2BR News

Contact the News Team:
Tel: 01254 350360

MONEY: Planning for the future in 2018

KM Financial Solutions LLP

6:33am 2nd January 2018
(Updated 10:17am 19th February 2018)

KM Financial Solutions

It's the start of a New Year and many of us have set resolutions.

Maybe your aim for 2018 is to sort out your finances. We've teamed up with KM Financial Solutions LLP to talk savings.

There are a number of ways to start saving for your long term objectives and the most tax efficient means of savings are;

ISA

An ISA (Individual Savings Account) is a tax-free way to save or invest. If you're starting to think about saving or investing, ISAs could be a good place to begin. On other savings accounts, you may have to pay income tax* on the interest you earn. The interest on a cash ISA is free from tax, so all the interest you earn, you keep. Stocks & Shares ISAs also have tax benefits too. Each tax year, which starts on 6 April, you get a new ISA allowance. For the tax year 2017/18, the ISA allowance is £20,000. Junior ISAs (where there is an annual allowance of £4,128). You can also save into an Innovative Finance ISA or Lifetime ISA (with an annual allowance of £4,000).

Pension

It makes sense to put some money away for when you're older and that's what pension schemes help you do. You save a little of your income regularly during your working life so you can have an income in later life, when you want to work less or retire.

There are several types of pension schemes. Some may be run by your employer, others you can set up by yourself. And saving into one scheme doesn't mean you can't save into another or use other tax-efficient savings plans like ISAs.

When the time comes for you to start enjoying your pension, there will be several options available to you. These may include being able to take a tax-free cash sum and the added security of being able to receive a regular income.

For further information please visit KM Financial Solutions LLP click here

Contact Us

If you would like to submit a query or provide more information on this story please get in touch below.

Please wait...
  • Up to 3 JPG or PNG images, 2MB max size
  • We will always endeavour to credit you when we publish your pictures.
  • By uploading you are agreeing to this non-exclusive reuse, royalty-free, across all 2BR platforms, which extends to our partner broadcasters.
  • You retain copyright to all images.
  • If you would like to send us a video, please upload to YouTube or similar and paste the video URL into the message above.

Share This Story

Submit this page to reddit
Suggested articles
Stop on-street parking charges notice - colne

Parking charge plans for Colne are 'ludicrous'

2BR have been speaking to angry shop owners

clitheroe food festival

Future of Clitheroe Food Festival in doubt

By Local Democracy Reporter Jonathan Grieve

Most read
girls looking to be adopted

Lancashire sisters looking for a forever home

The search is on to find adoptive parents for the siblings

Police Car

Body pulled out of Haslingden reservoir

Police confirm it's not suspicious

Suggested Articles

3,500 troops on standby under new no-deal Brexit plans which become 'operational priority'

National News: All UK citizens will be sent information about how to prepare for a no-deal Brexit, as the government dramatically ramps up its contingency planning.

MOD to get £160m for high-tech defence plans

National News: After months of delay and internal government disagreements, the latest defence review will be published later, setting out the future threats to the UK and how the Ministry Of Defence plans to tackle them.

Superdry co-founder voices fears for fashion brand's future

National News: Superdry co-founder Julian Dunkerton has said he fears for the future of the fashion brand unless it changes course - after its latest profit warning left the share price 80% below its peak earlier this year.

Parking charge plans for Colne are 'ludicrous'

Local News: 2BR have been speaking to angry shop owners

Top Articles

Deaf man learns how to communicate in his 70s

Nepal: In the final episode of 2BR's special report from Nepal, we meet the older Deaf people who've only just learned to communicate.

Uganda Appeal: Re-visiting some of the people 2BR met

Local News: A month on, 2BR has a few updates for you

Gary Neville says excuse for Paul Pogba's tweet after Jose Mourinho's sacking is 'garbage'

Sport: Gary Neville labelled suggestions Paul Pogba accidentally sent a cryptic tweet shortly after Jose Mourinho's sacking as "garbage".

Nadiya Hussain: Bake Off winner and husband tie knot again - 14 years after arranged marriage

Showbiz: Former Great British Bake Off winner Nadiya Hussain and her husband have tied the knot again - 14 years after their arranged marriage.

Labour whips 'furious' with Jeremy Corbyn over no-confidence 'omnishambles'

National News: Labour whips are "furious" with Jeremy Corbyn's handling of an attempt to force a no-confidence vote in the prime minister, sources have suggested.

Cameroon violence: Seven suspected English-speaking rebels killed by military

World News: Seven suspected English-speaking separatist rebels have been killed by the military in Cameroon.

RBS names its first female finance director

Business News: State-backed Royal Bank of Scotland has named Katie Murray as its chief financial officer, the first female appointment to the role.

Deer poacher ordered to watch Disney's Bambi during jail sentence for illegal hunting

Strange News: A poacher in the US has been ordered to repeatedly watch the Disney classic Bambi after he was sentenced for illegally killing hundreds of deer.

MORTGAGES: What to expect in 2018

Local News: How you can pay your mortgage off early

Near misses in drowning need to be talked about

Local News: They're the lucky ones - says Lancashire mum

LIVES IN LANCASHIRE: Tom Heaton

Local News: See how the keeper is saving more than just shots in Lancashire

HALF PRICE - Hollywood Star

Non-News: Get your half price voucher for Hollywood Star in Burnley now.

Everything is Hunky Dory with the Starman!

On This Day: It time to enjoy some 'Changes'...

VIDEO Something Worth Fighting For

Local News: You've never seen a journalist do this...

Giant cyclist set to be around for the entire weekend

Local News: The giant artwork on Pendle Hill is in celebration of the Tour of Britain

Losing sleep to care for a family member

Local News: Challenges facing the UK's 700,000 young carers

Most Read

Lancashire sisters looking for a forever home

Local News: The search is on to find adoptive parents for the siblings

Body pulled out of Haslingden reservoir

Local News: Police confirm it's not suspicious

Christmas Do Crashers Tatum And Mike 2brs-sleeps-til-santa-2018-with-the-rock-bury-b16d 

@2BR