8 Things You Can Do Now to Get Ahead for Tax Year End

Amid the speculation about potential further tax rises in the forthcoming Budget – and on top of the seismic changes to inheritance tax that kick in next April – it’s important not to lose sight of your ‘day to day’ tax matters.

Because getting your own personal tax compliance under control and making the most of any annual tax saving opportunities could add up to a tidy sum over the years.

With that in mind, Paul Harris, Private Client Tax Partner takes a look at why now is a great time to assess your personal tax situation.

The tax year end is a crucial date for all taxpayers to consider as it’s the deadline for a variety of tax-related relief, payments and activities.

It signals the end of your personal earnings year, and it’s the date on which your tax allowances, deductions, and credits reset for the new tax year.

And whilst the current tax year doesn’t officially end until 5 April 2026, there are plenty of ‘quick wins’ you should consider now to get ahead.

1. Top up your ISA

Every year you have an ISA allowance of £20,000 which can be put into a Cash ISA, Stocks and Shares ISA, LISA (see below) or innovative finance ISA; it’s an essential end of tax year item to take advantage of, especially given its tax free growth and income status.

2. Save for your children

Similar to the above ISA suggestion, children are entitled to a Junior ISA (JISA) allowance of £9,000 per annum. Funding a JISA could provide your children with a nest egg when they turn 18.

3. Contribute towards your retirement or buying your first home

A Lifetime ISA (LISA) is designed for anyone over 18 and under 40 saving for their first home or future retirement. You can invest a maximum of £4,000 a year which the government will add a 25% bonus to (max £1,000 per year). You can then use these savings to either purchase a new home (restrictions apply) or access it from age 60 for your retirement.

4. Pension contributions are an effective planning tool and a major tax year end consideration. You can contribute into your pension an amount up to your annual ‘relevant earnings’ (maximum £60,000 depending on earnings).

• Any personal pension contribution (subject to net relevant earnings restrictions) provides you with tax relief at your marginal rate.
• Additionally making a pension contribution, depending on your annual income, could reinstate other benefits or allowances which are otherwise tapered by a higher income.
• With pension contributions it’s important to also note the ‘Carry Forward’ rules which allow you to carry forward your previous three years unused allowances in addition to the current year, this means at this tax year end you will lose the annual allowance for the 2022/23 tax year if unused.

5. Use your Capital Gains Tax (CGT) Allowance

The CGT Allowance, currently set at £3,000 per tax year, is a key consideration for tax planning. And, as it can’t be carried forwards, it’s recommended to make the most of it each year.

6. Dividend Allowance

Those with invested assets can also benefit from their dividend allowance – currently £500 per year which can be paid to you tax-free.

7. Gifting and Estate Planning

Every tax year you’re afforded exemptions for making gifts; £3,000 as an annual gift exemption and £250 which is a small gifts exemption. These are simple ways of potentially reducing any future inheritance tax (IHT) implications.

8. Other allowances to consider

Personal Savings Allowance (PSA) refers to the amount of savings interest income/growth you are entitled to earn tax free. The current levels are £1,000 for a basic rate taxpayer and £500 for a higher rate taxpayer. Additional rate taxpayers are not entitled to this allowance at all.

Tax year end for the self-employed

For those that are self-employed, the tax year end looks slightly different. There are further tax dates to remember and additional documentation to be completed. You’ll also need to fill out and file self-assessment forms declaring income made during the tax year, and the deadlines for filing these forms are not necessarily the same as the dates salaried employees must follow (we’ve included these below to add to your calendar).

Self-assessment tax return

A self-assessment tax return is for people and businesses with other income which is not automatically taxed. A self-assessment must be completed by:

• Anyone who is self-employed as a ‘sole trader’ and earned more than £1,000.
• Partners in a business partnership.
• Anyone earning £100,000 or more (even if you are taxed via PAYE)

A self-assessment will also be needed if you have any untaxed income, this could include:

• Rental income
• Commissions or tips
• Income from savings, investments and dividends
• Foreign income streams

Does the tax return deadline include making payments?

Yes, the self-assessment tax deadline is not just for filing your return but also for making any payments owed. The key payment dates to keep in mind are:

31 January – The deadline for filing your tax return and making any outstanding tax payments for the previous tax year. If you owe more than £1,000, you may also need to make your first payment on account towards the next tax year.

31 July – The second payment on account deadline for those who are required to make advance payments towards their next tax bill.

Missing these deadlines can result in interest charges and penalties of anything from £100 to a significant % of the tax due, so it’s essential to plan ahead and make sure your payments are made on time.

A reminder of the remaining tax year dates for 2025/ 2026

5 October 2025 – The first deadline for submissions of tax returns for the tax year and also the deadline for self-employed workers to register with HRMC for the current tax year.

31 October 2025 – The deadline for submission of tax returns in paper format for the tax year ending 5th April 2025.

30 December 2025 – The deadline to submit your online tax return for automatic payment of owed taxes from your pension and wages.

31 January 2026 – The deadline for online self-assessment tax returns for the 2024/25 tax year to be completed.

5 April 2026 – The final day for the current tax year.

We’re here to help

This area can be complex especially when considering how different taxes interact with one another. Sound financial advice is essential to help you make the best decisions for both your short- and long-term future.

To speak to Paul or one of the team give us a call on 0330 058 6559 or email us hello@scruttonbland.co.uk