Taxing Matters: Use it or lose it

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.

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Richard Eastwood

Pearson’s offer proactive tax planning advice and partner Richard Eastwood, said: “January 31 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 to 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,” said Richard. “Self-employed earnings, capital gains realised, income from investments, savings, pension details, bank statements and income earned are all needed for the deadline, and to many people it can be overwhelming.

“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. Find out more about Pearson Solicitors on their website or call them on 0161 785 3500.

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