Exemptions for the new tax year – All you need to know

The end of the tax year is fast approaching and it’s important to use the next few weeks to organise your finances. You should ensure you have utilised all of your tax-free allowances and have claimed the appropriate tax relief. With rules and exemptions changing all the time, a little advice can go a long way in identifying these opportunities.

To this end, here’s a simple checklist of ideas you might consider ensuring you make the most of your tax allowances and exemptions before 5 April.

1. ISA allowance of £20,000. Couples can use a combined allowance of £40,000.
2. £4,368 per child into Junior ISAs to help them get a head start.
3. Consider utilising pension annual allowance. Unused allowances can be carried forward, but only from the three previous tax years. If your 2019/20 allowance is fully utilised, you should review whe