Personal Tax – things to consider before April

As the end of the tax year approaches, it is a good time to review your personal tax position and ensure you are making the most of available allowances.

Unlike company tax planning, which can take place throughout the year, personal tax is closely tied to the tax year-end on 5 April.

This makes early planning essential to avoid missed opportunities or unexpected tax liabilities.

Some things to consider before key deadlines might be:

• Tax planning – Reviewing ways to manage your tax liabilities efficiently.
• Spending and saving plans – Ensuring your personal spending and use of assets align with your financial goals.
• Opportunities and risks – Identifying areas that may need attention before the tax year-end.

By reviewing your tax position, allowances, and financial commitments in advance, you can make changes that may not be possible once deadlines have passed.

Small adjustments ahead of key dates – whether for tax efficiency or future planning – can put you in a stronger financial position.

Exploring your tax relief options ahead of year-end

• Maximising personal allowances – Ensuring you make full use of your Income Tax personal allowance, savings allowance, and dividend allowance.
• Making pension contributions – Reviewing whether additional pension contributions before 5 April could reduce your tax bill.
• Using capital gains tax allowances – If you are planning to dispose of assets, considering timing to make the most of annual exemptions.
• Gift planning – Taking advantage of Inheritance Tax exemptions by making tax-efficient gifts.
• Planning for dividend and investment income – Ensuring your investments are structured in a tax-efficient way before the tax year-end.

By reviewing these tax relief options now, you can take advantage of available allowances and ensure you are in the best possible position for the new tax year.

Speak to one of our team if you have any questions.