If you wanted the Inland Revenue to calculate your tax liability then you are too late, as tax returns should have been submitted before30th September. However don’t panic, says Ian, as it’s always best to consider every possible tax planning opportunity that may be available to you. The deadline for submission of your tax return if you calculate your own tax is 31st January 2004, which provides time now for you to contact a tax adviser and see if you can save some tax. Too many taxpayers, particularly those with their own businesses and families, do not take the time to seek professional assistance with their tax returns, which for many means they are missing out on tax allowances and reliefs that may be available. People still worry that accountants, and tax advisers, are expensive and snobby, says Ian, but that’s an outdated stereotype.

We save our clients thousands of pounds each year by making sure they organise their affairs in the best way. For example, married couples should make sure that they are taking full advantage of independent taxation opportunities by putting some assets or investments into joint names, or transferring them to each other.

Employees can also plan ahead to reduce their income tax liabilities by addressing the way in which they receive benefits in kind such as company vehicles, pension contributions and company loans.

If you have your own business, the tax planning scope is much wider. For those operating as a sole trader or partnership, gradual changes to the tax system by this Government mean that there may be advantages to you if you can change your trading status to that of Limited Liability Company. The potential for tax savings can run into the thousands.

For those already operating as a limited company, dividends, pension contributions, capital allowances and legitimate expenses are all areas where tax savings could be made.

Professional help extends beyond the simple completion of a tax return. Rising house values combined with low interest rates in the past couple of years has led to many business owners and families borrowing more, often from their existing lender. The lending market is still very competitive and you should regularly review your mortgage facilities to ensure that you are getting the best rates, and make sure that you have adequate life insurance and family income protection in place in case you should die or become unable to work. If something happens to the breadwinner, life can become very difficult for the family if they are left with a mortgage to pay.

These are just some of the tax and financial planning ideas that could save you money in the current tax year with careful and early planning says Ian.

Many people get behind with their taxes and then either can’t afford to sort it out properly, or are too embarrassed to seek professional help to bring their affairs up to date.

There is however, a new and sinister piece of legislation that should encourage people to seek professional advice and bring their tax affairs up to date.

For years there have been suggestions that a vast amount of illegal money is being laundered, particularly by drug dealers and international gangsters. The events of September 11th 2001 drew attention to just how much money laundering is going on in the world. It showed that international terrorists were moving cash around with great ease and that existing controls were not particularly effective. It’s an industry estimated to be worth over $500 billion p.a. worldwide.

The government is now clamping down, and new Money Laundering Regulations 2003 and The Proceeds of Crime Act 2002 will come into force in early 2004. They go far beyond trying to catch out drug dealers and terrorists. Your Bank Manager, Accountant, Tax adviser, Lawyer, Insolvency Practitioner, Company or Trust formation agent will have a legal obligation from the beginning of 2004 to report their suspicions to the National Criminal Investigation Service (NCIS) if they suspect that you are involved in a criminal activity (including fiddling your taxes). If they don’t they could spend 2 years in prison!! So now really could be a good time for you to "clean up your act" and get your tax affairs in order so that there is nothing to report!