But what’s the long term effect of losing those early year contributions?

In your 20s and 30s, retirement age seems a long way off. A house purchase, holidays in the sun and maybe even school fees all take priority over family finances and personal pension planning can easily get pushed to the bottom of the pile.

Doing your own tax return might seem like a straightforward process that could save you in accountancy fees and won’t take you long. But it isn’t, and it could cost you dear. So if you’re still tempted to do it yourself this year, it’s worth asking yourself the following questions:

You’re probably more than a little familiar with your personal tax allowance and tax band. But a survey in 2015 by the International Longevity Centre UK think-tank, revealed that a shockingly high proportion of people don’t understand fairly commonplace tax terminology, with only 20% understanding the term ‘marginal tax rate’. And the trouble is, not understanding your marginal tax rate could leave you with a tax bill well above 45%!

It’s fast becoming the impossible dream for some. Getting your foot on the property ladder or perhaps helping your children to do so is becoming a real financial stretch, particularly with all the other demands on your budget. Just saving fo the deposit is bad enough, let alone securing a mortgage once you’ve found your dream home.

Who doesn’t want something tax free? Individual Saving Accounts (ISAs) offer you exactly that: a chance to earn interest on your savings free of tax, even if you’re a higher rate taxpayer. But few people take full advantage of what ISAs can really offer.

So you’re the subject of a tax inquiry. Suddenly those folks at HMRC who hitherto have been almost impossible to get hold of, are breathing down your neck and showing a vigour and enthusiasm about your affairs that’s making you very uncomfortable. But a ‘tax inquiry’ can’t be too bad, you think to yourself as you slide the letter to the bottom of the “to do” pile and get on with more pressing business.

What do you do next?

The brown envelope is sitting on your desk and the letter inside has just informed you that you’re the subject of an HMRC tax inquiry. The chances are the bottom may have just fallen out of your stomach and you may be tempted by all sorts of reactions which may or may not include run, hide, falsify or ignore.

With ever-increasing car road tax rates and the squeeze on diesel, you could be forgiven for thinking the government hates cars. And with what feels like an increasingly complex company car tax regime, it’s not always easy to weigh up your best company motoring options.

Entrepreneurs’ relief is available to sole traders or partners selling or giving away all or part of their business. It is a capital gains relief and is also available to company directors and employees having 5% or more shareholding. If you are eligible for ER, you’ll pay tax at 10% on all gains on qualifying assets.