9 Financial New Year’s Resolutions

Do your New Year’s Resolutions include losing weight? Getting fit? Spending less time scrolling?

All very laudable and probably the same as last year. And the year before.

So how about some new ones, which are achievable, ultimately time-saving and which will make your life simpler.

1. Improve your document management.
   • Keep your income and investment information together by tax years, ready for your self-assessment filing before 31st January
   • Sort out your personal account details and keep in one place (financial, social media, insurances, wills, power of attorney) to help your executors when the time comes.
   • Use software to keep your business admin simple:
     • Landlords can use software designed specifically for them to match tenants/properties/bills/certificates and incomes.
     • Moving to cloud accounting enables you to keep track of your business in real time through your phone. Great examples are Xero and Sage, or if you feel that your business is too small for them, DEXT is a vast improvement on a biscuit tin for your receipts!
2. Improve your work-life balance. Focus on what you’re good at, and farm the rest out to specialists who can do it faster and better. From outsourcing your payroll and company accounts to sorting out your self-employed income tax situation, it’ll pay off in the end.
3. Save money. By this, we mean pay less tax. For example – ask us for a review of your tax affairs and we can show you some simple steps to reduce your tax burden.
4. Learn a new skill. From learning a new language to embarking upon a whole new career, it’s never too late. How about training as an accountant?
5. Pledging a percentage of your income to good causes. The good news is that for higher income earners, you could also get a tax rebate on your gifts when you complete your self assessment tax return.

Businesses resolutions:

1. Improve your company’s finances – forecast your cashflow and see how you can improve it. Or just ask for general business advice.
2. Consider how to grow your business
3. Start a new business
4. Obtain grants or finance your business in novel ways EIS SEIS R&D EOT

Whatever you choose to champion this year, we wish you success. If you need a little help or advice along the way, please get in touch.