Year End Tax Review 2009/2010 Contents Lead articles The year ahead... This year, next year Pension hit Employees Too much NIC NIC and pensions Company cars Tax-free benefits Business - General Time to incorporate? His and hers Family bonus Profit and loss Show me the money Can't pay, won't pay? Turning back the clock Business - VAT Standard VAT or flat VAT? VAT goes down - must come up? European revolution A good start for VAT Happy returns? Investments Top-up savings Rainy day money Capital Gains Gains favoured Splitting gains A place in the country Holiday lets end Families Family fortunes Where there's a Will Credits and debits Piggy banks Still trustworthy? Administration Penalty shoot-out Paperwork, paperwork Pay tax later Opportunity knocks again Charity Give and save Non-Domiciled People Home and away Interest Interesting times

The year ahead... Most people would prefer not to think about tax, but if you can bear to face up to it, you may end up paying less. It's a good idea to review your tax affairs at least once a year, and well before the end of a tax year is a good time to do so. The Chancellor has announced sweeping measures which will have a significant effect on many taxpayers' liabilities - we've had some tax cuts over the last year to try to stimulate the economy, but over the next few years we are going to have to pay for it. Plans that have made sense in the past may need to be looked at again. Of course, the best plans are not hurried - the last day of the tax year, when most plans ought already to have been implemented, is not the best time to consider them for the first time. If you think ahead and act in good time, you can save money. Under self-assessment, 31 January is the time limit for paying tax and for filing returns and most claims. 5 April is still important as the cut-off between one year's income and another's. This leaflet sets out some of the points which should be included in a "year-end tax review". Some of them stay the same from year to year, some change a little, some are completely new. Of course, the precise circumstances of each individual have to be taken into account in deciding whether any particular plan is suitable or advantageous - but these suggestions may give you some ideas to discuss with your advisers.