Spring Clean Your Finances: A Checklist Before the New Financial Year
As the lighter nights start appearing across Northern Ireland, it’s a natural time to think about renewal. While most of us associate “spring cleaning” with decluttering the attic, it is also the perfect opportunity to tidy up your financial and legal affairs.
With the new financial year beginning on 6th April, taking proactive steps now can save you from unnecessary stress, missed tax benefits, and legal complications. At McPartland & Sons, we believe that financial health and legal security go hand-in-hand.
Here is our essential checklist to help you hit the ground running for the 2026/27 tax year.
1. Maximise Your Tax Allowances
The “use it or lose it” rule applies to several key UK tax benefits. Before the 5th April deadline, ensure you have reviewed:
- ISA Allowances: You can save up to £20,000 per year in an ISA (Individual Savings Account) without paying Income Tax or Capital Gains Tax on the returns.
- Pension Contributions: Boosting your pension not only secures your future but can also provide significant tax relief. Check if you have unused allowances from previous years to “carry forward.”
- Annual Gifting: You can gift up to £3,000 per year, exempt from Inheritance Tax (IHT). If you didn’t use last year’s allowance, you can carry it forward for one year only.
2. Update Your Will and Estate Planning
A financial spring clean is incomplete without looking at your long-term estate planning. If you’ve had a major life change—such as a marriage, birth, or property purchase—your current Will may be out of date.
Note: In Northern Ireland, marriage usually revokes an existing Will. If you’ve tied the knot recently, a will writing should be a legal priority.
3. Establish a Lasting Power of Attorney (LPA)
Financial planning isn’t just about growth; it’s about protection. A Power of Attorney allows you to appoint trusted individuals to manage your financial affairs should you ever lose mental capacity. Without this, your family may face a costly and lengthy “Controllership” process through the Office of Care and Protection.
4. Review Property and Conveyancing Matters
If you are considering a move or a re-mortgage in the coming year, ensure your paperwork is in order.
- Domestic Conveyancing: Check that your property is correctly registered with Land & Property Services.
- Commercial Property: For business owners, review your lease agreements and ensure your commercial conveyancing documents reflect any recent changes in your business structure.
5. Audit Your Legal Documents
Organise your digital and physical files. Ensure you have clear records of:
- Life insurance policies.
- Title deeds and mortgage statements.
- Probate records, if you are currently acting as an executor for an estate.
Expert Legal Advice in Lurgan and Lisburn
Whether you are focused on Will writing, navigating domestic conveyancing, or require guidance on Wills and probate, our experienced team is here to provide clear, local advice.
Don’t leave your financial spring cleaning until the last minute. For professional legal guidance tailored to your specific circumstances, you can contact a solicitor at either our Lurgan or Lisburn branch today.
Lurgan Office: 028 3832 2452
Lisburn Office: 028 9267 0325
Email: info@mcpartlands.com