Ramsay & White - Wealth Management

There are lots of ways to reduce your tax bill legally, whether you’re an employee or self-employed, a landlord, investor or pensioner.

Let’s take a closer look at the ways you can save on tax…

📩 If you’d like to discuss any of these points in more detail, please contact our team today!

1• Check your tax code is correct
2• Claim tax credits
3• Pay into a pension scheme
4• Maximise your personal savings allowance
5• Make the most of your ISA allowance
6• Tax-deductible expenses
7• Use your Dividend allowance
8• Use your Capital Gains allowance
9• Pay into a Junior ISA
10• Property expenses for landlords
11• Reduce your inheritance tax bill with gifting

A Junior Stocks and Shares ISA is a tax-efficient investment account for children under 18. Any returns are free from UK income and capital gains tax.

✨ Who can open a Junior ISA?
Any parent or legal guardian can start a Junior ISA for their child under 18.

✨ When can my child access to their ISA? When your child turns 16 they can take control of the account, but they will need to turn 18 to access the money - it could help give them a head start on university fees, their first home or a future nest egg.

✨How can I invest for my child?
In the 2023/2024 tax year (6 April to 5 April) there’s a limited amount of money you can put in your child's Junior ISA.
This tax year the Junior ISA allowance is £9,000.

✨ Are there charges to ISA accounts?
Be mindful that ISA providers operate differently, which could mean there are charges to pay.

✨ How many Junior ISAs can I open?
You can open a maximum of two per child; one cash ISA and another being a Stocks & Shares ISA. You must be the child’s parent or legal guardian only.

✨ Should I save or invest in my child’s Junior ISA?
Cash is usually used for short-term savings, where you need the money in less than 5 years. However, if it’s long-term you seek, Investing in the stock market using a Junior Stocks and Shares ISA could help your child’s money beat inflation. It also offers the potential for greater rewards in return for accepting a higher level of risk.

🔹 Still not sure whether to save or invest?
Talk to one of our Financial Advisers who can discuss the best financial options for you and your family!
Email us on: [email protected]



*Please note: Investments fluctuate in value, this includes Junior ISAs. Your child could get back less than you invest. This information isn’t personal advice, we recommend talking to one of our Financial Advisers to discuss your personal circumstances.

We’ve already learnt picking one fund isn’t the be all and end all when it comes to diversifying your portfolio – you need to think strategically when you invest.

By ensuring your portfolio is well diversified across different asset classes like geographies, styles and sizes, you spread your risk exposure.

Need help managing your portfolio? Please contact our team at Ramsay & White - Wealth Management

Maximising your investment potential starts with understanding the benefits and limitations of your stocks and shares ISA accounts.

To make smarter financial decisions, we advise speaking to one of our experts - email Joel & the team on [email protected]

Our team of experts offer holistic and valuable advice on tax planning, pensions, investment advice and much more.

With our personalised approach, we strive to understand your unique financial goals and provide tailored solutions to achieve them. We believe in building long-term relationships with our clients based on trust and transparency.

Let us help you make smarter financial decisions!

www.ramsayandwhitewealth.com



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