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You are likely to have many financial goals in life, and deciding how to meet those goals requires careful planning.
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Effective tax and financial planning plays a central role, not only in lowering and deferring the tax you pay, but also allowing you to free up cash for investment, business or personal purposes, and helping to provide long-term financial security for you and your loved ones.
This guide introduces some of the key areas that should form part of your financial planning strategy. However, your exact requirements will depend on your individual circumstances, so please contact us for one-to-one advice that is tailored to your needs.
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How to benefit from our services
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Please read those chapters which are relevant to you |
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Make a note of the key points arising from this guide, and any action you may wish to consider |
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Contact us as soon as possible to discuss your action points, and to review your long-term financial plans. |
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We will be delighted to assist you. |
Foreword: Planning in a Recession
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During times of economic difficulty, it is more important than ever to have in place sound tax and financial strategies to protect your business and your personal wealth. |
Key business strategies
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Some key business strategies to consider during a recession include: |
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Keeping on top of credit control
It is essential to exercise proper credit control procedures. This includes performing credit checks on new and potential customers, invoicing promptly, and employing a rigorous debt collection policy. |
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Keeping on top of costs
Consider areas where you might save business costs. Carry out an energy audit to look for areas where energy might be wasted, and consider a change of supplier. Check stock levels – are you carrying more stock than is sensible? |
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Managing cash flow
Cash flow can be a significant problem in times of economic stagnation. Drawing up a realistic cash flow forecast and carefully monitoring cash flow will allow you to identify potential points of difficulty and take the appropriate action before your business becomes vulnerable. |
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Forward planning
Planning and monitoring performance can help you spot a crisis before it breaks – taking a step back from your day to day work to see how the business is shaping up could be the key to your business survival. |
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We can work with you to plan for your business’s future. |
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Contact us for advice on a range of tax-efficient strategies for your business, including: |
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minimising your business taxes |
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making the most of capital allowances |
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reducing company car costs |
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accelerating expenditure into the current year, or deferring income into the next. |
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Protecting your personal wealth
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In a time of recession, you also need to ensure that you are making the most of your personal finances. Saving for the future has become increasingly important, but in some ways more difficult, as a result of recent economic trends. To boost your personal wealth in the short term, you may look for ways of reducing your regular outgoings. |
Reducing spending costs
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Strategies to reduce your spending costs may include: |
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switching credit card suppliers to take advantage of interest-free periods |
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changing your utility provider |
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introducing energy-efficient measures in the home. |
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Your income and personal wealth can also be significantly reduced by regular income-related taxes, and more periodic taxes, such as capital gains and inheritance tax. As your accountants, we can help you to: |
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save money tax-efficiently |
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make the most of personal allowances |
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extract profit from your business |
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review your pension arrangements |
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reduce your inheritance tax liability |
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spread your tax payments. |
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Contact us to review your financial strategies in the light of the current economic climate. |
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Notes: |
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The general effect of the Civil Partnership Act is to treat civil partners on a consistent basis with married couples. For the purposes of this guide we have on occasions referred only to spouses. |
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HMRC’ refers to HM Revenue & Customs. |
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This publication has been based on current understanding of legislation. It is for general information only and under no circumstances should action be taken without first seeking appropriate professional advice. |
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The 2009/10 Tax and Financial Strategies guide is for general information only. No responsibility is taken for any action taken or refrained from in consequence of its contents. |
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Figures and regulations are subject to change throughout the course of the tax year. Contact our office for the latest rates and information. |
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We can help you with a wide range of tax and financial planning areas. You should always seek professional advice before acting. |
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