Getting ready for tax year end

Tax year end is fast approaching. This year it falls immediately after Easter, so, being prepared will be key to enjoying that long weekend! We spoke to some of the team to get their top tax year end tips…

Marc Patterson-Mik, Portfolio Team Manger

“When making the most of your remaining allowances, try to use bank transfers to make your payments. Although cheques eventually arrive and the funds get transferred, bank transfers are far more secure and efficient, not to mention the Royal Mail having one less letter to deliver!

While you’re at it, get yourself signed up to online banking, apparently 1 in 5 people in the UK still don’t have any form of online banking!”

Abi Thomas, Senior Paraplanner

“Do the basics every year consistently, like pensions and ISAs, to build pots across different tax wrappers, this should give you plenty of flexibility later on when you need to draw down.

Seek advice – good financial planning is about looking at the whole picture and planners will be aware of how different bits of tax legislation impact your decisions.

When looking at pension contributions, bigger isn’t always better, for example if you’re using some carry forward allowance from the previous three tax years, and are a higher rate tax payer it might be better to split your large contribution across 2 tax years to get maximum tax relief.” 

Jonathan Elsigood, Relationship Partner 

“Don’t let the end of the tax year make an April fool out of you – this year, 5 April coincides with the Easter Bank holiday weekend, which in effect means getting your end of tax year actions completed early – by close of play on Thursday 1 April, particularly for stock market related disposals.”

Codie Smith, Paraplanner

“Tackle the ongoing issue of Inheritance Tax. Utilise your annual £3k gift allowance (as a couple, £6k) for the year – exempt from IHT. It can also be carried forward for one year!  

Don’t forget to take advantage of your unused pension allowance. You can carry forward unused annual allowance for up to three years!” 

Chan Kooner, Senior Paraplanner

“Most people look back over the year to try to maximise tax reliefs for the given year. But what about looking forwards? Why not look to use Capital Gains Tax (CGT) allowances in this year to fund tax efficient investments for the next tax year? You’ll be using a CGT exemption in this year, to benefit from – largely – tax free growth in the coming year.” 

Karen Ritchie, Relationship Manager

“Make pension contributions for Grandchildren.”

Ben Waite, Relationship Partner 

“We work together to make sure all of our clients are in a great place, so sit back and relax, we’ve got you covered!”


Some food for thought there from the team! If you have any questions or concerns as we approach tax year end just reach out to one of your usual CPW team members – we’re all here to help.

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