Tax Year End Is Coming – Simple Ways to Prepare Before 5 April

Posted on 17th March 2026 at 10:15

As the UK tax year end on 5 April approaches, it’s a good time to pause and review your finances. A little planning now can help you make the most of available tax allowances, reduce unnecessary tax, and avoid a last-minute rush when preparing your Self-Assessment return.

Whether you are an individual taxpayer, self-employed, or managing a buy-to-let property, taking a few simple steps before the tax year closes can make a meaningful difference.

Below are some practical areas to consider before the end of the tax year.

Use Your Personal Tax Allowances

Each tax year, individuals benefit from a range of allowances that may reduce the amount of tax you pay. If these allowances are not used before 5 April, they are usually lost and cannot be carried forward.

Some key allowances to review include:

• Personal Allowance – the amount of income you can earn before paying income tax

• Marriage Allowance – which may allow one partner to transfer part of their allowance to the other

• Dividend Allowance for those receiving dividend income

• Savings Allowances depending on your income level

Reviewing your income before the tax year ends can help you understand whether there are opportunities to use these allowances more efficiently.

Review Pension Contributions

Pension contributions can be one of the most effective ways to reduce your taxable income while saving for the future.

For many individuals, contributions to a pension scheme receive tax relief, meaning the government effectively adds to your savings. Contributions can also reduce your overall taxable income for the year.

If you have unused pension allowances, you may want to consider making additional contributions before 5 April to maximise the available tax relief.

It’s always sensible to check how contributions will affect your overall tax position before making any decisions.

Consider Capital Gains Planning

If you are planning to sell investments or assets, including property that is not your main home, it may be worth reviewing your Capital Gains Tax (CGT) position before the tax year closes.

Each individual has an annual capital gains tax allowance, which can be used against gains realised during the year.

If you are already considering selling an asset, timing the sale before or after the tax year end may affect how much tax you pay. In some cases, spreading gains across tax years can help make better use of available allowances.

Planning ahead can help you avoid unexpected tax bills later.

Landlords: Check Your Buy-to-Let Records

If you own buy-to-let property, the tax year end is an ideal time to review your rental income and expenses.

Clear records make it easier to complete your tax return and ensure you are claiming all allowable costs. Typical deductible expenses may include:

• Letting agent fees

• Property repairs and maintenance

• Insurance

• Professional fees

• Certain finance costs

Keeping accurate records throughout the year helps ensure your tax return is correct and reduces the risk of errors or missed deductions.

Keep Your Records Organised

Good record-keeping is one of the most effective ways to make tax preparation straightforward.

Before the tax year closes, take a little time to organise documents such as:

• Income records

• Expense receipts

• Rental income statements

• Pension contribution confirmations

• Investment statements

Having everything in order now can save time and reduce stress when preparing your Self Assessment tax return later.

Plan Ahead for the New Tax Year

The end of one tax year is also the beginning of another. Taking time to review your finances now can help you start the new tax year with a clearer plan in place.

Whether it’s reviewing your income structure, planning investments, or improving your record-keeping systems, small changes can make managing your tax affairs much easier.