A simple tax and pensions to-do list for 2024

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The festive period is a good opportunity to get your loved ones together. And the start of the year…well, what better time to get your finances together?

Tackling some life admin now could help you feel more confident about your money. Use this to-do list to get your tax and pension plans in order – and prep for the end of the tax year on 5 April 2024.

1. Track down old pension plans

Just like it’s easy to lose track of time between Christmas and new year, it can be easy to lose track of your pension plans. 

Make sure you know where to find your old plans. You can use the government’s Pension Tracing Service to help you hunt down any you might’ve lost track of.

You could then consider combining them into a single plan. This can help you see how much you have in pension savings and cut down on paperwork. It isn’t right for everyone, though, so make sure you won’t be losing any valuable benefits or guarantees.

Find out more about bringing plans together with a pension transfer on our website.

2. Get your tax return in now

Time’s ticking! The deadline for submitting your self-assessment tax return online for the 2022-23 tax year – and paying any tax due – is midnight on 31 January. If you’re in one of the categories of people who need to send a tax return, such as self-employed or earning a taxable income over £100,000, now’s the time to act. 

MoneyHelper has a guide on who needs to submit a tax return and how to register.

3. Boost your State Pension

Gaps in your National Insurance (NI) record can impact whether you qualify for the State Pension and how much you’ll get. 

If you’ve got gaps, voluntary NI contributions can potentially boost your State Pension. You now have until 5 April 2025 to plug gaps going as far back as 2006. After that, you’ll only be able to fill them for the past six years. 

It could be worth starting to think about whether making voluntary contributions is right for you. You can find out more in our article.

4. Make the most of higher pension allowances

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The pension annual allowance is the total that can be paid in across all your pension plans in a tax year without you facing a tax charge. The standard annual allowance rose from £40,000 to £60,000 in April 2023. If your yearly salary is less than this figure, your annual allowance is usually 100% of your earnings instead. 

The money purchase annual allowance (which affects people who have already taken money from their plan) and minimum tapered annual allowance (which impacts high earners) both increased from £4,000 to £10,000. 

Overall, people can now pay more into a pension plan than they previously could before the end of the tax year without facing a tax charge. Keep in mind that a pension is an investment. Its value can go down as well as up and may be worth less than was paid in.

To learn more how pension allowances may affect you, visit MoneyHelper.

Topping up your plan before tax year end

Want to make the most of the increased pension allowances? If you have a Standard Life pension plan and would like to top it up, you can usually do this online. If you have a workplace pension plan with us, the way you can pay more into your plan could be slightly different – so check with your employer.