With only a few days left until the end of the tax year, we’ll look at a few last minute tax planning opportunities:




To see how much you can, and should put into your pension, it’s best to speak to your independent financial advisor.

Anyone should be able contribute up to £3,600 each year (£2,880 in personal contributions and £720 tax relief), and as long as you have sufficient earnings you may be able to contribute up to £40,000.

As long as you’ve been a member of a pension scheme for the period of the claim (Even if no contributions have been made), you may have additional allowances that have been brought forward from the previous 3 years.

The larger the pension contribution, the more important it is to seek specialist advice to make sure you will be eligible for tax relief on the contribution, and to find the best place to put the money.

Some useful information can be found here: useful pension info

Individual Savings Accounts (ISA’s)

In the tax year to 5 April 2023 you can save up to £20,000 into an ISA. If you don’t use your allowance by 5 April 2023, that years allowance is lost for the future. 

There are 4 main types of ISA:

  • Cash ISAs
  • Stocks and shares ISAs
  • Innovative finance ISAs
  • Lifetime ISAs

In order to open an ISA you need to be:

  • 16 or over for a cash ISA
  • 18 or over for a stocks and shares or innovative finance ISA
  • 18 or over but under 40 for a Lifetime ISA

You must also be either:

  • resident in the UK
  • a Crown servant (for example diplomatic or overseas civil service) or their spouse or civil partner if you do not live in the UK


More details about ISAs can be found here: more details about ISAs




If you own a company, you should look at your total income so far (PAYE income, other dividends, interest etc.) and see whether you should declare additional dividends to minimise the amount of tax you pay over the years. This likely needs to be done with your accountant so get a last minute meeting booked with them.


Final thoughts


As always, if you’re looking for accountants in Cheltenham, please get in touch.