Financial resolutions for the New Year

Kick start your financial well-being in 2024 with our quick guide on effective financial resolutions:

1 – Be compliant - know your tax liabilities (income or capital gains) to plan for payments in good time, pay on time to avoid interest and penalties and arrange a payment plan if required to reduce pointless charges. 

2- Be savvy - save for your tax bill out of the income that incurs the liability. Don’t make the mistake of paying out of future income, as if this reduces you will still have to find the tax. Instead earn some good rates of interest on the savings. 

3- Pay the right tax at the right time - is your tax code correct and are your payments on account for 2023/24 too much or too little? Checking or discussing this with us can provide more peace of mind. 

4 – Can you save income tax - make tax efficient investments such as ISA’s and pensions, EIS and VCT’s – get advice on what is best for you. 

5 – Reduce the costs of an enquiry - are you insured for accountancy costs on any enquiry for income and capital gains tax for individuals and corporation tax, PAYE and VAT for businesses? Peace of mind is cheaper than you think!

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