A SERIES of simple checks can ensure you are not paying unnecessary tax as the financial year end approaches, a financial advisor has declared.

Rachael Bell is calling upon everyone – from business owners to individuals with accumulated wealth – to check in on their finances and ensure they are making the most of all tax allowances.

A tax health check is an essential part of financial wellbeing, says Rachael, because it ensures that all tax-efficient savings options available are explored.

She adds: “It’s important to understand your financial goals and the steps you can take to make them a reality. Making the most of your tax allowances, reliefs and exemptions before the end of this tax year could help to get you there sooner.

“Tax-efficient Individual Savings Accounts (ISAs) and pensions are valuable and important options to consider, wherever you are on your journey to help create a more secure financial future.

“If you’re working out how to pass on your wealth to your loved ones, you might think about the best ways to reduce your estate’s liability to Inheritance Tax, such as gifting money to your children or grandchildren.”

People will typically fall into one of four categories: those starting to build a financial foundation; those thinking about securing the financial future for themselves and their family; people planning how they will retire in style or those considering how they might pass on their wealth.

The considerations for each of those groups will vary, by virtue of their different life stages and also based on their individual circumstances.

Rachael said: “The pandemic has prompted lots of us to assess so many factors in our lives. Of course, health, family and friends will always be at the top of everyone’s list and rightly so.

“But financial health can have such an impact on life that it really should be up there too.

“We spend a lot of time working with our clients to ensure they are nurturing their wealth as effectively as possible - and they are not all clients with significant accumulated fortunes; many are starting on their journey to financial independence.

“We have a very straightforward 11-point questionnaire we use at this time of year to ensure the right focus is placed on tax efficiency.”