Any dinosaurs out there, who used to sing along with Cliff Richard?
If you’re going on a summer holiday when do you book – the airline, the hotel, the hire car? Sure, there may be some good last minute deals around but if you want to ensure you have the choice you want, it’s best not to leave things until the last minute.
So why should tax planning be any different? Why go for a last minute deal on 4 April and be disappointed? Are you and your spouse making best use of both your personal income tax allowances and tax rates? Are you both using your annual CGT allowance and Inheritance Tax annual exempt amount? What about ISAs, VCTs and EISs? Have you reviewed your pension provision and paid the optimum premium? If you’re affected by the maximum pension benefit reduction on 6 April 2012 are you going to apply for Fixed Protection before the 5 April deadline? And if you’re a company and can predict your likely annual profit are you going to wait until after the end of the accounting period before you start planning, when it may already be too late or will you plan in advance of the year end?
The message is always the same. Whether it’s general financial planning or specific tax planning don’t delay planning until it’s too late. Ask us for early advice, not last minute deals.