We are now in the last quarter of the current tax year that ends 5 April 2014. If you are in business or pay income tax at the higher rates there is a strong argument that you should consider, and invest in, a tax planning review with your professional advisor.
Shutting the stable door after the horse has bolted is a waste of time – it is like an acknowledgement that an action should have been taken earlier, and is now a futile re-enactment of something that no longer has value.
From a professionals perspective there is nothing quite as depressing as the realisation that a client is not going to benefit from a legitimate tax planning strategy and purely because information was not provided before a particular deadline – in the terms of this article, before 5 April 2014.
What sort of information should we be examining?
If you are in business:
- Your current management accounts.
- Your plans for the coming year.
- Changes in tax legislation that will apply from 6 April 2014 and that will have an impact on your business: we now have published information about some of the significant tax changes for 2014-15.
If you are a higher rate income tax payer:
- An estimate of your taxable income for 2013-14.
- An estimate of your taxable income for 2014-15.
- Changes in tax legislation that will apply from 6 April 2014 and that will have an impact on your personal tax liability.
So, if you have not considered these issues thus far, contact us now. We will need time to consider your particular circumstances. Please get in touch as soon as possible, certainly no later than the first week in February 2014.