Individual Savings Accounts replaced PEPs as a tax efficient wrapper with which to protect your hard earned saving from the tax-man.
Although these investments must be funded from taxed income and are therefore initially a less tax efficient method of investing your freelance income than a pension, you do have access to the funds at any time and they represent another of those ever fewer tax breaks that you really should exploit when able.
Whether its cash that you require instant access to, a more modest investment into an insurance fund or a fully blown equity based investment theres a ISA that is right for you.
It is important to understand that non cash ISAs are longer term in nature and that the value of investments and income from them can fall as well as rise. Past performance is also no guarantee of future performance.
The ISA limit has now been increased to £10,680 with up to £5,340 allowed in a cash ISA. From November 2011 contractors will be able to invest up to £3000pa in a Junior ISA which the child will be able to access tax free when they reach their 18th birthday.
If you would like to discuss an ISA please contact us.
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