Tax Planning 2010 Tax Planning Special
Published / Last Updated on 04/12/2013
Tax Planning 2010 - Tax Planning Special
by Ashley Clark, Director - March 2010
February, March and April are key months in which to consider tax planning to maximise the use of an individual’s allowances, reliefs, exemptions etc for the current tax year. Some of these will be lost if not used before the tax year end.
As well as last minute tax planning for 2009/10, now is also a good time to put in place strategies to minimise tax in 2010/11. This year effective planning will be even more important for those on higher incomes because we know that, for them, tax rates are set to increase, either directly or indirectly, with effect from 6 April 2010. This means that prior action is needed for a person to optimise their tax position. As a result financial advisers have an excellent reason to talk to clients who will be affected by the increases.
Of course, tax planning is an important part of financial planning, but it is not the only part. It is essential, therefore, that any tax planning strategy being considered also makes commercial sense. In this special bulletin all references to married couples include registered civil partners.