5th April deadline approaches: Time to review your tax position

With the end of the UK tax year fast approaching on 5th April, now is the time to take stock of your financial position and ensure you are making the most of the tax-saving opportunities available. Acting before the deadline can make a meaningful difference to your overall tax efficiency.

Many key allowances and reliefs operate on a ‘use it or lose it’ basis, meaning any unused benefits may not be carried forward into the next tax year. As a result, reviewing your position now can help prevent missed opportunities.

• For those with investments or assets, this is an important moment to consider whether disposals should be brought forward to make use of the current Capital Gains Tax allowance.
• Individuals thinking about passing on wealth may wish to revisit their Inheritance Tax planning. Annual gifting exemptions, along with any unused allowances from the previous year, can play a valuable role in reducing future liabilities.
• Pension contributions are another area worth reviewing before the deadline. Contributions made before 5th April may qualify for income tax relief, while also strengthening long-term retirement planning.

Taking a proactive approach at year-end can help minimise tax exposure and ensure your financial strategy remains aligned with your goals. Even small adjustments now can lead to meaningful savings.

Get in touch with Verallo to discuss your circumstances and receive tailored advice on making the most of the current tax year before the deadline passes.