Over half (53%) of UK consumers who have engaged with financial advice in the last three years are more worried about tax now compared to a year ago, Wealthtime has found.

The adviser platform’s latest survey of 1,000 adults with average investable assets of £350,000 revealed that 47% said that tax rules and allowances are a major source of uncertainty, while 30% admitted they are confused by pension rules.

Wealthtime also revealed that tax year end regret is widespread across the industry. It found that 74% of consumers reported at least one regret, most commonly leaving decisions too late (27%), missing an allowance (23%) and keeping too much money in cash (18%).

Meanwhile, confidence in tax end year planning was subdued, averaging 45.7 out of 100 on the Tax Year End Confidence Index.

This index measures how worried respondents feel about a range of tax year end concerns, including making a mistake, missing allowances, not having the right information and not understanding the rules.

Furthermore, those currently working with a financial adviser scored higher at 48 compared to 41 for those no longer taking advice.

Only 20% of currently advised clients fell into the low confidence category of an index score of 40 or below, compared to 45% of previously advised clients.

CX director at Wealthtime, Kylie Clark, said: "Tax year end is becoming increasingly stressful for investors. Changing rules and allowances mean even financially engaged clients can feel unsure about what action to take and when.

"What’s clear from our research is that ongoing advice makes a measurable difference. Those working with an adviser feel more confident, more informed and more in control, highlighting the value of an ongoing advice relationship at this critical time of year."

Founder at Ad Lucem, who led the research, Phillip Wickenden, added: "What stands out isn't that clients are complacent, it's that they're cautious. And caution, left unmanaged, looks a lot like procrastination. The data consistently shows that reassurance and structure beat urgency-based messaging. Advisers who start earlier, simplify priorities and remove admin friction will convert that anxiety into action."

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