Tenon: Entreprenuers must sort out tax early

Entrepreneurs should complete their 2008/2009 income tax returns early to
give themselves a chance of maximising reliefs in the tax system before the
introduction of less beneficial rates from April 2010, say advisers.

With the introduction of a 50% tax rate from 6 April 2010, and restrictions
on pensions relief a year later, entrepreneurs are advised to deal with their
2008/2009 to give themselves time to manage their affairs before the new rates
kick in.

‘We are encouraging all entrepreneurs to review their financial and tax
affairs before 5 April 2010. In practical terms this probably means completing
the 2008/09 income tax return earlier than might ordinarily be the case, so that
one has a basis from which to start, but the potential tax savings arising from
having one’s ducks in a row before 5 April 2010 cannot be under estimated,’ said
Andrew Jupp.

‘Our advice to everyone at the moment is to act now before it is too late!’

Further reading:

Pensions tax could damage UK
competitiveness, says committee

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