With the end of the tax year fast approaching, now’s the perfect time to check in on your finances and make sure you’re making the most of your allowances. Here are five simple but important things to tick off your list before 5th April.
5 Top Tips
1. Make the Most of Your ISA Allowance
Each year, you get an ISA allowance (£20,000 for the 2024/25 tax year), and if you don’t use it, you lose it. ISAs are great because your money can grow tax-free, and you don’t pay tax when you take it out. So, if you haven’t topped up your ISA yet, now’s the time to think about it.
2. Boost Your Pension Contributions
Pensions are one of the most tax-efficient ways to save for the future. You can put in up to 100% of your earnings (capped at £60,000 for most people this tax year) and get tax relief on what you contribute. If you’re a higher or additional rate taxpayer, you could be entitled to even more relief. Definitely worth checking!
3. Use Your Capital Gains Tax Allowance
If you’ve made a profit on investments, your Capital Gains Tax (CGT) exemption (£3,000 for 2024/25) can help you reduce your tax bill. This allowance doesn’t roll over, so if you’re planning to sell assets, it could make sense to do it before the tax year ends to make the most of the exemption.
4. Take Advantage of Inheritance Tax Gift Allowances
Each tax year, you can give away up to £3,000 without it counting towards inheritance tax. If you didn’t use last year’s allowance, you can carry it forward, meaning you could gift up to £6,000 tax-free. A simple way to pass on wealth while reducing the potential tax burden down the line.
5. Consider Charitable Donations
Thinking of giving to charity? Donating before the tax year ends means you can claim Gift Aid, which lets charities reclaim 25p for every £1 you donate. Plus, if you’re a higher or additional rate taxpayer, you can claim back tax relief on your donations. So, it’s a win-win.
Final Thoughts
A little financial planning now can go a long way in helping you keep more of your hard-earned money. If you’re unsure about anything or want to make sure you’re making the best decisions, getting some advice can really help.
If you’d like to chat about how to make the most of your money before the tax year ends, get in touch with the Citrus Financial team, we’re here to help!
The value of pensions and investments can fall as well as rise. You may get back less than you invested.
For ISA’s Investors do not pay any personal tax on income or gains, but ISAs may pay unrecoverable tax on income from stocks and shares received by the ISA managers.
Tax treatment varies according to individual circumstances and is subject to change.
Stocks and Shares ISAs invest in Corporate bonds; stocks and shares and other assets that fluctuate in value.
Taxation advice is not regulated by the Financial Conduct Authority.
Approver Quilter Financial Services Limited & Quilter Mortgage planning Limited 12/02/2025
About the author: David is a highly regarded financial expert, known to many as BBC Radio Kent’s “Money Mentor,” where he shares practical advice and insights on managing money effectively. As the founder of Citrus Financial, David has built a reputation for providing tailored financial guidance to individuals and families, helping them achieve their financial goals with confidence.
You can hear more of David on BBC Sounds.
