Paul Haywood-Schiefer, a senior manager at Blick Rothenberg, gives his view on what can be done.

Use your allowances

Remember you have a range of tax-free allowances. The first £12,570 of income is covered by your personal allowance and received tax free (unless your total income exceeds £100,000).

A further £2,000 of dividend income is covered by a dividend allowance (if not already covered by the personal allowance) and there is no tax to pay (the dividend allowance itself will be reducing to £1,000 from 6 April 2023).

For basic rate and higher rate taxpayers, they can also benefit from the personal savings allowance, which means the first £1,000/£500 (respectively) of interest again is free from tax. Although you might not be able to do much about influencing the timing of when interest or dividends are paid, don’t forget these exist when preparing your tax return.

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