Remortgage and tips - CMME Mortgages and contractors

First Freelance One stop shop to pensions

Disclaimer

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

Your home may be repossessed if you do not keep up repayments on your mortgage.

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

Pensions;
Despite being a longer-term investment, pensions remain one of the most efficient ways to reduce the amount of tax you pay. Whether permanently employed or contracting, you are able to make contributions up to £40,000 per annum and receive a generous amount of tax relief by doing so. 

ISA’s:
With the introduction of the personal savings allowance, ISA’s did lose a touch of their appeal. However, they are still a fantastic way of saving £20,000 per annum, with the option to either have your funds held in cash, or for those chasing extra growth the option to have the savings market linked, and not have to pay any tax on the growth of the funds, or upon withdrawal making them a viable short-term option.

Allowances;
There are a number of allowances out there to utilise. Many of us through work will naturally use the personal allowance we have, but it remains to be seen if we as a population are using the capital gains tax allowances, savings allowances and dividend allowances that we are entitled to. 

Salary Sacrifice;
Despite the government clamping down on ways that we can save tax, there is still the option to save money via your employer using salary sacrifice, which is in effect a way to reduce the amount of income you receive by swapping it for company perks, which will in turn reduce down the income tax that you are having to pay.

Rent a room;
With the tax free allowance for income on letting a room in your own home raised up to £7,500 per annum, letting a room in your house may not be for everyone, but if you are willing to accommodate a tenant in your own home, it can certainly produce a healthy tax free income stream.

EIS/VCT’s;
For those who are willing to take a little more risk, there are the options of VCT and EIS investments. Imagine ‘Dragons Den’ but with more regulation and experience. Your money would be invested in to a mixture of smaller companies or start up’s, and for taking this risk you can receive up to 30% tax relief, tax free dividends and even remove the funds from your estate for inheritance tax purposes. 

Charitable giving;
For those that wish to not give away their funds to the taxman, but prefer a more morally satisfying approach to reducing their taxes, there is the option of making charitable donations to help reduce the amount of income that you are being taxed on. 

The value of investments may fall as well as rise and past performance is not a guide to future returns. 

Financial advice is given by Contractor Wealth Management Limited which is an appointed representative of Quilter Mortgage Planning Limited and of Quilter Financial Planning Limited who are authorised and regulated by the Financial Conduct Authority. Quilter Financial Planning Limited and Quilter Mortgage Planning Limited are entered on the FCA Register (http://www.fca.org.uk/register) under reference 440703 and 440718.

Get your affairs in order

CMME’s sister company, Contractor Wealth, are a dedicated team on hand to help our contractors like yourself in the following areas:

  • Making sure you do not miss out on the tax relief that is available to you on pension and retirement planning
  • Placing your assets in the right name, ownership and tax wrapper so that you legally and ethically ensure you do not pay too much tax when you want to spend your money
  • Reminding you so that you do not miss out on valuable allowances that once they are gone, they are gone forever (e.g. ISAs)

Speak to an expert today

Arrange a free initial consultation with one of our specialist financial advisors.









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