While the New Year has barely begun, it would appear that pretty much everyone is of the opinion that 2009 is going to be a pretty tough year all round. That’s why we’re here to help you make your financial New Year resolutions.  Whether business or personal, we’ll help you to address what’s important, suggest ways to reduce tax and give you important dates for your diary. So with this in mind here are some of our top tips:-

1. 31 Jan 2009 tax return deadline – all personal tax returns need to be filed and taxes paid by 31 January 2009 if interest and penalties are to be avoided. Do remember if your income has fallen it may be possible to have your January tax payment reduced.  If you think this applies to you please let me know.
2. Cut your tax bill – husbands and wives should try to balance their incomes to ensure higher rate taxes are to be avoided. One simple example of how to do this is to register investments in joint names.
3. For peace of mind - ensure deposits are structured so that no one account exceeds £50,000 in value so that your cash is covered by the FSA compensation scheme. While  the cover applies on an individual by individual basis (so a couple would enjoy £100k protection) care must be taken to ensure that no two banks are members of the same group as the compensation scheme works on a group by group basis.
4. Save tax via pension contributions – remember to pay pension contributions for 2008/09 earnings by 5 April 2009.  Tax relief is available on contributions of up to 100% of your annual earnings or £3,600 if you have no earned income.
5. Health checks - book your business and/or personal finance New Year health check now! This could avoid costly errors and unnecessary tax.
6. Make the most of your 2008/09 ISA – remember you can invest up to £7,200 of which £3,600 can be in cash before 5 April 2009.
7. Looking for corporate tax relief – you can now carry back business losses amounting up to £50k over the previous three years and claim any corporation tax relief owing by offsetting your losses.
8. Benefit from early capital allowances – make a purchase before the end of your accounting year and benefit from the allowance a year earlier.
9. Save money and the planet – watch out for company car financial incentives from 1 April 2009 if you switch to lower emission vehicles.  There are VAT linked incentives too. 

Tell us what’s important to you right now!  Respond to this blog or contact me on 01344 620495.  Alternatively, email dawn.oleary@dbsellek.co.uk