In the last few weeks before P35 and Tax Returns for 2010 need to be filed, taxpayers should review their situations generally to see whether it is to their advantage to accelerate income into the tax year 2009/10. After this year, higher rate income will be charged at 50% and marginal rates of tax will be even higher. Although there are cash flow consequences from accelerating income, clients need to review their individual situations to see whether these outweigh the benefits of an absolute reduction of tax by capping liabilities at 40%. If there are any concerns about this, please call the office to make a mutually convenient appointment so the matter can be reviewed.