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Telephone: 01268 770099

Professional Renaissance Limited is a limited company registered in England under company number 6380089. Our registered office address is: The Business Store, 98-100 High Road, Rayleigh, Essex, SS6 7AE.

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Tax year end 2016

The Budget 2016

Tax dates 2016/17

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Saving for children

Tax year-end is an ideal time to put in place plans to help children get a head start in a challenging financial world.

We all want the best for the children in our lives. We don’t know what their future will hold, but we do want to make sure they have every opportunity to do well and be happy, whatever they eventually decide to do.

But today’s children are growing up in a very different and challenging financial world. It means that, whether parents or

grandparents, saving for their future is increasingly a necessity rather than an aspiration, to help with the costs of education, training, or that crucial first step on the housing ladder.

A Junior ISA is one of the most tax-efficient and flexible ways to help create capital and income for a child’s future. In this tax year you can invest up to £4,080 for each child, either through a lump sum or regular savings. The investment is locked in until the child reaches the age of 18, at which point it is rolled over into a standard ISA.

It is also now possible to transfer into a Junior ISA money that has been saved in a Child Trust Fund, which were available to children born between September 2002 and January 2011. With wider investment choice, and more control over the distribution of funds when they reach 18, many parents are now recognising the advantages of a Junior ISA.

Thinking longer term, paying into a pension on behalf of a child currently provides the most generous of tax breaks. For example, you can pay £2,880 a year into a child’s pension, and this is grossed up to £3,600 by basic rate tax relief – even if the child is not working.

As Winston Churchill famously said, “Saving is a very fine thing, especially when your parents have done it for you.” Making a start will give them a head start, and an introduction to the importance of saving.

You should be aware that the favourable tax treatment given to the Junior ISA is subject to changes in legislation and may not continue in the future. An investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. An investment in a Stocks & Shares Junior ISA will not provide the same security of capital associated with a Cash Junior ISA.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

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