Sean Jones

Six steps to minimise your tax bill

Last year, nearly 750,000 people missed the deadline for filing their tax return – potentially having to pay a £100 fine. Moreover, just over 30,000 filed in the final hour.

One of the dangers of leaving it to the last minute is that you increase the likelihood of overpaying tax. Taking advantage of all the available tax reliefs can be time-consuming, and a financial adviser and accountant can often end up more than covering their costs in helping you. 

If you have not yet filed this year’s returns, here are some things to consider.

Make the most of pension tax relief before it is too late

Anyone over 40 is now entitled to a free NHS mind and body health check every five years, at which they might expect to receive the cheerful advice – “use it or lose it”. A wealth adviser or manager looking to keep your finances in top condition might declare the same of your pension.