Paul Falvey, tax partner at BDO said: ‘This is the perfect time of year to review your finances and make sure you’re not missing out on any available tax reliefs – particularly as some of these reliefs become less generous from 6 April.

‘The tax system is complicated but there are some simple steps that anyone can take to make sure they are benefitting from available tax reliefs before the year end. However, for more complicated arrangements, it’s always a good idea to seek professional advice.’

1. Take advantage of tax-free pension contributions