60: Tax-Efficient Planning: What to Do Before the Tax Year Ends

In this episode of Retire Well, Matthew and Joe break down everything you need to know as we approach the 5 April tax year end — whether you're building toward retirement or already drawing from your pensions.They cover the key allowances, thresholds, traps, and planning opportunities that can make a meaningful difference to your long-term finances, including:For Those Accumulating WealthUnderstanding your income tax thresholds and how to avoid the £100k tax trapMaking the most of pension contributions, annual allowance, and carry forwardWhat to watch out for with the tapered annual allowance and MPAAHow to use your ISA allowance (and when flexible ISAs can rescue you!)Managing general investment accounts and capital gainsChecking and topping up national insurance for your state pension entitlementFor Those in DecumulationUsing your tax bands wisely when taking incomePlanning lump-sum withdrawals across tax yearsCoordinating withdrawals across spousesBalancing pensions, ISAs, and other investments for tax‑efficient incomeEstate planning essentials to review before year end: nominations, wills, gifting allowances, and gifts out of regular incomeThey also answer a listener question on whether losses inside a Stocks & Shares ISA can offset capital gains (spoiler: they can’t — and here's why).This episode is all about purposeful, proactive planning and avoiding the last‑minute scramble. It’s the small decisions you make each year that add up to a comfortable, flexible retirement.--CHAPTERS00:00 - Intro01:20 - Tax Thresholds & Tax Traps06:12 - Pensions Checklist12:53 - ISA & Other Investment Allowances18:22 - State Pension21:21 - Considerations When Drawing Money26:33 - Long-Term Objectives & Estate Planning31:44 - Listener's Question--TALK TO USCall us: 0191 384 1008Email us: [email protected]: www.retirewellpodcast.co.uk--SUBSCRIBE TO OUR NEWSLETTERwww.retirewellpodcast.co.uk--Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909. Past performance is no guide to future returns. Your investments can go down as well as up, so you may get back less than you originally invested. This video is for educational purposes only and is not personal financial advice.