Use it or lose it - your tax year end checklist

Posted 11.02.2020

It can be daunting trying to figure out how best to organise your savings, both for you and your family. Did you know that you can pass on some of your wealth free of inheritance tax? and have you thought about your pension; whether it is enough to fulfill your retirement plans?

Don’t leave it too late. Check out ten ways to make the most of your tax-saving allowances before 5th April 2020:

  • Maximise your ISA allowance of £20,000
  • Check whether your spouse or partner has maximised their ISA allowance, for a combined tax-saving of £40,000
  • Make contributions of £4,368 each year for your child into their Junior ISA
  • Consider maximising your pension opportunities.Unused allowance may be carried forward but only from the three previous tax years. If you have utilised your 2019/2020 allowance it could be time to review your 2016/2017 tax year allowance.
  • Higher earners can reduce their taxable income, by considering charitable donations or pension contributions. These can help to reduce income below the additional tax rate band of £150,000, regain personal alloance which is withdrawn for incomes over £100,000 and avoid losing child benefit. This is gradually removed if one parent in the household earns more than £50,000.
  • Use your IHT gifting exemption of £3,000 for this year.
  • Make use of your annual Capital Gains Tax (CGT) exemption through realising gains of £12,000 this tax year. Those with larger liabilities could take gains over two tax years and utilize tax-free inter-spouse transfers.
  • Consider spreading a large pension withdrawal over two or more tax years to reduce tax income liability.
  • Business owners could consider taking dividend instead of salary to avoid National Insurance Contributions (NICs). The first £2,000 of dividend is tax free.
  • Arrange for your company’s pre-tax profits to be held in a personal pension to reduce liability to Corporation Tax, Income Tax (including dividends) and NICs. Contribution must be paid before the end of your company’s financial year-end in order to allow business to qualify for deduction in that accounting period. This deadline is usually 31st March 2020.

We’re here to help. Contact us today at or call the office on 01332 497670.

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.

To our valued clients

We understand that the current climate is concerning, and we are here to provide support during these challenging times.

Rhodes Wealth Management are doing everything within their capability to prevent disruption and continue to care for our client and employee wellbeing.

We will continue operating and prioritising our client's needs and will be available to provide advice and reassurance.

Our advisers are offering telephone or video appointments to help you through this difficult time.

The team are now working from home in line with government guidelines until further notice, however we remain available for contact over the phone within our normal opening hours of 9am - 5pm, Monday to Friday.

If you have any concerns or would like to speak to a member of our team, please call on 01332 497670 or email us at

Rhodes Wealth Management Limited is an appointed representative of and represents only St. James's Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group's Wealth management products and services, more details of which are set out on the Group's website. The titles 'Partner' and 'Partner Practice' are marketing terms used to describe St. James's Place representatives.