Your 2021/2022 Tax Allowances: Why You Shouldn’t Wait Until March to Make the Most of Them

21/09/2021 / Liberty news

If you’ve ever left it as late as possible to meet a deadline, you’ll know what it feels like. You likely felt anxious and stressed, before experiencing the relief of (hopefully) getting your job done in time. You may also have had a rush of adrenalin, which could help explain why this is a favoured approach to getting things done.

Waiting until the last minute can easily become a habit – but it can also come with a cost where financial deadlines are concerned. The end of the tax year on 5 April – the point by which your annual allowances must be used – is the date that many of us use as a deadline for sorting out our finances and getting our tax affairs in order. But while that makes sense, it can also be a mistake.

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New tax year checklist

As world events continue to buffet the economy, the new tax year may not be the first thing on your mind. But using available tax breaks while you have them helps put you in a much more stable financial position for the short and the longer term.

Creating a world you believe in

Let’s think about the future for a moment. Our world in the future. A world that is cleaner, safer, and fairer: one that you want to live in, and the one you want to pass on to future generations.