It is advisable to do some planning a few months in advance but it's never too late to start now !
Take inventory of all your receipts for your expenditure last year.Do up a personal account statement.This should give you an idea of your actual income and expenses.
Categorise all your expenses into deductible and relief allowed by the Tax returns.
Check the Tax hand book (its available for free) for deductibles and relief allowable for current returns to maximise those deductibles and relief by noting the figures and compare them to your accounts by marking those allowable and noting which you might miss out in the accounts by adding them to the allowable figures.
It's not that difficult, however if you have trouble and you are running a business then things could get complicated. Remember the Tax agent only put in the figures you give him.You must be able to get the accounts done yourself or at least have a simple record of what was your income,personal expenses,business expenses,capital gains or lost,gift and donations before seeing the Tax agent.
Good luck and if you are still not sure what have gone in and out of your pocket and how do you treat them as far as Tax is concern than get professional help immediately.
Disclaimer:The above article does not constitute or be liable to effect your tax in anyway nor does it claim as a Tax advise that guarantee of your success to reduce your tax in any way what so ever.We will not be liable in any way should any loss be incurred by you from following the above advice.
An Article by:
Rodzman b Abdul Rahim,
Chartered Financial Consultant(ChFC)
Syariah Registered Financial Consultant(SRFP)
Registered Financial Consultant(RFP)