Everyone waits until March. What if you didn’t?
The new tax year isn’t just a date on the calendar, it’s your best opportunity to reset, review, and take action.
Why start now?
Good financial planning isn’t a once-a-year panic, it’s a habit. With the tax year resetting on 6 April, starting early can make a real difference over time. If there’s one thing we would encourage, its don’t treat financial planning as a deadline-driven exercise. The tax year end is important, but it shouldn’t dictate your behaviour. The real value comes from having a clear plan in place early, reviewing it regularly, and making adjustments where needed, not reacting when the window is about to close.
From making the most of your savings allowances to giving your pension some long-overdue attention, there are a handful of smart moves that can make a real difference to your financial future. Here are a few to get you started.
Make the most of your ISA allowances
ISA – Your £20,000 ISA allowance resets on 6 April. Every day you delay is a day your money isn’t growing tax-free. Investing early gives returns more time to compound inside the wrapper. Don’t wait until March to rush it.
Junior ISA – You also have the Junior ISA allowance of £9,000 available for 2026/27. A Stocks & Shares JISA opened years before the child turns 18 gives investments the best chance to grow.
Your pension got another year older. Did your contributions?
Set Up Regular Contributions – A monthly direct debit smooths volatility through pound-cost averaging and means you won’t miss your Annual Allowance.
Use Carry Forward – Haven’t used your full pension Annual Allowance in the last three tax years? You may be able to carry forward unused allowance, particularly valuable for business owners and those with variable income.
Consolidate Old Pension Pots – Multiple pots from past jobs may be sitting in poor-performing default funds with high charges. Consolidating may simplify your retirement picture and can meaningfully reduce ongoing fees.
Get your tax right from the start
Check Your Tax Code – HMRC issues updated tax codes at the start of each tax year. An incorrect code can mean overpaying, or underpaying, tax all year long.
Claim Marriage Allowance – If one partner earns under £12,570 and the other is a basic-rate taxpayer, transferring £1,260 of Personal Allowance can save up to £252 a year.
Claims can be backdated four years, meaning you could reclaim over £1,000 today. Over two million eligible couples still haven’t claimed this free saving.
Gifting & Inheritance Tax: Use It or Lose It
Inheritance Tax planning needn’t be complicated. Some of the most effective strategies simply require you to act each tax year, and the earlier you start, the greater the cumulative benefit.
£3,000 Annual Exemption – You can gift up to £3,000 per tax year free of Inheritance Tax. Unused allowance from last year can be carried forward once, meaning up to £6,000 combined this year.
Gifts from Surplus Income – Regular gifts made from surplus income, not capital, can be exempt from IHT entirely with the right documentation. Speak to your adviser about structuring these correctly.
Reset Your Monthly Budget
Update your take-home pay – Factor in any tax code changes and new pension contribution levels.
Review your direct debits – Download last year’s bank statement and search for recurring payments you may have forgotten. One of our clients identified over £3,000 a year in unused subscriptions and unnecessary regular outgoing simply by checking.
Note any debts that have cleared – A loan or finance agreement that ends this year frees up cash, redirect it immediately rather than letting it disappear into spending.
Review Your Protection – Life events such as a house move, salary change, or growing family mean your income protection and life cover may no longer be adequate. Good protection sets the foundation for all other financial planning.
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All tax allowances, thresholds, and limits stated are correct to the best of our knowledge for the current tax year at the time of publication and are subject to change.