The end of the tax year always arrives quicker than expected. With 5 April marking the deadline, taking some time to review your finances now can help ensure you don’t miss out on valuable allowances.
You don’t need to do everything. But doing the right things before the tax year ends can bring clarity, confidence and real long-term benefits.
Here are some key areas to think about.
Use your ISA allowance
Your ISA allowance is one of the most generous tax breaks available. For the 2025/26 tax year, you can save or invest up to £20,000 into an ISA. Any growth or income inside an ISA is tax-free. If you don’t use your allowance before 5 April, it’s lost. You can’t carry it forward.
If you’re holding investments outside an ISA, this may also be a good time to consider a Bed and ISA. This allows you to move existing investments into an ISA, helping to reduce future Capital Gains Tax while keeping your long-term plans on track. You can find out more about themin our blog.
Review your pension contributions
Pensions remain one of the most tax-efficient ways to save for the future. Contributions benefit from tax relief at your marginal rate, which means higher-rate and additional-rate taxpayers can see particularly strong benefits.
You can usually contribute up to £60,000 per year, and in some cases, carry forward unused allowances from the previous three tax years, provided you were a member of a pension scheme and had sufficient earnings.
A quick review before the tax year ends can help you strengthen your retirement plans while making the most of available tax relief.
Make the most of your Capital Gains Tax allowance
Capital Gains Tax (CGT) may apply when you sell investments or valuable assets that sit outside tax wrappers like ISAs and pensions. For 2025/26, the CGT allowance is £3,000 for individuals and £1,500 for trusts.
This allowance can’t be carried forward. Spreading disposals across tax years or reviewing gains already made can help manage potential tax bills more effectively.
Use personal allowances efficiently
Every individual has a personal allowance, and for couples who are married or in a civil partnership, there may be additional opportunities.
Using the Marriage Allowance or transferring assets between spouses can sometimes improve overall household tax efficiency.
A review of how income and assets are structured can help ensure allowances aren’t going to waste.
Check your tax code
Your tax code determines how much income tax is taken from your salary or pension. You can find your tax code on your payslip, your P60 or P45 and the HMRC app or online account. If something doesn’t look right, it’s worth contacting HMRC. You may be entitled to a refund, and claims can usually be made for overpaid tax going back up to four years.
Use your gifting allowance
Most gifts are free from inheritance tax if you survive for seven years after making them. In addition, you can give away up to £3,000 per year using your annual gifting allowance. Any unused allowance can be carried forward, but only for one tax year. Used regularly, gifting can be a simple and effective part of longer-term estate planning.
Consider charitable giving
Charitable donations can be both meaningful and tax-efficient. Donations made through Gift Aid allow charities to reclaim basic-rate tax, while higher-rate taxpayers can claim additional relief through their tax return. If you’re planning to give to charity, doing so before the end of the tax year ensures the relief can be claimed sooner.
Business owners and self-employed individuals
If you run a business or are self-employed, year-end planning is particularly important.
Before the tax year ends, it’s worth reviewing things such as:
· Allowable expenses
· Profits and income levels
· Pension contributions made personally or through the business
In some cases, capital expenditure or employer pension contributions can reduce taxable profits. Professional advice should always be sought before making business decisions of this nature.
Bringing it all together
Year-end planning doesn’t need to feel overwhelming. A review now can help you make informed decisions, avoid missed allowances and move forward with confidence.
If you have questions or would like help understanding what applies to you, speak to your Financial Adviser or book a no-obligation consultation to talk through your options.
Planning ahead today can help you enjoy more freedom tomorrow.
