As the tax year-end approaches, now’s the time to take action and make the most of valuable allowances and planning opportunities. Here are 15 practical steps to consider before 6 April 2025:
- Max Out Your Pension
Contribute as much as you can afford to your pension. It’s tax-efficient and helps build long-term savings. - Use Your ISA Allowance
ISAs offer tax-free growth and withdrawals—don’t let your annual allowance go to waste. - Optimise Tax-Free Allowances
Ensure you’re fully using tax-free savings and dividend allowances. - Make Use of IHT Gifting
Avoid unnecessary Inheritance Tax by using your annual gift allowances. - Avoid Capital Gains Tax (CGT)
Use your annual CGT exemption by making disposals where possible. - Selling Property? Check for CGT
If you’re selling a home, confirm whether CGT applies. - Check Your PAYE Tax Code
Errors here are common and can be costly—verify it’s correct. - Use Your Personal Allowance Wisely
You can transfer 10% of your allowance to your spouse to reduce their tax bill. - Share Income with Your Partner
Transfer savings or investments to make the most of both your allowances. - Declare Your Main Home to HMRC
It affects CGT calculations—make sure the right property is registered. - Contribute to a Junior ISA
A great way to save tax-free for your child’s future. - Time Your Income
Plan dividend and bonus payments to avoid pushing into a higher tax bracket. - If Over 55, Review Pension Drawdown
Get advice on the best way to access your pension tax-efficiently. - Use Capital Losses
Offset gains with any capital losses to lower your tax bill. - Invest in Tax-Efficient Ventures
EIS, SEIS, and VCTs offer tax relief and can reduce your IHT exposure.
Final Tip: Not every action will apply to you, so consult a qualified financial adviser to tailor your year-end strategy.
Get in touch with Emily Wilson for expert Tax Planning support