To minimise tax for the year ahead, start now
MAXIMISING your contributions to a retirement fund – a pension fund, provident fund or retirement annuity (RA) – is the single most effective way of reducing your tax bill for the 2021/22 tax year, and experts agree it’s better to spread your contributions over the year than invest a large lump sum at the end of it.
Mica Townsend, business development manager and employee benefits consultant at 10X Investments, says: “If you’re not using the maximum tax allowance (by contributing 27.5% of the greater
