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Millions risk missing this HMRC tax deadline – have you checked yours?

Financial experts are urging investors to maximize tax-free allowances as the new tax year begins, with Brian Byrnes, Director of Personal Finance at Moneybox, stating "the tax clock has reset."
Investors have 12 months to utilize annual limits before they reset; Michele Tieghi, founder of PsyFi Money, stressed "once the tax year ends, those allowances are gone for good."
Individuals can contribute up to £20,000 to Lifetime ISAs and £60,000 to pensions annually. Byrnes explained that for basic rate taxpayers, every £80 becomes £100 thanks to tax relief, with higher earners receiving up to 45%.
A Lifetime ISA offers a 25% government bonus on contributions for retirement or first-time buyers. Byrnes suggested splitting contributions between cash and stocks, saying "you can split your contributions between cash for security and stocks and shares for growth."
Junior ISAs allow parents to save up to £9,000 per child annually, building meaningful financial boosts. Tieghi warned that "missed reporting, poor record keeping or simple errors can quickly lead to penalties" and large tax bills.

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