INSIGHT: Taxing matters use it or lose it
Turn your New Year resolutions into reality…
The end of January marks a key date in the small business calendar – the deadline for submitting online tax returns - but with prudent planning ahead and help from experts it could all be easy.
Pearson’s offer proactive tax planning advice and as Partner, Richard Eastwood, said: “January 31st does not need to be a dreaded date; we advise clients on making the most of available exemptions and relief for tax, especially if they have a business or second home.
“Dealing with this in January also helps to prepare for the end of the tax year in April and plan pension contributions, ISA allowances, gifts and estate planning, helping protect well-earned money.
“I would always urge clients to make the most of their tax allowances and follow my advice to ‘use it or lose it,” he added.
Like birth and death to most of us tax is one of life’s few guarantees, over nine million people file a self-assessment tax form each year, these include high-earners, self-employed and those with more than one source of income.
The problems usually arise for the self-employed, company directors or those with just more complicated finances.
If saving money is one of your New Year’s resolutions a good financial adviser is essential.
“Busy people are time poor and it’s hard to plan ahead. Self-employed earnings, capital gains realised, income from investments, savings, pension details, bank statements and income earned, are all needed for the deadline, to many people it can be overwhelming” said Richard.
“What better time than New Year to sit down, sort through your taxes, make tax efficient investments and have an independent financial review.”
For a FREE financial review call Richard now on 0161 785 3500 or email richard.eastwood@pearsonlegal.co.uk
Also in this issue of Insight
- Why Making A Will Should Be Your New Year Resolution
- Why Should I Make a Will if I Have a Business?
- Pearson Solicitors Boost Business Accounts by £1,000s
- Taxing matters use it or lose it
- Transgender issues and avoiding discrimination: new guides for employers, employees and service providers
- More Houses Less Landlords Who Knows What The Future Will Bring
- Commercial Video
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.
