Five-point checklist all savers should do before the end of the financial year
Stay up to date with notifications from The Independent
Notifications can be managed in browser preferences.
How to boost your finances before the end of the tax year
- The end of the UK tax year (April 5) is a crucial time for savers to review and optimise their finances.
- People should maximise contributions to Individual Savings Accounts (ISAs) and Junior ISAs before the cut-off to benefit from tax-free growth.
- Those planning to buy a first home should consider a Lifetime ISA, which offers a 25 per cent government bonus on deposits up to £4,000 annually.
- Savers can also take advantage of tax relief on pension contributions, which can significantly enhance long-term savings.
- You should also ensure you’ve maximised your state pension by addressing any gaps in National Insurance contributions before the April 5 deadline.