Financial Planning for 2018

Many of us look to make changes in the new year, and it pays to ensure that these changes are viable, and not simply made for the sake of making changes. This is especially true in business – it pays (quite literally in some cases) to have the services of a chartered accountant in North Wales to hand in a series of transactions and decisions throughout the course of your business.

A good chartered accountant will ensure that your savings, your investments, and also your livelihood is not left to chance and we’ve put together a small list of pointers in order to discuss with your accountant or your business advisor at the closest possible opportunity.

Firstly, before you speak to anyone, you’ll want to consider your goals. A good review of your long and short-term financial goals can do wonders before you speak to anyone, as only you have the insight into your livelihood in order to ascertain if they are still relevant to where your business is going, what is still attainable, and what isn’t.

Even though the Autumn Budget 2018 has been and gone, it is important to know that even though things are changing, they are not going to change until April 2018. With year-end taxes approaching as well, you still have plenty of time to use your ISA allowance and it can save you quite a chunk of change in order to do so.

We believe that an investment portfolio should be reviewed at least twice a year. For those with more focus on the here and now than portfolios, perhaps we can allow once a year. Perhaps. Year end is the very best time to dust off the investment portfolio and take a closer look at your underlying assets, in order to ensure that they work for you still – and not anyone else.

Inheritance Tax is something that affects both the wealthy and the not-so-wealthy, and ensuring that you take appropriate advice from your accountant with (completely legal) ways to mean that the taxman gets a slightly smaller wedge can be the difference between “not so bad” and getting caught with your pants down. Likewise, reviewing your mortgage is a very good thing to do at the end of the year – while of course sometimes you can’t do anything about your commitments, it can often be beneficial to take a look at what’s out there.

The financial crisis of 2008, believe it or not, is still being felt, and it feels recently that all lenders desperately want to lend. A better deal on the biggest financial commitment of your life (next to your business) can never be a bad thing.

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