10 things you should do before the end of the tax year

As the end of the tax year approaches, it’s essential for UK taxpayers to make the most of their tax allowances and benefits. Here are ten things you should consider doing before the end of the tax year to ensure you’re making the most of your finances.

1. Contribute to your pension: You can receive tax relief on pension contributions, so consider making the most of your pension allowance before the end of the tax year.
2. Use your ISA allowance: You can save up to £20,000 tax-free in an Individual Savings Account (ISA) each year. If you haven’t used your allowance yet, consider investing in an ISA to make the most of this tax-free allowance.
3. Claim back tax on charitable donations: If you’ve made any charitable donations in the last year, you may be eligible to claim back the tax you paid on those donations.
4. Use your Capital Gains Tax allowance: If you have any investments that have increased in value, you can use your Capital Gains Tax allowance to make tax-free gains before the end of the tax year.
5. Claim tax relief on work expenses: If you have any work-related expenses that you’ve paid for out of your own pocket, you may be able to claim tax relief on these expenses.
6. Review your investments: Take a look at your investment portfolio and consider whether it’s still in line with your financial goals. If not, it may be time to make some changes before the end of the tax year.
7. Make use of your Inheritance Tax allowance: You can gift up to £3,000 per year tax-free, so consider making use of this allowance before the end of the tax year.
8. Review your life insurance policies: Make sure you have adequate life insurance in place to protect your loved ones.
9. Consider a Junior ISA: If you have children, consider opening a Junior ISA to save for their future tax-free.
10. Make use of your annual exemption: You can gift up to £3,000 each year tax-free to anyone you choose. If you haven’t used your allowance yet, consider making a gift to a loved one before the end of the tax year.

There are many things you can do before the end of the tax year to make the most of your finances. By taking advantage of tax allowances and benefits, you can ensure that you’re making the most of your money and setting yourself up for a brighter financial future.

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