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In the UK c9m people have a tax return to complete and file before 31st January or face an automatic fine of £100.

Paper tax return or filing an electronic return option (requiring a user id and password) is available for self assessment.

Preparation in collating relevant 'income / earning' (single, multiple or mixed employment / self- employment; investments / savings; off- shore accounts; capital gains / interest; pensions; benefits and property for example) forms, section information and 'relevant / original source / backup / legal proof' paperwork / documentation is of paramount importance. Remember a continuous preparation approach is easier than a deadline rush. Think paraphernalia, location (ease & access) and don't put off to tomorrow what you can do today.

A previous Tax Return gives a good starting point. Making Payments on Account and (where appropriate) a Claim for Repayment should be a consideration.

Focus on the realistic calculation and estimate - be it accurate or a guesstimate. Figure in workings, definitions and explanations where appropriate. Know the difference and allocation of Gross and Net figures.

Encompass allowances, contributions, claimable expenses (with records and receipts) and relief(s) that facilitate a reduced tax bill.

Always keep copies of all signed & dated correspondence between the HMRC and yourself. Be it a legal requirement or just for personal reference and part of a backup strategy is prudent.

September 30th following the tax return for the year ending April 5th (of the same calendar year - e.g. Sept 2008 & April 2008) is deadline for Inland Revenue to calculate your tax liability.

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Mortgage and Re-mortgage types: Fixed; Flexible; Offset; Tracker all with variable deals within them e.g. Low Start; Lifetime; Incentives & Constraint Penalties; Fees and Valuations.

Buy to Let key factors include the economy and house price forecasts, investing, capital growth, profiting, gearing, interest and inflation rates, rental income, mortgage and loan criteria costs, Markets rising, falling and uncertainty. Investors need to consider regeneration, diversification, timescales (short - term - long), opportunities and risks.

Buy to Let traditionally is c20% deposit with a rental income c125% of the monthly Mortgage Payments. In December 2005, Northern Rock had a 2 year fix at 4.99%, with a 1.5% Fee and rental income to equal or more than 1 percentage point above the Bank Rate.

Lenders and Brokers should be sought for comparisons before committing to a particular deal. Lenders / Brokers 'plausibility check procedure' before agreeing self-certified mortgage applications for example ease peace of mind.

Examples include Estate Agents' recommendations, Mortgage Express (The Mortgage Business and Mortgages Plc), TMB, Clydesdale Bank and Abbey.

Buy to Let Lenders:

Source: Savills Private Finance 0870 900 7762

For Example at 5.59% per £100,000 = £5,590 p.a. or £466 p.m.

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5.5% rate Interest Rate only Mortgage that tracks Bank Rate:

Source: www.charcol.co.uk

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UK Inheritance Tax considerations:

- Making a Will and/or revising existing Will detailing Assets, Cash and Savings of your Estate and benefactors. Considering transfers, bequeaths and legal allowances.

- Rearranging existing ownership of current assets. From Spouse and Family, Partners and Friends be it joint or whole of a specific asset. Like property and the use of 'tenants in common'. Focusing on taxation implications (Capital Gains, Personal Allowances, Income and Inheritance).

- Consider Trusts, Policies and Gifts. Wide scope covering Life Assurance to small financial gifts to pension death benefits. From lump sums to annuities. 

- Use Tax Efficient Investments that are free from Inheritance Tax. For example in July 2007, you could give your child (whom is living with you) the house / home / living accommodation / property you own and as long as that child lives in the property until you die or are institutionalised it would be classified as a potentially exempt transfer. Provided all concerned contribute to the home's running costs.

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Focus on Budgets and Financial Planning : current and future considerations impacting income and expenditure, lifestyle, property (location, improvements and maintenance), Local Economy (Public and Private marketplace, Infrastructure, population dynamics). Factoring in risks and uncertainty. Note Property values can go down as well as up, so don't rely on future property equity to finance any shortfalls in your planning.

Repayment Mortgage: Monthly bill includes both capital and interest elements.

Endowment Mortgages: Monthly bill with an interest only element with an additional payment for an endowment policy. Endowment Policies are  linked to market performance to generate sufficient profits to cover the capital/debt element. 2000 - 2005 have highlighted detrimental problems of this route.