Your year end financial checklist: reflect, reset and plan ahead.

Overview

As November arrives, the festive season begins to take shape, but it also signals the approach of key financial deadlines, with the January tax return cut-off looming and the end of the tax year not far behind.

This being the case, it’s the perfect time to take stock of your financial position, make strategic adjustments, and ensure you’re making the most of valuable allowances.

Whether you’re an experienced investor or just starting out, access your year end financial checklist here to help you reflect on the past year, reassess your priorities and plan ahead.

Reflect: Review Your Financial Year

Start by looking back at your financial decisions over the last tax year:

• Attitude to risk – Has anything happened, or are you approaching a big life event which could mean that you revisit your risk tolerance?
• Spending habits – Has the cost-of-living increase meant that you need to adjust spending or income levels.
• Tax efficiency – Have you made use of available allowances and reliefs?
• Protection planning – Are your life cover, income protection, and critical illness policies still suitable?

This reflection sets the foundation for smarter decisions going forward. Before the new tax year begins, consider:

• Updating your financial goals – life changes like marriage, children, grandchildren, inheritances, health changes or career moves may require a fresh look at your goals.

Plan Ahead: Maximise Your ISA and Pension Allowances

Now is the time to take full advantage of your tax-efficient investment options such as:

ISAs (Individual Savings Accounts)

• Annual allowance: £20,000 per adult
• Tax benefits: No income tax or capital gains tax on returns

If you haven’t used your full allowance, consider topping up before the tax year ends. Once the deadline passes, the unused portion is lost.

Pensions

• Annual allowance: Up to £60,000 (depending on earnings and tapering rules)
• Tax relief: Contributions within allowances receive tax relief at your marginal rate
• Carry forward: You can use unused allowances from the previous three tax years

Pension contributions are a powerful way to reduce your taxable income and grow your retirement pot. Consider making additional contributions if you’re approaching the end of the tax year.

Summary

Year-end planning isn’t just about box ticking, it’s about making choices that support your long-term financial wellbeing. By reflecting, resetting your strategy, and planning ahead, you’ll be better positioned to make the most of your money in the year to come.

The Hazlewoods Financial Planning team provides a full range of advisory services, from retirement and investment planning to estate and business succession strategies. Working closely with the firm’s wider tax and corporate finance specialists, they deliver joined-up, long-term advice tailored to your individual goals.

If you’d like help reviewing your allowances or exploring ways to strengthen your financial position, we’d be delighted to hear from you. Get in touch with one of the team below.