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Reminder – Don’t lose your bonus to the taxman!
You may recall in my blog last month; I discussed the different ways you might want to consider using any bonus you may be looking forward to receiving soon. A month further on and that bonus may only be a few weeks away, and time is running out for you to make some decisions.
You may have already ‘spent’ your bonus before you have received it. For example, you may have split the bonus to:
- Pay off debts, especially the high interest expensive ones,
- Put toward a holiday, and /or
- Put aside into that ‘rainy day’ or retirement pot.
All of the above are sensible ways of you ‘spending’ your bonus. There are, however, valuable tax
allowances which, if used efficiently, can increase the effectiveness of your ‘spending’, both legally
and ethically. You will need to consider your options now as you may need to take action before you
receive your bonus. The clock is ticking.
Last month I highlighted the benefits of using one of the many forms of Individual Savings Accounts
(ISA’s), your existing pension plans or even gifting some element of your bonus to use your money for
you and your family’s benefit. All of these are legitimate and ethical ways of not losing out on money
the taxman will take.
If the clock is ticking to your next bonus payment, let me help you reduce the taxman’s take of your
hard-earned money so you don’t lose out and keep it where it belongs.
If you’d like to learn more, please get in touch now and stop losing money to the taxman
unnecessarily.
Tax treatment varies according to individual circumstances and is subject to change.