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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;


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).


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

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