Financial Advice Required Please?

[Martyn-0h46g]

Hi, long time reader and would really appreciate what advice the knowledgeable folks on here could give me if possible, please go easy on me!

I want to put an end to years of financial mismanagement and start to get my money working for me but not sure what course of action would work best. I've been fortunate that I've seen a sharp rise in my income and my P60 states that I've earned £124k for the most recent financial year but I have little to show for it! I'm currently only paying a minimal contribution to my employer pension and have just set up an account with Hargreaves Landsdown as look to invest in ISA/stocks & shares in the near future.

I've just been educated to the shock of having my tax allowance being removed for earnings between £100 - £120k and paying a marginal tax rate of 62%

Half of my total salary is paid in two bi-annual bonuses and I've read that It would be wise to 'cap' my wage to £100k by paying into my employer pension? Not sure if I'm able to pay in a higher amount come bonus time.

I've not utilised my ISA allowance as of yet also but I'm a complete novice to this sort of thing.

What would the more knowledgeable than me suggest as a best course of action?

[Ozzie Osmond]

Job 1: Pension contributions of at least enough to get your taxable income under £100k.

Job 2: Do your ISAs. (And for the OH.)

Job 3: Try to work out how you p155ed your way through £124k last year....

[JeremyH5]

Job #4 Don't do #3 again this year.

Well done for taking a grip on your finances.

[Simpo Two]

Martyn-0h46g said:

What would the more knowledgeable than me suggest as a best course of action?

Send it to me and I will invest it for you until it's all gone.