January 9, 2026
Your 10-Point Checklist for Your End-of-Year Financial Review
Have you made the most of your annual tax allowances? The Easter bank holiday weekend means the current tax year effectively ends on Thursday 2 April – three days early!
Now is a good time to take stock of your finances and ensure your money is working as hard for you as it could. Whether you’re employed, self-employed, retired, or preparing for retirement, reviewing your financial position before Easter can help you maximise your allowances, reduce your tax liability, and plan confidently for the year ahead.
Here’s our practical 10-point checklist to guide you as you prepare for your review:
You can add up to £20,000 to an ISA each year. With allowances for dividends and capital gains now significantly reduced, ISAs remain one of the most tax-efficient ways to grow your wealth.
Pension contributions attract income tax relief at your marginal rate. You may also be eligible to carry forward unused allowances from the previous three tax years—it’s a good idea to check that you’ve used your 2022/23 allowance before it expires this April.
If one partner earns below the personal allowance (£12,570) and the other is a basic rate taxpayer, you could transfer £1,260 between you — saving up to £252. This applies to married couples and civil partners.
If you’re employed, check whether you can claim tax relief on professional subscriptions, mileage for business travel in your own vehicle, or costs incurred while working from home.
Earn up to £1,000 tax-free from small-scale trading (e.g. selling online) or property income. If you rent out a furnished room in your home, you may also qualify for Rent-a-Room relief of up to £7,500.
You can contribute up to £9,000 per child into a Junior ISA. It’s a great way to build a financial foundation for your children—just remember, the funds are legally theirs when they reach 18.
The annual exempt amount for CGT is now just £3,000. If you’ve realised gains this year, or plan to do so before 6 April, speak to an adviser about timing and strategy.
The dividend allowance is now only £500. While dividends are still taxed at lower rates than other types of income, careful planning is essential to avoid unexpected tax bills.
Use your annual gift exemption (£3,000), small gift allowance (£250 per person), and marriage gift exemptions to reduce any potential inheritance tax (IHT) liability. Check if you can carry forward unused exemptions from last year.
Basic rate taxpayers can earn up to £1,000 in savings interest tax-free; higher rate taxpayers get £500. If you’re close to the threshold, consider moving savings into ISAs or other tax-efficient vehicles.
At Talis IFA, we believe financial planning should be proactive, not reactive. This checklist is a great starting point—but every individual’s circumstances are different. Your Talis IFA will review your financial position with you, and help you to identify the steps to take next.
If you’re not sure how much of this even applies to you, we’re here to help. Find a Talis IFA here.
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