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The 2026/27 tax year started on 6 April 2026. While you have until 5 April 2027 to use tax-efficient allowances and exemptions, making a plan now could be valuable.

Here are four powerful reasons to consider your tax strategy for the current tax year.

Avoid last-minute stress as the end of the tax year approaches

Using tax year allowances and exemptions is often associated with the end of a tax year.

However, leaving decisions until the last minute could mean it’s more stressful than it needs to be, and you might make a rushed decision that isn’t right for you. In addition, delays could occur, which means you miss the 5 April 2027 deadline.

Instead, using the start of the year to review decisions means you have plenty of time to assess what’s right for you.

Potentially benefit from an additional year of interest or growth

If you have a lump sum to save or invest, using allowances early in the tax year means you could potentially benefit from additional months of interest or returns. When you consider the effect of compounding, you could be better off using some of your allowances now.

One option to consider is your ISA annual subscription limit. In 2026/27, you can place up to £20,000 into ISAs. You can choose to save or invest in an ISA to suit your goals.

Adding a lump sum to ISAs at the start of the tax year or drip-feeding contributions over the months could yield better results than waiting until April 2027, particularly when you factor in compounding.

Similarly, the pension Annual Allowance is £60,000 or 100% of your annual income, whichever is lower, in 2026/27. This is the amount you can add to your pension this tax year while retaining tax relief.

Your pension is usually invested. Depositing a sum now could mean your additional contribution has a longer period to potentially deliver returns and boost your retirement savings.

Remember that all investments carry some risk, and it’s important to understand what level is appropriate for you. Investment returns are not guaranteed, and you could lose money.

Create a strategy for disposing of assets

If you plan to dispose of assets, you might need to pay Capital Gains Tax (CGT) if you make a profit.

The Annual Exempt Amount means you can make up to £3,000 in gains in 2026/27 before tax may be due. Reviewing your options now could allow you to create an effective strategy for disposing of assets.

For example, if you have several assets to dispose of, you might spread the sale of them across the current and next tax years to use the Annual Exempt Amount for both years. Alternatively, you can pass on assets to your spouse or civil partner tax-free, which may allow you to use both your allowances.

Setting a plan early in the tax year means you have time to consider your tax position and goals, and adjust your plan if necessary.

Plan whether to gift assets this year

Over the course of the year, you might want to gift assets to loved ones. This could support beneficiaries and also make sense from an Inheritance Tax (IHT) perspective.

In 2026/27, the nil-rate band is £325,000. This is the amount you can pass on when you die before your estate might become liable for IHT. Fortunately, there are ways to mitigate a potential IHT bill, including passing on your assets during your lifetime.

Not all gifts are immediately outside of your estate when calculating IHT. Some gifts may be included in your estate for up to seven years, so making use of these allowances might be an important IHT strategy.

In 2026/27, gifting allowances include:

• Up to £3,000 to one or more people, known as the “annual exemption”, which you can carry forward for one tax year
• Up to £250 per person, so long as another allowance has not been used on them
• Gifts for a wedding or civil partnership of £5,000 for your child, £2,500 for your grandchild or great-grandchild, and £1,000 for anyone else
• Regular gifts that come from your income. There is no limit on how much you can give, but you must be able to maintain your usual living costs after making the gift.

Reviewing your plans now means you can make them part of your budget and overall plan. It could also allow you to identify effective ways to support your family and friends.

Get in touch

Your financial circumstances and goals will affect which allowances and exemptions are appropriate for you. If you’d like to discuss how you might improve your tax efficiency in 2026/27 and work with us to create a tailored plan, please get in touch.

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The Financial Conduct Authority does not regulate tax planning, Inheritance Tax planning or estate planning.

It’s much easier to feel disconnected from others than you might think. Even when you’re surrounded by people at work or at home, it can still feel as though something’s missing.

This sense of not quite clicking with others can be difficult to identify, but it’s still something many people experience at different points in life.

In fact, there are signs that it may be becoming more common. Research from Bupa (February 2026) found that, between January 2022 and December 2025, UK Google searches for phrases such as “meet friends online” increased sixfold.

Moreover, searches for “how to make new friends as an adult” and “random stranger chat” also doubled.

While it is easier than ever to stay in touch with others, actually forming meaningful relationships can still take time and effort.

Thankfully, there are small, practical things you can do to make a difference. Continue reading to discover five tips for building more meaningful connections.

1. Apply the “5-3-1” rule

These days, it’s easy to feel as though you should be keeping up with everyone at all times by replying to messages, making plans, and staying in touch.

However, in reality, spreading yourself too thin can leave many relationships feeling surface-level rather than genuinely meaningful.

As such, you might want to practise the “5-3-1” rule. This involves keeping in touch with about five people regularly, making time to see three of them when you can, and intentionally focusing on one relationship that matters most to you.

This could mean picking up the phone rather than sending a quick message, or making plans that give you adequate time together instead of something squeezed in.

Of course, the rule isn’t about cutting people out or reducing your social circle, but rather about recognising that your time and energy are limited and choosing to invest them where they’ll have the most impact, which could help relationships feel stronger and more natural.

2. Be genuinely interested in those around you

It might sound obvious, but taking a genuine interest in people is easier to overlook than you might think.

You may find that you drift through conversations only half-listening, especially when you’re busy or distracted.

You might simply be thinking about what you’re going to say next as you try to keep the conversation going.

Taking a step back and really listening can help foster relationships. This could be as simple as remembering something someone mentioned the last time you spoke or giving them space to finish what they were saying without interrupting.

These seemingly insignificant signals show you’re engaged and interested, helping others feel comfortable opening up more.

3. Try to maintain a positive attitude

You don’t have to be upbeat all the time, and there’s little need to force anything that doesn’t feel natural.

Yet, the way you show up and act around others can have more of an effect than you might realise.

Indeed, if you come across as open and relaxed, people might be more likely to feel at ease around you.

Again, this doesn’t mean always being cheerful or avoiding difficult topics, but more about being present and showing appreciation whenever you can.

Even the smaller things, such as reacting positively to something they’ve shared, can help create a more comfortable dynamic and make interactions much easier.

4. Find some common ground

While you may think you need to have lots in common with someone to build a connection, this isn’t necessarily the case.

In fact, it’s often the smaller, more unexpected commonalities that help conversations flow more easily.

This might be a shared interest, a similar experience, or even something as simple as enjoying the same café.

Being open to these small points of connection could take some of the pressure off being with someone, especially if you’re meeting a new person or trying to strengthen an early relationship.

It can also help to be a bit more open about your own interests, even if they feel ordinary. This can sometimes give the other person something to relate to, helping the conversation develop more naturally.

5. Be as reliable as possible

Another tip that sounds clear but is often overlooked is actually doing what you say you’ll do. Otherwise, you could inadvertently end up weakening relationships over time.

Being reliable by showing up when you said you would and following through on plans can help build trust gradually.

And this doesn’t have to be anything big – small, consistent actions can make a big difference.

If someone feels they can rely on you, they might be more likely to feel comfortable investing their time and energy in the relationship.

Of course, things don’t always go to plan, and you may need to rearrange at times. Still, being mindful of how often this happens and making an effort to communicate clearly could help maintain that sense of trust.

Millions of well-intentioned people in the UK are helping their loved ones manage their online financial accounts, but could risk having these accounts frozen because they don’t have a Lasting Power of Attorney (LPA) in place.

Lloyds’s 2024 Consumer Digital Index (3 November 2025) suggests 1 in 5 adults – the equivalent of 11 million people – are helping others handle financial accounts online. Among the most common tasks were making payments, checking balance information and statements, and paying in cheques.

Logging into a family member’s bank account to pay essential bills might seem harmless, but it could be risky if an LPA isn’t in place. Indeed, assets may be frozen, and it could lead to disputes in the future.

The Lloyds report indicates that only 21% of people supporting loved ones with their digital finances have a formal agreement, such as an LPA.

A Lasting Power of Attorney allows someone you trust to make decisions on your behalf

An LPA gives someone you trust the ability to make decisions on your behalf if you lose mental capacity. There are two types of LPA:

1. Health and welfare, which covers decisions around areas like daily routine, medical care, moving into a care home, and life-sustaining treatment. This LPA can only be used if you’re unable to make your decisions.
2. Property and financial affairs, which allows an attorney to take actions such as managing a bank account, paying bills, collecting benefits or a pension, or selling property. This LPA may be used as soon as it’s registered if permission is granted.

It’s important to note that no one has an automatic right to make decisions on your behalf, including your spouse or civil partner.

If someone could benefit from your support now or in the future, encouraging them to create an LPA could be important. It may allow you to make essential decisions on their behalf or manage their affairs when they’re in a vulnerable position.

It’s important that an LPA is created as soon as possible, as the paperwork cannot be signed once the person has lost mental capacity. While you or your loved one may believe there is plenty of time to ensure everything is in place, unexpected accidents or illnesses could occur. So, you may want to make it a priority.

Without a Lasting Power of Attorney, you’d need to go through the Court of Protection

If a loved one has not created an LPA and loses mental capacity, you’d need to apply to the Court of Protection to be appointed as a deputy. Often, this process is slower and more costly than using an LPA.

As a result, it could leave your loved one in a position where they cannot make decisions themselves, and no one can do so on their behalf. This could lead to important medical decisions being delayed or financial affairs not being addressed, which might have long-term consequences.

What’s more, there’s no guarantee that the court would appoint the deputy that the individual would have chosen for themselves.

Considering your own Lasting Power of Attorney

As you help a loved one set up an LPA, it may be a good time to review your own arrangements.

You can make an LPA online or using paper forms, which must then be registered with the Office of the Public Guardian. In most cases, you’ll need to pay a £92 application fee to register each LPA.

Think carefully about who you’d like to make decisions on your behalf, and who would be comfortable with the responsibility. You may choose more than one attorney and state whether they must make decisions together or if they can do so independently.

Scheduling time to talk to your attorneys could be useful, providing you with a chance to be clear about your wishes. Your attorney might need to make decisions about the type of treatment you receive if you’re ill or whether to sell your property if you move into care, and they may benefit from guidance from you.

While it might feel morbid to consider losing mental capacity, it could ensure your loved ones are able to support you when you need it most.

Get in touch

If you have questions about your estate plan or that of a loved one, including a Lasting Power of Attorney, we could help. Please contact us to arrange a meeting with one of our team.

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate Power of Attorney.

Women in the UK are falling behind on their pension savings. Pensions Age (February 2026) reports that women aged 30 to 45 have £36,000 less saved for retirement than men, on average.

Numerous factors are contributing to this gender pension gap. Not only are women paid 14.9% less than men on average, but they’re also more likely to take career breaks due to caring commitments, according to the TUC (March 2023).

However, a study cited by Pensions Age suggests that a “fear of getting it wrong” could also be holding some women back from engaging with retirement planning.

The study found women were more likely to feel anxious, uncertain, or overwhelmed about long-term finances. 40% of women surveyed said they didn’t feel confident about managing or achieving their long-term financial goals.

By boosting your confidence to take control of your retirement planning, you could help close the pension gap and set enough aside for the retirement you’re dreaming of.

Read on to learn four ways to help build your confidence and close the gender pension gap.

1. Build your knowledge to help combat imposter syndrome

It’s hard to feel confident about your finances if you don’t understand how they work. In some cases, you might even be suffering from imposter syndrome, whereby self-doubt holds you back from taking action.

By investing time in learning the basics of how pensions work, you can build your knowledge and gain the confidence to take control of your retirement savings.

Here are some common terms explained to help get your research started:

• Tax relief: the government may top up your pension contributions at your marginal rate of Income Tax, subject to annual limits.
• Salary sacrifice: Paying into a pension through one of these schemes, if offered by your employer, could help reduce your National Insurance contributions.
• Investments: Money held in a pension scheme is typically invested, and growth is exempt from tax.
• Compound returns: Your investment gains are usually reinvested, accelerating your pot’s growth.
• Tax-free lump sum: You can generally take 25% of your pension pot as a tax-free lump sum, up to certain limits. The remainder of your pot may be subject to Income Tax when you draw down.
• Normal minimum pension age: Generally, you can’t access your pension until age 55. From April 2028, this will rise to 57.

The rules for growing and drawing down your pension can be complex, with new legislation being introduced periodically. So, it may be helpful to research each of these areas thoroughly to help build your knowledge.

2. Start small and monitor your success

Getting started with retirement planning can be overwhelming. Starting with small steps can help make the process feel more manageable.

For example, you might begin by simply tracking down your pensions and checking how much you currently have saved.

Then, you might choose to start paying in a little bit more each month. If you have multiple pensions, you may also consider bringing your pots together. However, consolidation may not be appropriate for everyone, so it’s important to seek professional advice before transferring funds out of a pension.

Monitoring your success over time can also help to build your confidence. As you watch your pot grow, you may feel encouraged to go further. For example, you could increase your contributions or explore tax-efficient strategies to help accelerate your pot’s growth.

3. Set clear goals to keep you motivated

Giving yourself clear, achievable goals can help keep you motivated in building your retirement savings.

Having a concrete objective in mind can also help you feel more assured that you know what you’re doing.

If you’re unsure of what a sensible goal might look like for you, consider the SMART goal-setting framework:

• Specific: Goals should be clear, specifying how much you want to save or how much more you want to contribute.
• Measurable: Ensure you can track your progress, such as with access to your pension statement.
• Achievable: It’s important for your goals to be realistic. Otherwise, you could feel disheartened if you fall short of your target.
• Relevant: Your goals should be tied to your larger retirement goals. Ideally, you should know how much you’ll need for your ideal retirement lifestyle and set goals to build towards it.
• Timebound: Set a deadline or time frame for achieving your goal, such as saving a certain amount by a specific age or increasing contributions over a particular period.

For example, your goal might be: “Pay £8,000 into my pension by the end of the year, tracking progress monthly.”

As suggested above, it may help to start with smaller goals while you’re building your confidence. For instance, you might set a goal for the year to begin with, before thinking about more long-term goals.

4. Get support from a financial planner

Having a trusted partner to support your retirement planning can give you peace of mind that you’re headed in the right direction.

Pensions can be hugely complex. It’s not as straightforward as putting money in a savings account and hoping for the best.

In particular, the tax rules can be difficult to navigate. Not only do you want to pay in tax-efficiently to boost your pot, but you also want to mitigate your tax liability when you draw down in retirement.

So, while building your knowledge and confidence can be hugely valuable, it may also be worth consulting with a financial planner.

Taking the time to understand your goals, concerns, and financial circumstances, we can create a retirement plan tailored to you. We can calculate how much you could need to save for your ideal retirement, taking inflation and tax into account, and create a plan to help you achieve your goal.

Get in touch

For support in getting your pension savings on track for your ideal retirement, get in touch with our financial planners.

Please note

This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

If you’re planning to take a career break, being proactive could help you keep your pension and long-term plans on track.

Many people taking a career break will consider the effect on their short-term finances, such as how they’ll pay essential bills and if they’ll need to dip into savings. However, they may not consider the potential long-term implications of pausing pension contributions.

A two-year career break could mean your pension is thousands of pounds less

According to figures published in the i Paper (4 March 2026), a 27-year-old with a £9,000 pension pot contributing £200 a month who takes a two-year break at age 30 would see their projected retirement pot shrink from £199,130 to £188,727 – a difference of more than £10,400.

One of the most common reasons to take a career break is for maternity leave. Indeed, Scottish Widows states that the biggest driver of the gender pension gap remaining “stubbornly wide” is career breaks. Around half of women have taken a career break at some point, compared to 1 in 5 men.

Of course, there are other reasons to take a career break. You might have caring responsibilities for elderly relatives, further your education, or simply take a break.

Whatever your reasons for taking a career break, there might be some steps you could take to keep your retirement on track.

5 practical tips that could support your long-term finances during a career break

1. Assess the potential impact

Don’t bury your head in the sand when you’re taking a career break. Instead, work out what you expect the financial impact to be before you stop working.

It might feel like a daunting task, but knowing where you stand could help you feel more in control. Armed with this information, you can create a plan to mitigate the implications of a career break and boost your confidence about the future. You might even find that you’re in a better position than you expect, and your pension will remain on track without any adjustments.

2. Consider your National Insurance record

For many people, the State Pension plays an important role in their retirement finances, as it provides a reliable income.

The amount you’re entitled to when you reach State Pension Age is linked to your National Insurance (NI) record. Usually, you’ll need 35 qualifying years on your record to receive the full State Pension. If you take a career break, you could be left with a gap.

In some cases, you may be able to claim NI credits to fill these gaps. For example, if you receive Child Benefit for a child under 12 or are a carer for a disabled person, you might receive NI credits.

Depending on your circumstances and plans, a career break might not harm your State Pension entitlement either. If you started working full-time at 20 and plan to retire at 65, you’d have 45 years on your NI record. So, even if you took a break for a few years, you’d still have the required 35 years to receive the full amount.

You can check your NI record online to understand if a career break might affect your State Pension income.

3. Continue to make pension contributions during a career break

Taking a career break doesn’t mean you have to stop pension contributions. If you’re in a financial position to do so, you could make one-off or regular contributions into your pension, which would benefit from tax relief.

One thing to note is that the limit for receiving tax relief on your pension contributions as a non-taxpayer in 2026/27 is £2,880. If you deposit the full amount, it will attract tax relief of £720.

4. Make pension contributions from your partner’s salary

If you’re taking a career break while your partner continues to work, for example, as the primary caregiver to young children, they could make contributions to your pension alongside their own.

This option could ensure both you and your partner’s pensions continue to grow to keep your shared retirement on track.

5. Make higher pension contributions when you return to work

Being aware of a potential pension gap before you take a career break could allow you to create a long-term plan. To make up for a shortfall, you might be able to increase your pension contributions when you return to work.

We could help you assess the impact of a career break

Whether you’ve taken a career break or are planning one in the future, we could work with you to understand how it might affect your pension. By being proactive, you could keep your retirement plans on track and feel confident about your finances.

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

Like inflation, lifestyle inflation could affect your finances, and you might not be aware of the effects straightaway. Find out how it might impede your ability to reach your goals and some ways to manage it.

Lifestyle inflation refers to the tendency for spending to increase as your income rises. Often, this spending goes on luxuries, which may come to be perceived as essentials as you become accustomed to them.

Lifestyle inflation isn’t automatically bad. Indeed, it’s normal to make changes to your lifestyle as your finances improve. However, it’s important to look at what your additional spending is going on – is it making you happier?

There is also often a tendency to focus on how an increase in income could boost your lifestyle now. Perhaps you’re looking forward to an extra holiday each year, attending fine-dining restaurants, or simply having a higher disposable income.

Yet, a boost to your finances could be used to support your long-term plans. Rather than spending it now, placing the additional money into your pension or investing through a Stocks and Shares ISA might allow you to retire earlier.

Being aware of lifestyle inflation could help you make informed decisions as your financial situation changes.

6 useful tips for managing lifestyle inflation

1. Create a budget

Creating a budget and regularly reviewing it could help you balance increasing your spending now and putting money aside for the future. It could mean you feel comfortable enjoying the results of your hard work, without worrying that you’ll derail long-term goals.

2. Allocate a use for each pot of money

Splitting your income or wealth into different pots could be one simple way to effectively manage lifestyle inflation. Having an account that only holds your disposable income could allow you to indulge guilt-free when you want to treat yourself.

You might also use other pots for essential outgoings, medium-term goals, and long-term aspirations. When your finances improve, you may then decide how to split the additional income or wealth between these different pots to support your overall wellbeing.

3. Automate your long-term savings

Unmanaged lifestyle inflation could lead you to spend more than you expect day-to-day.

One solution is to treat payments into savings or investments as an essential outgoing. You might do this by automating a payment, so it leaves your account in the same way as household bills. This could prevent you from unwittingly overspending in a way that might derail your long-term plans.

4. Avoid social comparisons

The 26th President of the United States, Theodore Roosevelt, is often attributed with the quote: “Comparison is the thief of joy.” More than a century after he’s reported to have said it, the saying still rings true.

Trying to match your lifestyle to others who appear to be living more extravagantly might mean you don’t fully enjoy what you already have. If you try to keep up, you might experience lifestyle inflation.

Remember, you often only see a snapshot of other people’s lives. Rather than comparing, try to focus on what would make you happy and the steps you could take to turn this into a reality.

5. Implement a delay before making changes

If you’re tempted to make a large purchase or a big lifestyle change, implement a delay before you proceed. A simple break could help you filter out short-term impulses, so you can instead focus on what will really have a lasting, positive effect on your life.

6. Use a cashflow model to understand the impact of your decisions

Finally, working with a financial planner to create a cashflow model could help you understand the impact of your financial decisions.

For example, after a large pay increase, you might model the effect of adding 25% of the increase to your pension on your potential retirement income. You may then look at how the outcome would change if you increased it to 50%.

By visualising how your decisions will affect long-term financial security, a cashflow model may help you strike a balance between short- and long-term lifestyle goals.

The outcomes of a cashflow model are not guaranteed as they rely on accurate data and make certain assumptions, such as projected investment returns. However, they can be a useful tool when you want to understand how different options will affect your long-term finances.

A regularly reviewed financial plan could help you assess how to use your wealth

Reviewing your financial plan as your income or assets change could identify how you might use your wealth to support your wellbeing. Please contact us to find out how we might work together.

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts.

The Financial Conduct Authority does not regulate cashflow modelling.