Preparing your finances for the new tax year

March 21, 2022

The new tax year is fast approaching – let’s make it your best yet.

Here at GreenSky, we’re looking forward to getting you prepared for the new year. No, we’re not going to book you a cab and buy you Prosecco – we don’t mean that new year. We’re all about 6th April, the start of the new tax year.

Having a great Independent Financial Adviser will give you a real advantage in your financial planning for the 2022/23 tax year. Here are some of the things we’ll be considering with our clients:


  • Carry Forward – making use of any annual allowance that you may not have used during the three previous tax years.
  • Individual Protection – protecting your pension from the 2016 reduction of the standard lifetime allowance, when it was reduced to £1 million. It protects the value of your pension savings at 5 April 2016 or £1.25 million, whichever is lower.
  • Money purchase annual allowance – maximising contributions of £4,000.
  • Tapered annual allowance – assessing whether this applies to you.
  • Pension contributions – deciding whether it might be possible for you to make further contributions this tax year in order to reduce your income. This could mean that your income falls into a lower tax band or you remain entitled to Child Benefit, for example. We look at your whole financial picture and work out the best course of action for you.

Capital Gains Tax

Ugh. No one likes it. But we’ll try to make it less painful. We’ll help you to realise gains (or losses) before the end of the tax year in order to make use of the Capital Gains Tax annual exempt amount. If you’re married, we’ll ensure your assets are held in the best way to maximise both allowances.

Inheritance Tax

We’ll look at a variety of opportunities including insurance-based solutions and gifting.

Investing for children

OK, they might put Play-Doh in your slippers and leave Lego on your bedroom floor (ouch!) but you still want the best for them. We’ll work together to find the best way to accrue funds for their future.

Income tax

  • Independent taxation – ensuring assets/income are split (where possible) between married couples and civil partners in the most tax effective way.
  • Marriage allowance – transferring £1,260 of the personal allowance of one spouse/civil partner to the other where the giver is a non-taxpayer and the receiver pays tax at no more than basic rate.
  • Personal savings allowance – making sure you use this in the most effective way.
  • Employers/business owners – ensuring salary/bonuses/dividends are paid at the most tax efficient time.
  • ISAs – checking allowances have been fully utilised and advising on the eligibility and suitability of the Lifetime ISAs.

We don’t want to tie you up in knots – and we’re not showing off – but we can also advise on Investment bonds, Maximum Investment Plans and various other fancy-sounding options.

We’re sure you’ll agree, there’s certainly a lot to think about. It makes sense to act sooner rather than later so why not give us a call now? With our help, come the evening of 5th April, you’ll be able to kick back with that glass of Prosecco, safe in the knowledge that you’re financially fighting fit.


This article is for general use only and is not intended to address your particular requirements. It should not be relied upon in its entirety and shall not be deemed to be or constitute advice. The value of your investments can go down as well as up, so you could get back less than you invested.  

 GreenSky Wealth Limited is authorised and regulated by the Financial Conduct Authority. FCA No. 629624. Registered Office as above. Registered in England and Wales, Company No. 07103441. Tax advice, Wills and estate planning are not regulated by the Financial Conduct Authority.