Summer should bring a welcome shift in pace: longer days, warmer evenings, time off and the chance for some well-earned rest and recuperation. Whether you’re planning a trip abroad or staying closer to home, it’s a good time to take stock of life, this extends to your finances too. 

Take this year’s Autumn Budget, where there’s a good chance the Chancellor will announce new changes to tax rules and allowances. So now might be the right time to prepare for what’s likely further down the line and maximise current opportunities.

Long-term thinking

It’s been a challenging year for investors, with uncertainty weighing on markets, but short-term fluctuations don’t change the case for long-term investing. And besides, opportunities often present when markets are under pressure.

Revisiting your investment goals

Reviewing your portfolio to check it still reflects your risk tolerance and financial goals is always a wise move. Whether your circumstances have changed, or your priorities have shifted, we can help assess your options and make sensible adjustments, if necessary.

Using your allowances

Now’s a good time to check in on your ISA and pension contributions. Using your annual ISA allowance can help shield your savings and investments from Income Tax and Capital Gains Tax (CGT). Pension contributions also offer valuable tax relief and reviewing them before any potential policy changes may make sense.

If you’re considering selling assets, such as shares or property you don’t live in, make use of your CGT exemption, which was halved last year. With further changes to IHT ahead, reviewing any current estate planning strategies – including making use of annual gifting allowances – could help reduce future liabilities on your estate.

Stay one step ahead this summer

While we don’t have a crystal ball about potential changes, we can make sure your financial strategies are working hard for you. We’re always keeping a close eye on developments which may impact your finances and can help you adapt your plans accordingly. By proactively addressing these areas together, you can position yourself to better withstand fiscal changes and optimise your financial wellbeing in the process.

*The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. The Financial Conduct Authority (FCA) does not regulate Will writing, tax and trust advice and certain forms of estate planning.