You may recall in my blog last month; I discussed the different ways you might want to consider using any bonus you may be looking forward to receiving soon. A month further on and that bonus may only be a few weeks away, and time is running out for you to make some decisions.
You may have already ‘spent’ your bonus before you have received it. For example, you may have split the bonus to:
• Pay off debts, especially the high interest expensive ones,
• Put toward a holiday, and /or
• Put aside into that ‘rainy day’ or retirement pot.
All of the above are sensible ways of you ‘spending’ your bonus. There are, however, valuable tax allowances which, if used efficiently, can increase the effectiveness of your ‘spending’, both legally and ethically. You will need to consider your options now as you may need to take action before you receive your bonus. The clock is ticking.
If the clock is ticking to your next bonus payment, please get in touch now and stop losing money to HMRC.
Tax treatment varies according to individual circumstances and is subject to change.
References:
Approver Quilter Wealth Limited, Quilter Financial Limited, Quilter Financial Services Limited & Quilter Mortgage Planning Limited. April 2024
