Richard Curtis considers straightforward steps that might be taken before 5 April to save tax.
As the days start to lengthen and the end of the tax year (5 April) approaches, it is a good time to consider whether any action should be taken to ensure that available tax reliefs and opportunities are maximised.
This is a wide subject, but there are some basic steps that can be considered by the majority of taxpayers.
Income tax opportunities
As well as the annual personal tax allowance (£12,570 for 2024/25), which can be set against any source of income, remember that specific tax-free allowances are available to reduce the taxable amounts of dividends and interest. Consider whether their use can be maximised by, for example, advancing or deferring income from one year to another. This might be done by closing an account and opening a new one. For spouses
