Between now and the end of the tax year.

Well hopefully if you have to complete a self assessment tax return you will have completed and submitted it online. If not you might be in for a shock, fine and interest on the outstanding tax due.

However we have to remember that the 2010 -2011 tax year is not yet over and you should review your finances to make sure that you have made the most of any tax breaks that are available to you.

The cost of living is going up (oil is now at its highest level since 2008, due to the riots in Egypt) and it’s likely that inflation will continue to rise in 2011. The concerns with inflation, unemployment and low growth seems enough to get anyone down, but there are things you can do to help your situation.

1. Review your income and expenditure. Cut out necessary spending (such as reviewing your life cover) and think about ways of increasing your income.
2. Review the amount of tax you pay. Take advice from a tax planner.
3. Make your investments work for you. Get an investment management specialist to review your investments. It’s not just about the return you get, but also the level of risk you take to get the return.
4. Review your cash flow. This will help you plan for the future.
5. Get good financial advice.

Hopefully if you manage to tackle these points life might be a little easier in 2011.