The end of the tax year is nearly upon us. If you haven’t done so already, it’s time to start thinking about making the most of your money! Some of the things you could consider are:

• Using your personal income tax allowance – Where possible, we should all ensure that our full allowance is used. If you are employed and earning over £11,000 you will automatically have used this allowance. For self-employed individuals, including those who run their own businesses, you have this allowance until 5 April.
• Making the most of your annual pension allowance – For 2017/18 the annual allowance is £40,000. This includes benefits in a final salary pension. Pension contributions attract income tax relief at your marginal rate of income tax, with some exceptions.
• Using your £20,000 ISA allowance – if you don’t use it by midnight on 5 April any unused allowance is lost. Savings and investments inside an ISA are free of any additional tax on gains or income received.
• Making use of your capital gains tax (CGT) exemption – The annual exemption from CGT is also available on a use it or lose it basis. Consequently, people with investments showing capital gains should consider crystallising gains up to the level of their exemption by 5 April.
• Annual inheritance tax (IHT) exemption – Each person can give away £3,000 per year without there being any inheritance tax charges. It’s also possible for the previous years’ allowance to be rolled over to the current year.

For more advice and some tips on how to maximise your allowances, tune into MoneyTalk Radio with Simon this Friday at 1pm. www.channelradio.co.uk/2