Your Tax Year End Checklist





The Autumn Budget Announcement saw a huge change in the personal savings landscape and definitely increased the need for individuals to take a rain check on their finances, making more time to explore the tax-saving and investment opportunities that have been provided.

With the end of year tax deadline looming, there’s no time to waste when it comes to reviewing your finances, which is why we have pulled together a checklist of the most important things you should consider doing before the end of the tax year.

Pension Planning:

  • Maximise the £40,000 annual allowance
  • Fully use carry forward relief
  • Remember if you’re a higher rate or additional rate tax payer you can get tax relief on your pension contributions
  • Maximise your contributions before the introduction of the tapered annual allowance and reduced lifetime allowance

ISA Planning:

  • Maximise your annual allowance as your ISA investment amount resets at the end of the tax year – you either use it or lose it!
  • Junior ISAs for children and grandchildren up to £4,080 (if child does not have a Child Trust Fund)

Income Tax Planning:

  • Use pension contributions to help preserve your personal allowance ie; you may want to consider additional voluntary contributions

Inheritance Tax (IHT) Planning:

  • Maximise your £3,000 annual exemption – this allows you to give away £3000 worth of Gifts without being liable to IHT
  • Consider the benefits of using discounted gift trusts and loan trusts
  • Make sure your Life Insurance policies are held under trust wherever possible

Capital Gains Tax Planning:

  • Maximise your £11,100 annual exemption
  • Reduce taxes by combining Capital Gains Tax Planning with Pension Planning.

If you’d like to speak to someone about making the most of your finances, why not get in touch and arrange a complimentary consultation with one of our advisers?




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