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Tax Health Check The 5 minute Financial and Tax Health Check
When was the last time you reviewed your financial affairs? Or your overall tax situation?
For many of us, the answer is either ‘ never' or ‘ several years ago' . Even if we have looked at one aspect, e.g. updating our Will or completing this year's tax return, it is very likley we have not looked at the overall picture.
But we should regularly review such matters - there may have been changes in our personal circumstances, tax law etc.
To help you, we have devised a very simple checklist which will enable you to check that there are no issues that you may have overlooked.
If your answer to any question is showing in the ‘URGENT' column, then you need to contact your Acountant as soon as possible to discuss what action you should take. Answers in the ‘ Needs Attention' column mean that you should deal with the matter sooner rather than later - don't keep putting it off! If every answer is in the ‘ all OK' column, then congratulations. You can relax - for now . But, don't forget to revisit these questions in a year or so.
Please note - this checklist concentrates on tax and business issues. It is far from exhaustive and there may well be other matters you wish to discuss with your Accountant.
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URGENT
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Needs Attention
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All OK
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Have you told your Accountant of any new source on income on which tax may be due?
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No
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Don't know
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Yes
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If you are self employed, are you putting adequate funds away on a regular basis to meet your Income tax liabilities?
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No
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Don't know
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Yes
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Are you on track to enable your Accoutant to help you complete and submit your tax return before the deadline of 31st January ?
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No
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Don't know
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Yes
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If you are both employed and self employed, have you reviewed whether your self employed National Insurance contributions should be deferred?
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No
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Don't know
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Yes
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Should you need medical treatment, do you have adequate private health insurance in order to minmise the effect of your illness on your business?
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No
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Don't know.
Needs checking
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Yes.
Happy with NHS
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Are addequate arrangments are in place to cover any financial consequences in the event of the death or critical illness of business partner or key employee?
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None
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Don't know.
Some , but insufficient
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Yes
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Are your pension arrangements such that you will be able to retire when you wish to?
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No
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Don't know
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Yes
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Have you paid the maximum pension contribution this year?
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No
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Don't know
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Yes
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Have you recently reviewed your Will?
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No Will.
Needs revision
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Draft, not signed.
Needs minor changes
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Up to date
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Is your Estate liable to Inheritance tax?
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Liable and no provision in place to pay
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Don't know.
Some liability
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No
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Do you have financial provision in place for to protect your family and/ or childcare in the event of your death or serious illness?
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No
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Don't know
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Yes
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Have you recently reviewed the rate of interest received on your saving accounts?
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No
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Don't know
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Yes
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With thanks to 2020 innovation Group Ltd who devised the original of this checklist.
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Tax Centre