GovInvest’s Post

The new financial year began on the 6th of April, are you organised? 👀 These are our top tips for getting organised now the new financial year is here! 🙌🏻 🌟 Review your finances - ensuring your business finances are accurate will help you enter the new tax year with your best foot forward. 🌟 Make the most of your allowances - Collating a list of tax-deductible expenses with receipts is a good place to start and is available for almost any type of business. 🌟 Payroll and benefits - If you have employees, then checking that payroll records are up-to-date and accurate is important. You don’t want to carry over any errors into the new tax year. 🌟 Review and refresh your business plan - Updating your business plan ensures that the information is up to date and in line with the changing goals of your organisation. 🌟 Financial health check - Plan ahead for tax. Top up your ISA. Check your tax code. Set financial goals. Review expenses. Add to your pension. Make the most of capital gains tax exemption. 🌟 Pension contributions - Reviewing both your personal and, if applicable, your employee pension contributions can have tax advantages. Don’t forget to save this post for later! 📌 And, if you need support heading into the new tax year - we’re here to support you however you need! 💜 Book a discovery call today to chat more about how M Squared Accountancy Ltd can work with you. 👇🏻 https://bit.ly/46oicsq #FinancialYear #TaxSeason #OrganisedFinances #TaxTips #FinancialPlanning

𝐁𝐢𝐭𝐞𝐬𝐢𝐳𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐞𝐰 𝐁𝐮𝐝𝐠𝐞𝐭 𝐚𝐧𝐝 𝐀𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞𝐬 👀 👇 𝐏𝐞𝐧𝐬𝐢𝐨𝐧 𝐓𝐚𝐱𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐯𝐢𝐬𝐢𝐨𝐧𝐬 💰💰   ·     Lifetime Allowance: Abolished, effective from April 6, 2024. ·     Annual Allowance: Remains at £60,000, providing increased scope for tax-efficient retirement planning.   𝐈𝐒𝐀 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐜𝐡𝐚𝐧𝐠𝐞𝐬 💸💸   ·     The main change is that from the start of the new tax year – 6 April – the government will allow multiple subscriptions to ISAs of the same type. Under the current rules, you can only open one type of ISA each tax year: cash, stocks and shares, or innovative finance. ·     There’s also the Help to Buy ISA, but this is no longer available for new subscribers   𝐄𝐧𝐡𝐚𝐧𝐜𝐞𝐝 𝐈𝐒𝐀 𝐀𝐥𝐥𝐨𝐰𝐚𝐧𝐜𝐞𝐬: 📈📈   ·     Additional Allowance: A new £5,000 allowance specifically for investments in UK-listed shares, aimed at bolstering the domestic market. ·     Aggregate Annual Limit: The total annual ISA contribution cap is now £25,000, inclusive of the new allowance. 𝐓𝐞𝐜𝐡𝐧𝐢𝐜𝐚𝐥 𝐑𝐢𝐬𝐤𝐬 𝐀𝐬𝐬𝐨𝐜𝐢𝐚𝐭𝐞𝐝 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞 £𝟓,𝟎𝟎𝟎 𝐈𝐒𝐀 𝐈𝐧𝐜𝐫𝐞𝐚𝐬𝐞: 🦺🦺   ·     Concentration Risk: Heightened exposure to UK market fluctuations due to increased investment in a single geographic region. ·     Market Dynamics: The variable performance of UK equities post-Brexit necessitates a strategic approach to capitalise on this new allowance. ·     Liquidity Factors: The potential for reduced liquidity when focusing on individual equities as opposed to diversified investment vehicles.   𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐜 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐏𝐥𝐚𝐧𝐧𝐢𝐧𝐠: 📈📈   ·     These updates necessitate a nuanced understanding of the interplay between tax efficiency and investment diversification. Our team Clarity Wealth Limited is poised to provide bespoke advisory services to navigate these changes effectively.

Our summary of the recent Spring Budget!

What might the Spring Budget mean for investors and personal wealth planning?   Our full summary covering all the announcements and allowances, which were unveiled by the Chancellor yesterday, can be seen here: https://lnkd.in/ez84PJnW  Capital at risk.   A Budget reinforces the importance of a tax optimisation strategy. If you would like to discuss any of the points raised, or your wider financial position, please get in touch.   #PWM #springbudget2024 #financialplanning

Unpacking Jeremy Hunt's Autumn Statement: Implications for Your Finances Today, we delve into the financial landscape as we dissect Jeremy Hunt's recently released Autumn Statement and explore what it means for your money. Key Takeaways: Economic Outlook: Hunt's statement began with an overview of the economic landscape. Despite global challenges, he expressed optimism about economic recovery, citing increased consumer spending and business resilience. Taxation Adjustments: One of the notable aspects is the proposed adjustments to taxation. Hunt outlined plans to streamline the tax code, with potential implications for individual and corporate taxpayers. It's crucial to stay informed on how these changes might impact your financial situation. Investment Opportunities: The statement highlighted sectors poised for growth, signaling potential investment opportunities. Whether you're an individual investor or part of a larger financial institution, identifying these sectors could prove beneficial for your portfolio. Social Welfare Measures: Hunt emphasized the government's commitment to social welfare, unveiling plans for targeted spending in key areas. This includes initiatives to support job creation, education, and healthcare. If you're involved in these sectors, these developments might have a direct impact on your work and investments. What It Means for You: Personal Finances: Take stock of your personal financial situation and assess how potential tax changes could affect you. Consult with financial advisors to make informed decisions. Investment Strategy: Consider aligning your investment strategy with the identified growth sectors. Diversification remains key, but a nuanced approach can capitalize on emerging opportunities. Stay Informed: Given the evolving nature of economic policies, staying informed is paramount. Follow updates from reliable sources and engage in conversations within your professional network to gain insights. In conclusion, Jeremy Hunt's Autumn Statement carries implications for various aspects of our financial landscape. As responsible professionals, let's stay vigilant, adapt our strategies, and navigate these changes with informed decisions. Wishing you financial prosperity and success,

Article of the Week: Active Versus Passive Analysis indicating whether active or passive investing delivered better returns in 2023. https://ow.ly/vL6S50Tqfxs #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

“How much % of my salary I should save?” is the most common question I have been asked and here I was thinking that the basics of personal finance have been solved by “thumb rules”. I'm consistently surprised by the topics that capture the most interest during our financial planning sessions. While we cover a wide range of financial aspects shortly in the first 15 minutes, we then deep dive into two specific topics - one chosen by me, and one chosen by the audience. I expected the audience to demand an explanation about complex subjects like retirement planning or product selection. However, half of the audience is interested in fundamental topics like cash flow analysis, savings, and budgeting.    Of course, to make the session balance, we do discuss more advanced topics as well. The thesis of personal finance is very personal and can’t be standardized by some “ballpark figures” that have been validated so many times in the past couple of months. That’s why in our sessions we talk about the things that will help you to figure out your path of managing finance, and about the things that will give clarity and confidence. We are planning to hold such sessions in future, and if you are keen to attend them, fill in the form in the comments. #personalfinance #springmoney #financialplanning  

Article of the Week: A new calculation to consider Strategic consideration has to be given to the increase in contributions caps to take effect in the 2024/25 income year. https://ow.ly/WsJN50RuiPR Colonial First State Craig Day #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

The general transfer balance cap will stay at the current level for the next financial year, but contribution cap changes will add confusion to bring-forward thresholds https://ow.ly/z9Te50Qw93R Colonial First State Craig Day #SMSF #financialplanning #financialservices #ausbiz #accounting #superannuation #smsmagazine

5 Essential Planning Tips for the New Financial Year 1. Review Tax Changes Stay updated on the latest ATO regulations. Changes can impact deductions, credits, and rates. 2. Optimise Deductions Identify all eligible business deductions to minimise taxable income. Don't miss out on operational expenses, employee wages, and super contributions! 3. Cash Flow Management Forecast cash flow to meet tax obligations without strain. Include GST, PAYG instalments, and BAS reporting in your planning. 4. Superannuation Contributions Maximise super contributions within the concessional cap for tax concessions and a stronger retirement fund. 5. Business Structure Review Assess if your current business structure is still tax-efficient and legally appropriate. Plan ahead and set your business up for success this financial year!