal tax on income or gains but ISAs do pay unrecoverable tax on income from stocks and shares received by the ISA manager . Tax treatment varies according to individual circumstances and is subject to change.
You will incur a lifetime ISA government withdrawal charge (currently 25%) if you transfer the funds to a different ISA or withdraw the funds before age 60 and you may therefore get back less than you paid into a lifetime ISA.
By saving in a lifetime ISA instead of enrolling in, or contributing to an auto-enrolment pension scheme, occupational pension scheme, or personal pension scheme:
(i) you may lose the benefit of contributions from your employer (if any) to that scheme; and
(ii) your current and future entitlement to means tested benefits (if any) may be affected.