End of Tax Year Checklist: What to Do Before April 5th

With less than three weeks until the UK tax year ends on April 5th, 2026, time is running out to maximise your tax efficiency and ensure you're prepared for the upcoming Self Assessment deadline. Whether you're employed, self-employed, or managing investments, there are crucial steps you need to take now to avoid penalties and make the most of available tax reliefs.

This comprehensive checklist will guide you through everything you need to do before April 5th, from maximising pension contributions to organising your financial records. Don't let procrastination cost you money – let's ensure you're fully prepared for the tax year end.

1. Complete Your Self Assessment (If Required)

If you haven't already submitted your Self Assessment for the 2024-25 tax year, you have until January 31st, 2026. However, don't wait until the last minute. Missing this deadline can result in automatic penalties starting at £100, with additional charges if your return remains outstanding.

Key documents you'll need include P60s, P45s, dividend certificates, bank interest statements, rental income records, and receipts for allowable expenses. Gathering these documents now, before the tax year ends, will make completing your next return much easier.

2. Maximise Your Pension Contributions

For the 2025-26 tax year, the annual allowance for pension contributions is £60,000. If you haven't maximised this allowance, making additional contributions before April 5th can provide significant tax relief at your marginal rate.

Remember, you can also carry forward unused allowances from the previous three tax years, potentially allowing contributions exceeding £60,000. High earners should be particularly aware of the tapered annual allowance, which reduces to £10,000 for those with income over £260,000.

3. Use Your ISA Allowances

The ISA allowance for 2025-26 is £20,000, and this cannot be carried forward if unused. You can split this between Cash ISAs and Stocks & Shares ISAs, or put the full amount into either type. Additionally, if you're eligible, you can contribute £4,000 to a Lifetime ISA, which comes with a 25% government bonus.

Junior ISAs have an allowance of £9,000 for 2025-26, providing an excellent opportunity for tax-efficient savings for children. Parents and grandparents can contribute to these accounts, making them valuable for long-term financial planning.

4. Review Capital Gains Tax Positions

The Capital Gains Tax annual exempt amount for 2025-26 is £3,000. If you have investments showing losses, consider realising these before April 5th to offset against any gains. Similarly, if you haven't used your annual exemption, you might consider taking some profits up to the £3,000 limit.

Remember, bed and breakfasting rules mean you cannot buy back the same shares within 30 days if you want to crystallise a loss for tax purposes. Plan any such transactions well before the April 5th deadline.

5. Check Your National Insurance Position

Ensure you have sufficient National Insurance contributions for a qualifying year. For 2025-26, you need 52 weeks of contributions. If you're short, you can make voluntary Class 2 or Class 3 contributions. Class 2 contributions are £3.45 per week, while Class 3 are £17.45 per week but provide higher benefits.

6. Organise Your Financial Records

Start gathering all relevant documents for the tax year ending April 5th, 2026. This includes employment certificates, bank statements, investment records, property income documentation, and receipts for allowable expenses. Having everything organised now will save considerable stress later.

Consider using a personal finance management system to track your financial information throughout the year. This can help ensure you don't miss important tax planning opportunities and make end-of-year preparation much smoother.

7. Review Your Tax Code

Check your tax code is correct on all sources of income. An incorrect tax code could mean you're paying too much or too little tax. The standard tax code for 2025-26 is 1257L, reflecting the £12,570 personal allowance.

8. Consider Charitable Donations

Gift Aid donations can extend your basic rate tax band, providing additional tax relief if you're a higher or additional rate taxpayer. Making donations before April 5th can be particularly valuable for tax planning purposes.

9. Plan for Next Year

Use this opportunity to review your overall financial strategy. Consider setting up regular pension contributions and ISA deposits to maximise next year's allowances automatically. Regular giving through payroll can also be more tax-efficient than lump sum donations.

10. Seek Professional Advice When Needed

Complex tax situations benefit from professional guidance. If you're dealing with multiple income sources, significant investments, property income, or business ownership, consider consulting a qualified tax adviser. The cost of professional advice often pays for itself through tax savings and peace of mind.

Don't Let April 5th Catch You Unprepared

The end of the tax year represents both a deadline and an opportunity. By following this checklist and acting before April 5th, you can ensure you're maximising your tax efficiency while staying compliant with HMRC requirements.

Remember, tax planning shouldn't be a once-yearly activity. Staying organised throughout the year with good record-keeping and regular reviews can help you identify tax-saving opportunities as they arise, rather than scrambling to make decisions in the final weeks of the tax year.