The end of the tax year is fast approaching, and with it, an important deadline for making the most of your allowances.
In the UK, the tax year ends on 6th April. If you haven’t used your ISA or pension allowances by then, you could lose valuable tax-saving opportunities.
What allowances can you still use?
Before the deadline, you can still take advantage of:
- ISA allowance: Up to £20,000 per year
- Pension allowance: Up to £40,000 per year (subject to earnings and limits)
In addition, pensions may allow you to carry forward unused allowances from previous tax years, depending on your circumstances.
Why acting before the deadline matters
Using your allowances before the tax year ends can make a significant difference over time.
For example:
- ISA investments grow free from income tax and capital gains tax
- Pension contributions benefit from tax relief from the government
- You avoid permanently losing unused allowances
In other words, acting now can help you keep more of your money working for you.
Don’t leave it too late
This is one of the most common missed opportunities we see each year.
A quick review now could help you:
- Use any remaining allowances efficiently
- Avoid unnecessary tax
- Strengthen your long-term financial position
Tax year end planning doesn’t need to be complicated, but it does need to be done in time.
If you’re unsure whether you’ve used your allowances, or want to make the most of what’s still available, it’s worth reviewing your options before the deadline.
Contact us today for a Free Financial Review and of you want to learn more about tax-traps you can read our guide The rise of the tax-traps