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Year end tax planning

While the effects of the recession on cash flow and business profitability are on the minds of many, the pending tax year end on 5 April 2012 provides an opportunity to ensure that your liability for the current tax year is not one penny more than necessary. With further tax increases on the horizon, there really is no time like the present to take a step back and look at how you are managing your personal finances and your business, and consider how you might reduce your taxes and/or improve your financial and business strategies.

In this guide we consider some of the ways you might act now to help achieve a more secure future for you, your family and your business. Please contact us now to discuss your specific situation and the planning opportunities you could consider before the end of the tax year. Acting now could pay dividends in the future.

Click on the links below to read more about minimising your tax liability this year. 

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    • 26-May-2011Self Assessment Tax Return - Penalties

      From April 2011, if a Self Assessment Tax Return is filed late or tax paid late, then the following penalties will apply:

      Penalties for filing late

      One day late and you will be charged an initial penalty of £100 (even if you have no tax to pay or you have already paid all the tax you owe).

      Three months late and you will be charged an automatic daily penalty of £10 per day, up to a maximum of £900.

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