Tax Year End Checklist

Tax Year End Checklist

Are you ready for tax year end? There’s still time to make the most of the reliefs and allowances available to you before the end of this tax year on 5th April, and our checklist has everything you need to know.

Put as much money as you can into your ISAs – the allowance is still £20,000.
Check your spouse or partner has also maximized their own ISA allowance. That could mean as much as £40,000 invested tax efficiently.
Put up to £9,000 per child or grandchild into Junior ISAs. It’s a great way to pass money to the next generation, tax efficiently. A parent or guardian will be required to set up the Junior ISA, but anyone can contribute to the savings.
If you’re at the point in your life where you’re increasing your pension contributions, consider whether you can pay in the full annual allowance. You may also be able to carry unused allowances over from the last three tax years. It’s worth checking whether you used your full allowances each year, from 2020/21 onwards. Tax changes from April makes tax wrappers like ISAs and pensions even more important to use in full.
If you’re coming up to retirement and thinking of making a large pension withdrawal, talk to your St. James’s Partner about spreading the withdrawal over two or more tax years. This will minimize your Income Tax liability.
If you’re a high earner, you may be able to bring your taxable income down by putting more money in your pension or making charitable donations. These can:
  • Bring your income down below the additional rate tax band, which starts at £125,140.
  • Help you hold on to your Personal Allowance, which is slowly withdrawn once you earn over £100,000.
  • Help you hold on to your Child Benefit, which is gradually withdrawn if one parent in the household earns more than £50,000.
Use this tax year-end opportunity to gift up to £3,000 this year. This will mean that it isn’t included in the value of your estate, and so won’t be liable for Inheritance Tax.
If you own a business, consider taking dividend income instead of salary. In this tax year the first £1000 of dividend income is tax free but from 6 April 2024 it will be halved again to £500. You may also be able to minimise National Insurance contributions (NICs) too.
Undertake a tax health check to ensure that you’re taking full advantage of your tax reliefs and allowances.


The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.

The levels and bases of taxation and reliefs from taxation can change at any time and are generally dependent on individual circumstances.

Approved by SJP 06/02/2024 – 162053