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Most of us understand the benefits of investing tax efficiently. Using the tax allowances, such as ISAs, provided by the government each year means we can avoid paying unnecessary tax. However, many of us are missing out on the valuable tax savings available through our pensions.
If you read my blog last month you will recall, I covered the issues a business owner faces 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.
Approaching 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 can be too close to the tree to see the wood, let alone the forest! What is essential, however, is to take the time to review, plan and take advantage of the significant tax breaks available to us as owners for the future of our business and us as individuals.