Dealing with some serious CGT for a client recently brought this topic to mind, and it’s an important one. We’ve mentioned it before, but let’s make it perfectly clear again now;
If you have sold an investment property, or if you run a business, you really do need to talk to us before the end of the financial year.
Tax is a cost of business, certainly, and making a profit generally means that you’re going to need to share it with the tax office to some degree. However, there are always going to be ways of reducing that burden. And, of course, we’d love to help you with that.
The right tricks to use will vary from investor to investor. For some, prepaying interest will be helpful. For others, it won’t, but buying a new car might be a better option. It’s all circumstantial. Do you know what you need to be doing in the next three months…?
We can help, but only if you talk to us sooner rather than later. April is the best month to do this sort of tax planning; enough of the year has gone by to have a reasonable picture of things, and there is still time to implement whichever strategies are going to work best for you.
So! If you want to minimise your CGT or business taxes, get in touch with us now and we’ll get things moving. Don’t wait until July (or later!).