The backdrop on the run up to tax year end

The major political changes seen in the last year have undoubtedly introduced more uncertainty, but savers and investors need to stay focused on their longer-term financial security.

The outlook for markets and economies looks more challenging, yet it is important investors look beyond any periods of short-term volatility created by heightened geopolitical risks.

Uncertainty about the future has led markets to forecast that interest rates in the UK may not rise before 2020, which means cash savers will continue to suffer, while the prospect of higher inflation increases the risk of those savers failing to maintain the spending power of their money.

One certainty is that the ‘lower for longer’ outlook will pose greater challenges to those seeking to create and maintain wealth. It makes it even more important that money is put to work as hard as possible, and that all opportunities to save tax, and to generate better returns, are explored. What is also clear is that, despite the introduction of pension freedoms and greater flexibility in retirement planning, the fundamental problem remains that individuals are not making sufficient provision for life after they finish work.

Putting in place and reviewing plans to help secure our financial future, and perhaps supporting the needs of our wider family, is a year-round task. But very often, the run-up to the end of the tax year is when many individuals are prompted to take action to avoid missing out on the valuable tax-saving allowances and opportunities that would otherwise be lost after 5 April.

There are some ideas to come from me in the following days that can help ensure you make the most of your tax allowances and exemptions before it’s too late.