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Reminder – company year-end approaching? Don’t lose out
If you read my blog last month you will recall I covered the issues facing a business owner at year-end. As mentioned, this article is aimed at business owners who are approaching their business’ year end and how this might affect your personal financial planning, including your mortgage and pension planning.
As a business owner myself, I understand the competing demands running a business has on my time (the most valuable, scarce and irreplaceable resource) and my finances, both now and the future.
Your company’s year-end is a challenging time. There are the ever-present challenges of profitability, cashflow, and (getting and keeping) customers. Often, business owners don’t take the time to review, plan and take advantage of the significant tax breaks available for the future of their business and as individuals.
For business owner’s, personal and business finances are inextricably linked, one being dependent on the other. There are many allowances available to us as business owners and as individuals. Many are time limited, if we do not take advantage of them, and we have to consciously do so, the tax man will not offer them up again, we will lose them.
My advice would be to take the time now to review and assess your business’ and personal financial position. This will help you determine which allowances are available to you and how best to use them, not only for today but also for tomorrow.
We work with our clients, and their other professional advisers, to help them through the maze of choices. Often, significant gains and improvements can be achieved by changing existing arrangements and plans, without starting new plans.
If you’d like to learn more, please get in touch, and remember I will always stand the cost of our first meeting.
Thank you again for reading, I hope to speak to you soon but please do take the time to act. If you don’t, you will lose out and your future self might regret not taking action now.
Tax treatment varies according to individual circumstances and is subject to change.