2004/05 Year End Strategies
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This area of our site will be updated on 1 November 2005 - 5 months before the 5 April 2006. In the meantime our detailed planning guide provides up to the minute information on tax planning. For the record, we are leaving last year's guide on our site should you wish to peruse our ongoing commitment to tax minimisation for all our clients.
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 guide we have set out just 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.
Before the last minute...
There are some occasions in life - such as booking holidays or theatre tickets - when you might save money by leaving things to the last minute. However, tax and financial planning needs consideration, discussion with your family, business partners and advisers, and time to come to fruition. Leaving it until the last minute is probably the worst thing you can do.
Although some strategies can still be carried through late in the day, many require saving, preparation, drafting of documentation, research and so on before they can be put into practice and we really would recommend that whatever your year end, you consider tax and financial planning as a year-round subject.
For individuals the deadline for most planning is 5 April. The current tax year ends on 5 April 2005 and any planning for the 2004/05 tax year needs to be put into effect a few days before then at the very latest. For those in business, the other deadline is the business's year end - the date to which your accounts are prepared every year.
We have prepared this guide to highlight some of the strategies applicable to the greatest number of our clients. We would welcome the opportunity to discuss those strategies which might be applied to your own personal and business circumstances.
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