2008/09 Year End Tax Planning

While cash flow, business profitability and even just survival are on the minds of many, the pending tax year end on 5 April 2009 provides an opportunity to ensure that your liability for the 2008/09 tax year is no greater than necessary. 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 section 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 call 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.

Act now to save money

Effective planning requires time and consideration, but with our help, you could significantly reduce your business and personal tax burdens.

In some areas the opportunity to save tax this year does not differ greatly from previous tax years. Tax planning includes taking advantage of allowances and exemptions including deductions for pension contributions and capital allowances. The 2008 Budget introduced capital gains tax reforms and a new Entrepreneurs' Relief which significantly changed the structure of the tax regime that applies on the disposal of a business interest. With the effect of the credit crunch and the financial crisis resonating throughout so many areas of business and personal life we include a special 2008/09 year end tax guide section dedicated to these changes.

The 2008 Pre Budget Report includes a summary of the changes announced by the Government to stimulate the economy and reduce the impact of the downturn.

This website guide is designed to highlight a range of planning opportunities, some of which expire on 5 April 2009. In particular, do please contact us to discuss the following:

• making the most of tax-free saving opportunities
• keeping tax rates as low as possible across the family
• developing a plan for tax-efficient profit extraction from your company
• keeping business taxes to a minimum
• minimising the tax on the sale of your business - see entrepreneurs' relief
• a tax-efficient remuneration package
• reducing national insurance costs
• reducing the tax cost of company cars
• tax-efficient savings
• reducing the inheritance tax due on your estate