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2 minute read
Ask the Expert
Charlotte Knight
Charlotte Knight is a Chartered Financial Planner at Kellands Chartered Financial Planners, providing holistic advice on all areas of financial planning, including investment, retirement, tax and estate planning, and protection needs. Both personal and corporate. Charlotte’s career in financial services began in 2014 and she now advises clients nationwide.
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What should I be focusing on towards the end of the tax year?
With the end of the tax year approaching (5th April 2023), it is an ideal time to look at what tax allowances are available.
There are a number of allowances that need to be utilised within a tax year as they do not cumulatively roll up, including the ISA allowance, pension annual allowance, capital gains tax (CGT) allowance and personal savings allowance.
Each allowance has its own rules to adhere to that should be taken into account.
How can I utilise my ISA allowance?
The ISA allowance is currently £20,000 for 2022/23, which can be invested into a cash ISA, a stocks and shares ISA, an innovative finance ISA or a Lifetime ISA (if you are over 18 but under 40). It is possible to invest in a mixture of these, as long as the overall amount invested does not exceed £20,000. Only one type of each ISA can be opened in a tax year, therefore, you cannot open two separate cash ISAs.
What about pensions?
The annual allowance is the amount you can contribute to a pension within a tax year – currently the lesser of £40,000 or
Jacob Didcock
Jacob Didcock is the Fitness & Wellbeing Manager of Nuffield Health Didsbury. Jacob has over 15 years’ experience as a fitness professional. He has developed a specialist interest in working with individuals needing support with injury rehabilitation, pain management and sports performance and has been able to achieve credible results to a diverse range of clients.
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What are the benefits of hiring a personal trainer?
Personal trainers work closely with individuals to establish their health and fitness goals. Hiring a fitness professional means they will create a bespoke exercise programme for you based on your personal goals, and while under their supervision, you will learn how to perform exercises properly to reduce risk of injury. Using a personal trainer will help assess and celebrate your progress towards achieving your goals while providing accountability and additional nutritional, behavioural, and lifestyle management advice.
How does exercise support mental wellbeing?
By being active and performing physical activity, our bodies release a handful of chemicals throughout our body and brain. Some of these chemicals, including dopamine and endorphins, are the body’s natural feel-good hormones and are helpful in reducing stress and sensations of pain. Exercise also regulates mood and alleviates depressive symptoms. Research now suggests that exercise can serve as an effective complement to antidepressants, and even walking for an hour a day can help to reduce the risk of major depression.
your annual pensionable earnings. This includes personal, employer and thirdparty contributions, plus any tax relief received. Pensions allow funds to grow in a tax-free environment, eventually funding your retirement. Although, care needs to be taken to not exceed the lifetime allowance (the maximum you can hold in pensions), which is currently £1,073,100. Seek professional advice before acting on any of the above.
How much physical activity should I be aiming to do?
You should aim for 150 minutes a week and you can add to this by attending a regular exercise class or take part in an activity that promotes any form physical movement. Being physically active doesn’t have to include having a gym membership or running marathons, however, it’s important to create a routine that is consistent and to find an activity that you enjoy and which includes moderate and vigorous aerobic activity as well as some muscle strengthening activities.