Lesson 6: Understanding Taxes - Checklist
Tax Assessment
Identify your current tax band and personal allowance
Check your tax code on payslips or HMRC account
Review last year’s tax return or P60
Calculate your effective tax rate
Identify any unused tax allowances
Tax-Efficient Saving and Investing
Maximize pension contributions to appropriate level
Utilize ISA allowances before tax year-end
Check eligibility for Marriage Allowance
Review dividend and savings income against allowances
Consider EIS/SEIS/VCT investments if appropriate
Self-Assessment Preparation
Register for self-assessment if required
Set up system for tracking income and expenses
Gather necessary documents (P60, P45, interest statements)
Note key deadlines in calendar
Consider accounting software that integrates with HMRC
Tax Planning
Schedule annual tax review before tax year-end (April 5)
Identify opportunities for income splitting with spouse
Plan timing of income and expenses if self-employed
Review charitable giving for tax efficiency
Consider professional advice for complex situations