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<\/a>A guide to tax-efficient investing<\/p>\nFind out how to invest more tax efficiently and reach your goals in our comprehensive guide.<\/p>\n
Download guide<\/a><\/p>\n We can carry out a thorough assessment<\/a> of your personal and financial circumstances but, in the meantime, here are seven financial resolutions that could help you start the new year on a stronger footing.<\/p>\n 1. Assess your spending and saving habits<\/p>\n Steep price rises in recent years mean it\u2019s more important than ever to have a solid budgeting plan in place. Sticking to a budget can help you avoid splashing out on things you don\u2019t really need. You might even find you have more money to pay off expensive debts, such as credit cards or high interest loans, or put towards your savings goal.<\/p>\n It\u2019s generally considered wise to have around six months\u2019 worth of essential expenditure in an easy-access savings account. If you already have a rainy-day fund and are saving for goals that are at least five years away, you might want to consider investing in the stock market. Although the stock market can be volatile, history shows that it tends to perform better than cash over long periods.<\/p>\n 2. Revisit your financial goals<\/p>\n The new year is a good time to reconsider your financial goals \u2013 what you would like to achieve over the short, medium and long term. Your goals might have changed since you first created your financial plan, in which case you may need to adjust where you are saving your money and\/or the level of investment risk in your portfolio.<\/p>\n We can explain whether you are on track to achieve your goals and, if not, the changes you might wish to consider making. We can also build an investment portfolio<\/a> that suits your individual needs and works hard to help you preserve and grow your money over the long term.<\/p>\n 3. Check your pension is on track<\/p>\n If you haven\u2019t checked the value of your pension pots recently, this is the time to do so. Understanding how much money you\u2019ve saved up in pensions will help you work out whether you\u2019re on track to achieve your retirement ambitions<\/a>. We can calculate the projected value of your pension at retirement<\/a> and the amount of annual income this is likely to produce.<\/p>\n If there\u2019s a shortfall, you might want to see if you can top up your pension. Pensions are a really tax-efficient way of saving for the future because of the tax relief you receive on personal pension contributions. A \u00a3100 pension contribution costs just \u00a380 if you\u2019re a basic-rate taxpayer, \u00a360 if you\u2019re a higher-rate taxpayer or \u00a355 if you\u2019re an additional-rate taxpayer.<\/p>\n 4. Make the most of your tax allowances<\/p>\n There are a whole host of other tax allowances and exemptions to make use of each year. Many people wait until the end of the tax year to maximise their allowances, but the sooner you act, the better your chances are of realising your financial goals.<\/p>\n Currently, you can invest up to a maximum of \u00a320,000 into Individual Savings Accounts (ISAs<\/a>)\u00a0each year to benefit from tax-efficient income and growth. You can withdraw money from ISAs whenever you like without paying tax, which makes ISAs a useful investment vehicle for pre-retirement goals as well as a tax-efficient source of\u00a0income in retirement<\/a>.<\/p>\n Other allowances include the\u00a0capital gains tax<\/a>\u00a0(CGT) exemption and the dividend allowance, which are \u00a33,000 and \u00a3500, respectively, for the 2025\/26 tax year.<\/p>\n Higher and additional-rate taxpayers will pay CGT at 24% on gains that exceed the annual exemption. For basic-rate taxpayers, this rate is 18% if the gains and your taxable income fall within the basic rate income tax limit. For any amount above the basic rate income tax limit, you\u2019ll be taxed at 24%.<\/p>\n 5. Review your protection<\/p>\n Having the right protection<\/a> is crucial to ensure you and your family\u2019s finances hold up in the event of unexpected illness or death. Even if you already have protection, the new year is a good time to check it still reflects your circumstances. If the level of cover is too low, your loved ones could be at risk of financial hardship should the worst happen to you. We can make sure you have the right policies and level of cover to suit your individual needs.<\/p>\n 6. Make or update your will<\/p>\n Making a will is one of the most important things you can do. It ensures your assets go to who you want after your death, and that your wishes are carried out as you intended. If you\u2019ve already made a will, consider whether it needs updating \u2013 for example, if your personal circumstances have changed. Making or updating your will could make a big difference to the future of those you care about.<\/p>\n 7. Get some financial advice<\/p>\n Understanding where to invest, how much you need to save for retirement and what to do to secure your family\u2019s financial future can be really difficult on your own \u2013 and that\u2019s where getting some financial advice<\/a> comes in. <\/p>\n This new year, why not ask one of our advisers to review your finances and check everything is as it should be? It could make a real difference to your financial future and give you the peace of mind that you\u2019re making the right decisions for you. Let\u2019s work together and build a plan that helps you achieve your goals and realise your ideas. <\/p>\n Find out more from our dedicated support team by calling us on 020 7246 1111. Opening hours are Monday to Friday 9am to 5pm.<\/p>\n Get financial planning tips straight to your inbox<\/p>\n Sign up to our newsletter for expert insights on investing for the future, saving for retirement, passing on assets to the next generation, and much more.<\/p>\n Subscribe<\/a><\/p>\n The value of investments, and any income from them, can fall and you may get back less than you invested. This does not constitute tax or legal advice. Tax treatment depends on the individual circumstances of each client and may be subject to change in the future. You should always check the tax implications with an accountant or tax specialist. Information is provided only as an example and is not a recommendation to pursue a particular strategy.<\/p>\n This publication has been issued by RBC\u2019s Wealth Management international division in the United Kingdom and the Channel Islands which is comprised of an international network of RBC\u00ae companies located in these jurisdictions and includes RBC Europe Limited and Royal Bank of Canada (Channel Islands) Limited. You should carefully read any risk warnings or regulatory disclosures in this publication or in any other literature accompanying this publication or transmitted to you by RBC\u2019s Wealth Management international division.<\/p>\n This publication has been compiled from sources believed to be reliable, but no representation or warranty, express or implied is made to its accuracy, completeness or correctness. All opinions and estimates contained in this report are judgements as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility. This report is not an offer to sell or a solicitation of an offer to buy any securities. Past performance is not a guide to future performance, the value of investments and income arising can go down, future returns are not guaranteed, and an investor may not get back the amount originally invested. Countries throughout the world have their own laws regulating the types of securities and other investment products and services which may be offered to their residents, as well as the process for doing so. As a result, any securities or services discussed in this report may not be eligible for sale in some jurisdictions. This report is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any person or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Nothing in this report constitutes legal, accounting or tax advice or individually tailored investment advice.<\/p>\n This material is prepared for general circulation and does not have regard to the particular circumstances or needs of any specific person who may read it. The investments or services contained in this report may not be suitable for you and it is recommended that you consult an independent investment advisor if you are in doubt about the suitability of such investments or services. To the full extent permitted by law none of the entities which comprise the international division of RBC Wealth Management nor any of their affiliates, nor any other person, accepts any liability whatsoever for any direct or consequential loss arising from any use of this report or the information contained herein. No matter contained in this document may be reproduced or copied by any means without the prior consent of RBC Wealth Management.<\/p>\n Clients of RBC Europe Limited may be entitled to compensation from the UK Financial Services Compensation Scheme (FSCS) if it cannot meet its obligations. This depends on the type of business and the circumstances of the claim. For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website FSCS.org.uk. Please note only compensation related queries should be directed to the FSCS. Royal Bank of Canada (Channel Islands) Limited is not covered by the UK Financial Services Compensation Scheme. Royal Bank of Canada (Channel Islands) Limited (\u201cthe Bank\u201d) is regulated by the Jersey Financial Services Commission in the conduct of deposit taking, fund services and investment business in Jersey. The Bank\u2019s general terms and conditions are updated from time to time and can be found at https:\/\/www.rbcwealthmanagement.com\/en-uk\/terms-and-conditions<\/a>. Registered office: Gasp\u00e9 House, 66-72 Esplanade, St. Helier, Jersey JE2 3QT, Channel Islands. Deposits made with Royal Bank of Canada (Channel Islands) Limited in Jersey are not covered by the UK Financial Services Compensation Scheme. Royal Bank of Canada (Channel Islands) Limited is a participant in the Jersey Bank Depositors Compensation Scheme (the Scheme). The Scheme aims to provide protection for eligible depositors of up to \u00a350,000. For further information about the Scheme and to understand your eligibility, please refer to www.jrdca.org.je\/jdcs<\/a>.<\/p>\n Investment services offered by the Bank are not covered by an investor compensation scheme as there is currently no such scheme operating in Jersey, however \u2018eligible deposits\u2019 held pursuant to investment services may be protected under the Bank Depositors Compensation Scheme described above \u2013 for more information see the Bank\u2019s general terms and conditions. Some of the products that the Bank might recommend to you could be registered overseas and may be covered by a local compensation scheme. Your investment counsellor will provide you with the details of any overseas compensation schemes (where applicable) at the time of making an investment recommendation.<\/p>\n Copies of the latest audited accounts are available upon request from the registered office.
RBC Europe Limited is registered in England and Wales with company number 995939. Its registered office is 100 Bishopsgate, London EC2N 4AA. RBC Europe Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.<\/p>\n
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