With the tax year ending on 5 April, many UK adults are being urged to make sure they are taking full advantage of the tax allowances available to them. A significant number of people have never checked whether they are using these benefits in the most effective way.
Reviewing finances before the deadline can make a meaningful difference to long-term financial planning. Key areas to look at include pension contributions, ISAs, Capital Gains Tax exemptions and inheritance tax gifting rules. Individuals can currently save up to £60,000 into a pension and £20,000 into an ISA each tax year, but these allowances usually cannot be carried forward, so acting before the deadline is important.