What Self Employed People Need To Know About Pensions

The Government is said to be considering ways of extending auto-enrolment to the self-employed, but at present it is up to self-employed individuals to put their own pension plans in place.

Saving into a pension can be more difficult for self-employed people because of irregular earning patterns.

For someone in an employer pension scheme the employer might typically contribute 4% and the employee might be contributing a further 3%.  The good news is there are pensions available that can offer the flexibility self-employed people need and your contribution is topped up by income tax relief from HM Revenue & Customs.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.

The Financial Conduct Authority does not regulate on Auto Enrolment.

Visit these specific pages for more information on Pensions Advice and Corporate Services.

Important: Use Your ISA Allowance

ISA
Have You Used Your ISA Allowance?

The tax year-end is 5th April 2017. We are urging our clients to make sure they don’t lose out and to check they have used their tax-free ISA allowance for this tax year. The maximum amount you can save into an ISA in this tax year is £15,240 and for a Junior ISA £4,080. ISAs are one of the best ways to save because the interest is totally tax free regardless of whether you are a 20% or 40% tax payer. For more information see our Investments & Savings page.

To really maximise your tax free allowances you could also look at planning how you are going to use your 2017/2018 tax year ISA allowances.

If you are not sure if you have paid enough into an ISA this tax year or want to talk to us about the benefits of ISAs, please contact your Four Oaks Financial Adviser or contact our Client Liaison Team on 0121 323 2070.

Tax treatment varies according to individual circumstances and is subject to change.

The value of pensions and investments and the income they produce can fall as well as rise. You may get back less than you invested.