The Stocks and Shares ISA deadline is coming up fast. So I’m searching the London Stock Exchange for the best income stocks that money can buy.

ISAs can be a great way for most investors to build wealth. They allow someone to invest £20,000 a year in cash, or to buy shares, funds and certain other assets without having to pay a penny to the taxman.

Individuals need to be mindful that allowances can’t be rolled over to the new tax year. So any of that £20k allowance that I and other ISA customers don’t use before 6 April is lost forever.

Please note that tax treatment depends on the individual circumstances of each individual and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

2 income stocks on my radar

Of course, I don’t have to buy shares or other assets before 6 April to use this year’s allowance. I can simply park my money there are use it to invest later on if I choose to.

However, I’ll be looking to put the money to work in my Stocks and Shares ISA straight away. This is because recent stock market volatility leaves many London-quoted companies looking too cheap to miss.

Here are two cheap dividend stocks I’m thinking of buying in the coming days.

#1: Impact Healthcare REIT

Care home operator Impact Healthcare REIT (LSE:IHR) could be an ideal stock to buy in these uncertain times. Even as the economy toils, the business can expect contracted rents to keep streaming in.

What’s more, recent share price weakness means Impact shares trade on a forward price-to-earnings growth (PEG) ratio of 0.3. Any reading below 1 indicates that a stock is undervalued.

The real estate investment trust (REIT) also carries a juicy 7% dividend yield for 2023.

As a long-term investor, I think the company could deliver strong and sustained dividend growth. So I’d buy it today to hold for years. As Britain’s elderly population grows, demand for its services are likely to rise. The Office of National Statistics thinks the number of over-85s will soar to 3.1m by 2045 from 1.7m in 2020.

I’d buy Impact shares even though shortages of nursing staff pose a risk to profits.

#2: Vodafone Group

Telecommunications titan Vodafone Group (LSE:VOD) is a FTSE 100 share also offering excellent all-round value. It trades on a forward PEG ratio of 0.9 times for the new financial year beginning in April. And it carries a meaty 8% dividend yield.

Telecoms investors need to remember that the industry is a highly regulated one. Lawmakers have a tight rein on issues such as pricing and can implement new, profits-crushing regulations if they see fit.

Yet I still believe Vodafone has the scope to deliver excellent long-term returns. Heavy investment in areas like 5G and broadband have put lots of debt on the balance sheet. But the bigger picture is that such spending could deliver mammoth profits as the world becomes increasingly digitalised.

I also like Vodafone because of its mobile money and telecoms operations in Africa. A mix of strong population growth and rising incomes could supercharge sales from the developing region.