Are you ready for the end of the tax year?

North Devon Gazette

It is never too early to plan for the end of the tax year, so here at Town and Country Financial Advisers in North Devon, we have some tips to ensure you don’t pay more tax than you need to…


The 2021/22 tax year ends on April 5, so it’s the perfect time to make sure you take advantage of the tax incentives available to you and don’t pay unnecessary tax.

Although you can use your ISA allowance at any time during the tax year, the deadline of April 5 adds an extra focus.

Because of their tax benefits, ISAs are perhaps the obvious choice for investing tax efficiently, but there are other steps you can take too. Here’s a quick reminder to help you make sure you don’t miss out.

Use your annual ISA allowance

You can invest up to £20,000 in the 2021/22 tax year and all future investment growth will be free from personal income tax and capital gains tax.

There are a number of options including cash ISAs, stocks and shares ISAs, innovative finance ISAs and Lifetime ISAs.

You can put all of the £20,000 in any one of them or split between cash, stocks and shares or innovative finance ISAs. It’s your choice.

Maximise your pension contributions

As well as making the most of your ISA allowance, there are other tax-saving steps you can take such as paying a pension contribution.

You can save as much as you like into as many registered pension schemes as you like and get tax relief on those contributions of up to 100 per cent of your earnings (salary and other earned income) each year, provided you pay the contribution before age 75.

Do this by April 5 and, within certain limits, you will receive basic rate tax relief on your contribution. If you’re eligible for higher-rate tax relief you can claim this through your tax return.

The annual allowance for tax relief in 2021/22 is £40,000.

If you would like a free initial consultation with one of our financial advisers, please do not hesitate to contact our office on 01271 458121 or