The Tax Year-End Checklist for High Earners

The UK tax year ends on 5 April. A number of allowances reset the following day and unused portions are generally lost. None of this is exotic planning — it is housekeeping that happens to be worth a great deal.

What to review

• Pension annual allowance, including whether unused allowance from previous years can be carried forward.

• Whether tapering applies to you, and whether pension contributions affect the calculation.

• ISA allowances for you and your spouse or civil partner.

• Whether income can be arranged so that neither of you crosses a threshold unnecessarily.

• Annual gifting exemptions, which are simple and routinely unused.

• Capital gains position, including whether any losses are worth crystallising.

The threshold traps

The UK tax system contains points where effective rates spike sharply — the withdrawal of the personal allowance above a certain income, and the high income child benefit charge among them. Pension contributions are one of the few levers that can affect the figure these are measured against.

Why January, not March

Everything above takes time: paperwork, provider processing, and coordination between an accountant and a financial planner. Leaving it to the final fortnight is how allowances get missed.

If nobody has run these numbers for your company, that's exactly what we do. Book a free, no-obligation call at www.dmfinancialplanning.co.uk.

Important information

This article is for general information only and does not constitute personal financial advice. The value of investments can fall as well as rise and you may get back less than you invest. Tax treatment depends on individual circumstances and may change. A pension is a long-term investment; funds cannot normally be accessed until age 55 (57 from 2028). DM Financial Planning is a trading style of Aegis Financial Planning Limited, authorised and regulated by the Financial Conduct Authority (FCA No. 624298).