Welcome to the first in a series of monthly articles that I hope you will find of benefit to you, your business, your employees and your personal life.

Over the coming months I will be covering topical tax issues and looking at ways in which you can improve your business potential.

I believe that all businesses should have a plan in place. Without a plan how do you know where you are going? However, I intend in later articles to cover business planning.

This month I would like to discuss tax planning. We are fast approaching the end of the tax year (April 5) and now is the perfect time to look at what income has been generated to date.

Are you likely to pay 40 per cent tax? This point is especially worth considering if you are a company director and shareholder. A review of what has been earned to date, and expected income in the final month, is a necessity.

I then recommend that you contact your professional adviser, who will be able to plan with you ways of minimising your tax liability. For example, purchase of computer equipment will attract a 100 per cent tax deduction from your business profits. If you are thinking of buying a new computer then do so before March 31.

Please also take note that small employers can now get up to £825 back from the Inland Revenue! With effect from the 2004/05 tax year, employers with 50 or fewer employees are entitled to this refund if they file their PAYE Returns electronically. Again, now is the time to plan and take action in order to obtain the available refund.

Finally, as Stephen Covey said - "Begin with the end in mind" - and take steps to plan for your future.

Mark Grewer

Hunter Gee Holroyd

Club Chambers

Museum Street

York, YO1 7DN

01904 655202

Updated: 09:41 Tuesday, March 23, 2004