financial advice / 5 posts found
6 Reasons To Look at Your Financial Reports
Making time to look over your financial reports each month is an important task for any business owner. If you are not taking the time to do this, either because you’re too busy, or perhaps you don’t really understand what you’re looking at and it doesn’t make sense to you, then here are 6 reasons we recommend that you should start to. But before we get our 6 reasons, let’s talk very quickly about which reports to look at. At a bare minimum, and depending on the complexity of your business, you should be looking at the following: The Profit [...]
Don’t despair of your debt
Being in debt can be scary, and you can feel helpless. But help is at hand. The most important thing is to talk to someone. This can be your accountant, or it can be a debt charity such as StepChange. A Debt Relief Order (DRO) can help people to improve their debt situation, though it is important to understand the consequences of such action. The first DRO was approved 10 years ago in April 2009 with the aim of assisting people with small levels of assets and little surplus income deal with their debts. Since then, the Insolvency Service has [...]
Green light for pension dashboards
The government has given the green light to allow pension providers to create user-friendly services that display pension information for individuals on-line. Savers will be in the driving seat with all the facts and figures about their pensions and potential retirement income at their fingertips in one place for the first time - on smartphones, tablets and computers. Work and Pensions Secretary Amber Rudd said: With record numbers saving for retirement as a result of our revolutionary reforms, it’s more important than ever that people understand their pensions and prepare for financial security in later life. [...]
Tax-free property and trading allowances
Since April 2017, you can earn £1,000 from a trading activity and £1,000 of property related income, without being liable to income tax. These tax-free allowances on property and trading income are useful as families can generate an extra £2,000 a year of income without increasing their tax bills. Obviously, these small amounts will not be a replacement for your day-job, but they do contribute to financing your monthly bills. What property income could this cover? You could rent out: your drive as a parking space if you live in an area where parking spaces are at a premium, [...]
Is this a good time to invest?
This article considers the question: should businesses invest in new equipment or other long-term capital acquisitions at this time? In truth, no one knows what the impact of the Brexit will be? Brexiteers believe that the floodgates will open, and the rest of the world will rush to buy our goods and services whereas Remainers, expect recession to return when the EU drawbridge is lifted. No doubt the reality will sit somewhere between these two extreme points of view. With these uncertainties nonetheless present, is this a good time to consider investment in new plant and equipment [...]