ISA’s & Investements
With the challenges of IR35 and other restrictions placed on Contractors and Freelancers by HMRC, it is vital that you make use of the dwindling number of tax breaks still available and don’t pay extra tax unnecessarily.
Freelancer Financials have partnered with St. James Place Wealth Management to offer a range of quality Investment products to Freelancers and Contractors.
As a contractor, are you frustrated with the lack of good quality financial advice? Do you feel that financial institutions and IFA’s have problems understanding the way you operate as a contractor?
Don’t be concerned, we get calls from hundreds of contractors who have experienced the same issues. If you operate through a limited company, it is important to understand how best to minimise your income tax and capital gains tax. We can help you make the most of your earnings, showing you how to make investments tax efficiently in addition to extracting money from your company tax efficiently.
St. James Place Wealth Management and the Contractor Market
St. James Place Wealth Management are a firm of Independent Financial Advisers (IFA) that specialises in advising contractors, freelancers and the self-employed. They offer advice and help to assist you make intelligent choices with your hard earned money. They have been providing financial advice to contractors for over a decade and understand the issues you face, including:
- Fluctuating income & cash flow issues
- Uncertainty of future contracts
- IR35 issues
- Planning for retirement
- Tax implications
Everyone is unique, your needs constantly changing as you venture through life, so your priorities change too.
“From prudent financial planning at the start of your career to protecting the family’s inheritance in later life, the common thread is you want to make the most from your money”
How can I….
… best grow my money?
… generate a reliable income?
… plan for my loved ones’ inheritance?
… benefit from tax efficient savings?
When investing, you take calculated risks to increase your chance of getting higher returns on your money, especially over the longer term (usually five years or more). Commitment and professional experience can help guide you through this process.
How they work
St. James Place Wealth Management recognise that your time is precious, so have streamlined their processes to provide a timely, clear, friendly service.
Products and Providers
Products include Equity ISAs, Investment Accounts for capital growth, and income and Investment Bonds to mitigate IHT liability.
Individual Savings Account (ISA)
For Cash ISAs, an individual can invest up to £5,760 a year, and can only invest with one provider in any tax year.
For Equity ISA’s an individual can invest up to the full £11,520 a year, and can only invest with one provider in any tax year.
“The primary aim is to increase the value of money invested for growth, income, or both, free of income and capital gains tax”
If an individual wants to invest in both a Cash ISA and Equity ISA in the same year, this amount can be split in a few ways.
For example: you can save up to a maximum of £5,760 in one cash ISA. The other £5,760 could go into an Equity ISA with the same provider, or a different one.
The crucial thing to remember is that every tax year runs from 6th April one year to 5th April the next year – you’re only allowed to invest a certain amount in an ISA. This is known as your annual ISA allowance. Right now, in the 2013/14 tax year, it’s a total of £11,520.
Transferring an ISA
You can transfer your Cash ISA to another provider, either into another Cash ISA or into an Equity ISA. But you can only transfer your Equity ISA into another Equity ISA provider.
You are able to transfer some or all of the money saved in previous tax years without affecting your annual ISA Investment allowance.
St. James Place Wealth Management offers Freelancers a whole of market ISA, with both equity and bond funds, along with other asset classes. The ISA has the flexibility to invest lump sums or regular monthly amounts. You can spread your investments across a wide range of funds from several different leading fund management groups.
It aims to:
- Increase the value of the money you invest.
- Allow you to withdraw your money when you want it.
- Allow you to choose from a wide range of funds to match your investment objectives. and attitude to investment risk.
- Allow you to take income if you choose.
If you would like to receive a call from a St. James Place Wealth Management adviser please request a callback or contact us on 020 8421 7999.
Please Note: Financial advice on these pages is given by St. James Place Wealth Management, which is authorised and regulated by the Financial Conduct Authority, FCA Register No 300635. The value of investments may rise as well as fall and past performance is not a guide to future returns.
The value of investments can go down as well as up and you may not get back the full amount invested.
There is no guarantee any investment will equal or outperform that of the original.