WE HAVE come up with five ideas to consider to help ensure you make the most of your tax allowances and exemptions before it’s too late.

Make use of your ISA allowance of £20,000.

Check your spouse or partner has maximised their ISA allowance to fully utilise the combined allowance of £40,000.

Make contributions of up to £4,368 per child into Junior ISAs to help them get a head start.

Those wishing to maximise pension saving should consider fully utilising their annual allowance.

Unused allowances can be carried forward, but only from the three previous tax years.

If your 2019/20 allowance is fully utilised, you should review whether you have any unused allowances from the 2016/17 tax year first.

High-earners could take steps to bring their taxable income down by making pension contributions or charitable donations.

These can help individuals:

l Bring their income to below the additional rate tax band, which starts at £150,000.

l Regain their Personal Allowance, which starts to be withdrawn for incomes over £100,000.

l Avoid losing Child Benefit, which is gradually removed if one parent in the household earns more than £50,000

Five more ideas will be featured in our next column in March.

The above was provided by Hartey Wealth Management Limited. Registered office: Hilliards Court, Chester Business Park, Chester, CH4 9QP. Tel: 0808 168 5866 or www.harteywm.co.uk

Hartey Wealth Management Ltd is authorised and regulated by the Financial Conduct Authority