Each year there is always something different to take account of, and this year is like any other.

Much has been made of the changes to the lifetime allowance for pensions contributions, something that is happening for the second time since 2011. From April this year, the lifetime allowance has been reducedfrom £1.5m to £1.25m.

There are two types of protection being introduced for those who already have a pension pot of £1.5m, or for those who expect to reach £1.5m over their lifetime.

But now is also the time to get to grips with other allowances - some of which are quite pedestrian, such as CGT and Isas, and others that are more adventurous.

EISes and VCTs have become very popular in recent years, as they present an ideal tax planning opportunity for those expecting a very large tax bill.

Investments into these schemes allow tax relief on 30 per cent of the amount invested, and while some may claim that they allow rich people to avoid paying more tax, the take home consequence is that they are pumping more money into small businesses that might have problems getting it elsewhere.

The most important thing is that advisers allow themselves enough time to make sure they offer the best service for their clients, and take the best advantage of their allowances.

Post-RDR, it is the tax planning that now sets advisers apart from the competition, as many have outsourced their investment advice.

Melanie Tringham is features editor of Financial Adviser