Although the tax year begins in April, many people only properly review their finances in May or June once they have a clearer picture of their income, spending and financial priorities for the year ahead.

This can actually be a useful time to act because there is less pressure than there is at the end of the tax year.

Reviewing your finances now may help you:

• Avoid rushed year-end decisions
• Spread contributions more comfortably
• Improve financial organisation
• Revisit savings and retirement goals
• Identify tax issues earlier

Good tax planning is usually about making steady, sensible decisions consistently over time rather than trying to fix everything at once.

ISAs remain one of the simplest and most accessible tax-efficient tools available in the UK.

For the 2026 to 2027 tax year, the ISA allowance is £20,000 and usually cannot be carried forward if unused.

Although ISA advertising is often focused heavily on March and April, June can actually be a more practical time to review your plans because there is still plenty of time left in the tax year.

Early ISA planning may help you:

• Spread contributions across the year
• Avoid rushed investment decisions
• Keep more savings interest tax-free
• Shelter investment growth from tax
• Build investing habits gradually

Some people prefer regular monthly investing throughout the year, while others contribute larger amounts periodically depending on cash flow and financial goals.

Cash ISAs may suit shorter-term savings needs, while stocks and shares ISAs may be more suitable for longer-term investing depending on your goals and attitude to risk.

Pensions remain one of the most tax-efficient ways to save for retirement, yet many people review them far less often than they review their bank accounts or investments.

By June, many people have a clearer idea of their expected income for the year ahead, making this a sensible time to review pension contributions.

It may be worth considering:

• Whether your pension contributions are still appropriate
• Whether employer contributions are being maximised
• Whether additional contributions could improve tax efficiency
• Whether retirement goals remain realistic
• Whether income changes affect contribution planning

For people approaching retirement, pension planning often works best when considered alongside wider investment and tax planning decisions.

Capital Gains Tax planning is often overlooked until investments are already being sold.

Reviewing investments earlier in the tax year can create more flexibility and reduce the risk of rushed decisions later on.

Useful planning considerations include:

• Reviewing unrealised gains regularly
• Using ISA allowances strategically
• Considering transfers between spouses or civil partners
• Avoiding unnecessarily large disposals in one tax year
• Keeping investment records up to date

Tax efficiency is important, but investment decisions should still be based on long-term suitability and wider financial objectives.

Higher interest rates have made savings accounts more attractive, but they have also increased the likelihood of taxable savings interest for many people.

Before summer is often a useful time to review whether savings are still sitting in the most suitable place.

Areas worth reviewing include:

• How much interest your savings may generate
• Whether some savings should sit inside a Cash ISA
• Whether cash reserves are larger than necessary
• Whether inflation is reducing long-term purchasing power
• Whether savings rates remain competitive

Holding cash remains important for flexibility and emergency planning, but excessive cash holdings over long periods may reduce real value over time if inflation remains higher than savings growth.

For retirees and people approaching retirement, tax planning becomes increasingly important because income may come from several different sources, including:

• Pensions
• ISAs
• Savings
• Investments
• Rental income
• Part-time work

The order in which income is taken can affect tax exposure significantly.

Important questions often include:

• Should pension withdrawals be staggered?
• Is ISA income being used efficiently?
• Could withdrawals push income into a higher tax band?
• Are both spouses using allowances efficiently?
• Is the retirement income strategy still sustainable?

Reviewing this earlier in the tax year gives you more time to make measured decisions rather than reactive ones later on.

Many tax planning mistakes happen simply because people delay reviewing their finances.

Common issues include:

• Waiting until March to review allowances
• Forgetting to use ISA allowances
• Taking pension withdrawals without checking tax implications
• Holding too much taxable cash
• Selling investments without reviewing gains first
• Focusing only on tax rather than wider financial goals

Good financial planning is usually gradual, structured and regularly reviewed rather than driven by deadlines alone.

You may benefit from professional advice if you:

• Have multiple pensions
• Hold significant savings or investments
• Are approaching retirement
• Want to improve tax efficiency
• Need help structuring retirement income
• Feel uncertain about investment decisions

Richmond Financial Advice provides independent guidance on tax planning, retirement planning and investment planning for individuals and families looking for long-term financial support.

You can learn more here:

See Tax Planning

By June, the new tax year is already moving forward. Reviewing your ISAs, pensions, savings and investments now can help you make better long-term decisions and avoid rushed planning later in the year.

You do not need to make every decision immediately, but reviewing your position before summer can make the rest of the tax year feel more organised and manageable.