With some changes announced in the Budget as well as some good fundamental planning opportunities below are my 6 top tips to get ahead this tax year and build for the future:

Pension Contributions

Make use of pension contributions especially where you are a higher or additional rate tax payer and even more so if your income is in the nasty 60% tax brackets which kick in at £50,000 and £100,000 respectively.

With the increase in contribution limits to £60,000 per annum for most or £10,000 by those who have accessed benefits previously or have a significant income it is possible to contribute more than has been the case in recent years.

ISA Usage

Shelter personal assets in ISAs. Whether this be an investment ISA or even a cash ISA, any income earned or capital gains on shares held outside of an ISA could incur additional tax. With the tax free limits reducing it makes sense to try and shelter these funds in ISAs and enjoy the tax advantages on offer.

Premium Bonds

Use assets such as Premium Bonds for your emergency funds. Whilst not the highest yielding cash option, they are Government backed, tax free and you never know you could win the big prize!

Understand the new LTA rules

For those with larger pension benefits, now is the time to properly understand the changes to the Lifetime Allowance which were announced. The headlines were really exciting but there are some nuances where it might not be the golden egg that we first thought. A good time to properly understand your LTA situation.

Risk profile and timescales

Check your risk profile and timescales. Many assets have had a difficult 12 months or so and therefore there could be some good buying opportunities available if your timescales and risk profile allow. Now is a good time to check this and ensure it meets your future needs.

Have a plan!

Most importantly, have a plan! I meet so many people who are trundling along saving without any thought about what it might all mean. Financial Planning meetings and putting together good quality cash flow scenarios can be the best part of my job. If you haven’t got a plan to provide for the future maybe now is the time.

As a famous saying goes ‘The best time to start was yesterday. The next best time is now! The 23/24 tax year is over a week old and the opportunities are big!