Time is Ticking
As the tax year comes to a close on April 5, time is running out to make some crucial financial decisions and save big before the clock runs out.
Don't Miss Out on £1,000s
With just a few days left, there are several moves you need to make to ensure you're not missing out on benefits worth thousands of pounds.
Use It or Lose It
Not all tax allowances can be carried over to the next year, so it's crucial to take action now to make the most of what you're owed.
Key Moves Before April 5
Here are the top nine 'use it or lose it' moves to make before the end of the tax year to maximize your savings and benefits:
1. Use Up Your ISA Allowance
Maximize your ISA allowance before April 5 to enjoy tax-free interest earnings and savings of up to £20,000 each year.
2. Use Up Your Child's ISA Allowance
Save tax-free for your child's future with Junior ISAs, allowing savings of up to £9,000 annually for bigger financial goals.
3. Top Up Your Retirement Fund
Take advantage of your annual pension allowance, currently at £60,000, to secure your financial future and benefit from 'carry forward' rules.
4. Check Your Child Benefit
Be aware of the income limits for child benefits and consider ways to reduce your taxable income to avoid losing out on money you're entitled to.
5. Claim Tax Relief on Work Expenses
If you incur expenses for your job, check if you're eligible for tax relief to get back 20% of your costs.
6. Check Your Marriage Allowance
Maximize tax savings by transferring your tax-free personal income allowance to your partner, potentially saving up to £252 on your joint income tax bill.
7. Check Your Tax Code
Ensure your tax code is correct to avoid overpaying tax and missing out on potential rebates from HMRC.
8. Use Up Your Capital Gains Tax Allowance
Consider selling assets before the tax year end to take advantage of the Capital Gains tax-free allowance, which is set to decrease in the new tax year.
9. Get Organized
Plan for the year ahead by creating a budget for your household income and expenses to stay in control of your finances.
Don't let time slip away – make these nine moves before the tax year ends to unlock savings and benefits you're owed.
