How to Make the Most of Tax Year End

How to Make the Most of Tax Year End

Top-Up Strategies for Investors in Bedfordshire

With spring just around the corner, it’s not just the daffodils bursting into bloom in Bedfordshire. April 5th marks the end of the current tax year (2023/24), and for astute investors, it’s a prime opportunity to revisit your financial plans and make the most of the benefits available to you before your tax allowances reset.


This isn’t just about ticking boxes and meeting deadlines. It’s about harnessing the power of your annual allowances to strategically boost your investments and ensure you’re on track towards your long-term financial goals. Whether you’re building a comfortable retirement nest egg, maximising returns on your ISA, or safeguarding valuable tax breaks, tax year end offers a unique window to optimise your portfolio.

Annual Allowances Resetting on April 6th, 2024

With the fiscal year end approaching, it’s an excellent time to revisit your investment portfolio to ensure you’re taking full advantage of annual allowances. These allowances offer attractive tax benefits and pave the way for strategic financial planning. The products with allowances resetting on that date are as follows:


1. ISAs (Individual Savings Accounts)


2. Junior ISAs (JISAs)


3. Lifetime ISAs (LISAs)


4. Pensions


  • Allowance: Whilst you can save as much as you wish in your pensions, only the first £60,000 will benefit from tax relief. This is because the annual allowance caps the amount you can save with tax benefits in a single year. This is called an ‘annual allowance charge’ and is added to your taxable income for the year when your tax liability is calculated.
  • Benefits: Secure your future retirement income while enjoying immediate tax advantages. Unused allowances from previous years or employer contributions often add to the benefits, making it a well-rounded financial strategy.  

Why Topping Up Your Pension Makes Sense

Why Topping Up Your Pension Makes Sense

With the tax year end looming on April 6th, 2024, it’s a crucial time to consider topping up your pension contributions. But why should you prioritise this before the deadline? Let’s explore the advantages of making the most of your annual allowance now:


1. Secure Tax Savings. By contributing to your pension, you can reduce your taxable income for the current year. This can be particularly advantageous if you’re aiming to:


  • Protect Child Benefit. Earning above a certain threshold can lead to a loss of your Child Benefit. Strategic pension contributions can help keep your income below that threshold and ensure you receive the full benefit.
  • Preserve the Personal Allowance. The Personal Allowance is the amount you can earn before paying income tax. Exceeding £100,000 earnings starts a reduction to your personal allowance at a rate of £1 for every £2 over, eventually removing any tax free earned income. Pension contributions can help you stay within the Personal Allowance range and maximise your tax efficiency.
  • Minimise Tapering of the Annual Allowance. High earners may face a reduced Annual Allowance for their pension contributions. Topping up now can help you to use the full allowance before any potential reduction takes effect.

2. Boost Retirement Savings. Every contribution to your pension adds to your nest egg for later. The earlier you start and the more you contribute, the better your future retirement income will be.

What Happens if I Miss The Year End Deadline?

Most tax allowances, like those for ISAs and LISAs, reset at the year-end. This means any unused portion disappears when the clock strikes April 6th. Pensions, however, offer some flexibility. You may be able to carry forward unused contributions, but it’s best to consult a financial advisor to understand the specific rules and limitations. Still, remember that maximising your contributions within the current year is the most advantageous approach for most individuals.

Year-End Action Checklist

Review your contributions to ISAs and pensions this year. How much of your annual allowance remains untapped? Remember, this “use it or lose it” opportunity resets on April 6th, so it’s crucial to make the most of it.

Don’t let “all or nothing” paralyse you! Even small top-ups can make a significant difference in the long run thanks to compound interest and tax-free returns. Every bit saved strengthens your future financial foundation.


Prioritise based on your needs. Consider which allowances offer the most immediate benefits and align with your financial goals. Need a retirement boost? Pensions might be your focus. Aiming for tax-free growth? Maximising your ISA allowance could offer a real opportunity.

Remember, every penny counts! Tight budgets don’t have to derail your investments. Analyse your current expenses and find creative ways to free up even small amounts for top-ups. A little sacrifice now can reap substantial rewards later.



Feel overwhelmed by the complexities of tax and finance? Don’t go it alone! The friendly team of experts at Harpur Wealth Management is here to guide you through the process. We can consider your circumstances, tailor recommendations, and answer any questions you might have.

By taking these proactive steps before the year-end deadline, you can take advantage of the tax year’s unique opportunities. Remember, even small actions now can lead to sizeable gains in the long run. Don’t miss out.

Let’s get started…

We hope this explanation has provided you with a clearer understanding of the opportunities available as Tax Year End approaches. If you’re interested finding out more about how strategic investments can offer financial advantages, why not schedule a consultation with a Harpur Wealth manager today – call us on 01234 924620


This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.


The value of your investment can go down as well as up and you may get back less than the amount invested.


‘The Financial Conduct Authority does not regulate taxation advice’

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