New Tax Year Tips

A new tax year means new opportunities to make smarter financial decisions. In this short video, our Head of Research, Gareth Hope, shares five practical tips to help you get ahead and stay on track. Whether you’re saving, investing, or planning for retirement, a few early moves can make a big difference.

1. Maximise Your ISA Allowance Early

The new tax year means a fresh £20,000 ISA allowance—so why wait? The sooner you use it, the longer your money has to grow, completely tax-free. Whether it’s a Cash ISA for savings or a Stocks & Shares ISA for investments, getting in early makes a real difference. And if you can’t max it out in one go, setting up regular payments spreads the load and keeps you on track.

Not sure what’s best for you? A quick chat with your financial planner can help you make the most of your allowance and avoid common tax pitfalls.

2. Review and Increase Pension Contributions

New tax year, new pension check-in. Your pension is one of the most tax-efficient ways to save, with contributions boosted by tax relief at your marginal rate—so if you’re a higher-rate taxpayer, every £60 you put in effectively becomes £100. Not bad, right? April’s a great time to review what you’re contributing and whether you can do more. A financial planner can help check you’re on track for retirement and make sure you’re not missing out on employer contributions, salary sacrifice opportunities or carry-forward allowances from previous years.

3. Use Your Annual Gifting Allowances for IHT

Inheritance Tax planning isn’t just for later in life—it’s about making use of allowances while they’re available. Every April, a fresh £3,000 gifting exemption kicks in, meaning you can pass on wealth tax-free. You can also make small gifts of £250 per person, wedding gifts of up to £5,000 for children, and even give regularly from surplus income. Keeping records is key, and if you’re serious about reducing IHT, your financial planner can help structure a plan that balances generosity with long-term security.

4. Check and Adjust Your Tax Code

New tax year, new tax code—so it’s worth checking yours is right. If you’re on PAYE and your circumstances have changed—new job, pay rise, extra benefits, pension contributions—your tax code might need updating. Get it wrong, and you could be overpaying tax (or worse, underpaying and getting a nasty surprise later). A quick check on your payslip or HMRC’s website takes minutes. If you’re unsure, your financial planner can flag any tax issues early and help make sure you’re paying the right amount.

5. Refresh Your Financial Plan and Budget

April’s not just about new tax allowances—it’s a great time to hit reset on your financial plan. Are your savings on track? Are you making the most of tax-efficient accounts? Have your circumstances changed? A financial planner can help you reassess your goals, adjust your investments, and make sure you’re not missing any tax-saving opportunities. A quick check-in now means you can make adjustments early rather than scrambling before next April. Future you will thank you.