End Of Year Tax Planning Checklist

As we approach the end of the current tax year, it's certainly worth giving some consideration to end of year tax planning ...

Have you made use of the exemptions and allowances available to you? This is particularly important this year due to the impact of COVID-19 and the anticipated tax rises going forward.

Contributions to your pension

Have you any unused pension contributions allowances you need to use up? The annual allowance is progressively dropping so if you have any remaining allowance, then it would be an idea to use it before the end of the tax year.

Company dividends

Director of a limited company? Deciding on which tax year to take your dividends in may save you some tax. There are dividend allowances and different tax rates on those dividends so ensure you speak to your tax advisor before taking profits from your company.


Both of these schemes are approved by HMRC with attractive tax benefits on the growth of your investment. They also ease the pain a little if you end up losing money.

Gift Aid

If you like to make charitable donations, ensure you use the Gift Aid scheme to offer you some tax relief and add more to the charities own income. You can carry back some contributions into previous tax years, but the rules around this are a little complicated.


Remember, you have £20,000 to invest in this tax year in either a cash ISA or a Stocks & Shares ISA. For Junior ISAs, it's £9,000. ISAs are a great way to build up a tax-free portfolio of investments.

Personal savings

Reorganise your investments in combination with your spouse or civil partner and make full use of your annual savings allowance. Who wouldn't like £1,000 tax-free interest?

Child benefit

If you keep your income below £50,000, you'll avoid the High Income Tax Benefit Charge if you make pension contributions and donations via Gift Aid.

Personal Allowance

Again, keep your income low. If it's below £100,000, you'll avoid the withdrawal of your personal allowance. You can make pension contributions and charitable donations using Gift Aid to help you do this.

Asset transfer

You can transfer assets to your spouse or civil partner when they pay less income tax, and that will reduce your Capital Gains Tax on the disposal.

And finally, do you know your tax code? Are you sure you have the right one? HMRC often get the codes wrong for high-earners so it really is worth checking you have the right code which could mean less tax liability when you do your end of year tax planning and subsequently file your return.

If you'd like to find out more about anything I've written here, do call me on 01908 774323 or leave a comment below and let's see how I can help you.