With Euro 2012 already dogged by racism and Germany winning on Saturday, we all know it will end in tears for Roy Hodgson’s England. However, closer to home we will be supporting the Camberley Youth Football Club Boys Tournament on 16 and 17 June. Davis Burton Sellek are proud to sponsor the U15 Rebels – spot the Davis Burton Sellek branded football strips and hoodies!

If neither football nor the Olympics are your thing then taking a moment this summer to review your tax affairs with your accountant is important. Take time out from the daily grind to review your tax matters – doing so sooner rather than later could you save money in the long run.

Here are some useful pointers to raise with your accountant this summer:

• From 2013/14 those (born on or before 5 April 1948) facing the age-related personal allowance freeze should seek advice on how to get the most out of their allowance
• Anyone earning over £100,000 faced with the withdrawal of the personal allowance 2012/13 will require a robust financial planning strategy in place
• From next April the additional rate of income tax for those earning £150,000 is set to fall from 50% to 45%. Giving careful consideration to the timing and structure of your income could significantly reduce your tax bill
• Seek advice from your Financial Planner on maximsing pension contributions (within limits) during 2012/13
• If your spouse or partner has little or no income you may wish to transfer income to them ensuring they make full use of their personal allowance. This may prove useful in light of the Child Tax benefit changes
• Similarly, look at ways to reduce the overall combined tax bill if one is paying at a higher rate
• Delaying incurring expenditure may not be the most tax-efficient option for business owners. Further falls in the main rate of Corporation tax (now 24%) may provide a higher rate of relief
• Spare cash for investing?  A new Seed Enterprise Investment Scheme (SEIS) offers income tax relief of 50% for individuals who invest in shares in qualifying companies
• Talk to your accountant about tax-efficient giving and make the most of tax reliefs. Thankfully, the Government’s proposed cap on income tax relief is no longer going ahead!

So arrange a review meeting with your accountant and financial planner this summer and make sure your tax affairs are in order. It’s a much safer bet than England winning Euro 2012!

Higher rate taxpayers need to be aware of the restrictions on tax relief that can be applied to pension contributions from April 2011. In the 2009 Budget Alistair Darling announced restrictions to pensions tax relief for high earners. This was followed by the Coalition’s recent announcements of changes to the annual and lifetime allowances from 2011 and 2012 respectively. The latter was the outcome of the consultation by the Coalition to simplify the pension contribution rules introduced by Labour.

From April 2011 there will be a reduction for tax-privileged pensions in the annual allowance from £255,000 to £50,000. This will not change the way contributions are valued in that employee and employers’ contributions will both be counted.

Taxpayers, who are likely to be affected, should revisit their personal tax planning for 2011-12 and beyond with some urgency. There may still be other planning opportunities to minimise the impact of the loss of personal allowances and the 50% income tax charge.

For those who are looking to make substantial contributions above £50,000, typically those looking to play “catch up” with their pension fund as they approach retirement, there will be the facility to utilise unused relief for the previous three tax years.

Those who have made substantial pension contributions over the years should seek advice on the Treasury’s plans to cut the lifetime allowance to £1.5m from April 2012.

Pensions are becoming more complex as the government changes the rules to help reduce the deficit. It is important to seek professional advice from an expert to avoid costly mistakes and maximise relief and allowances whenever possible. And don’t forget pensions are only one form of tax planning for the twilight years ahead.