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Happy New (Tax) Year

Posted by on in Financial Services Blog
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For some reason unbeknown to me people don’t celebrate the new tax year in the same way they do the new calendar year. Much to my disappointment there are no parties, fireworks or singing of Auld Lang Syne and my lobbying for even a single bank holiday for the new tax year’s day (let alone the two the Scottish get for the calendar new year) seem to be falling on deaf ears! The other thing that I think should happen is New Tax Year’s resolutions. Here are my suggestions to start with:

Start saving for your retirement – the longer you put this off the more it is going to cost you in the long run. Unless you’re going to be able to survive on £7,000 a year from the government and a small amount extra through your auto-enrolment pension, you’re going to have to take responsibility for yourself and get saving.

Stop wasting money on out of date insurance policies – this could mean “rebroking” mortgage protection policies where the sum assured has decreased but the premium has not or cancelling extended policies that cover things you no longer own.

Start your tax return early – over 1 million parents now need to do a tax return because of the removal of child benefit for those with a “high” earner, many of whom have never needed to do one before. Submitting the return earlier gives you plenty of time to deal with any queries as well the chance to budget for any tax that is due.

Stop smoking – as well as being bad for your health it’s expensive, not just in terms of the cost of a packet of cigarettes but also in terms of the extra it costs you in life and health insurance premiums. With most insurers once you have not smoked or used nicotine replacement products for a year you are a non-smoker so if this applies to you - review your policies.

Start using your allowances – there are a number of “use it or lose it allowances”, everyone knows about the cash ISA allowance but don’t forget to at least investigate using your investment ISA allowance and your capital gains tax allowance.

With resolutions out the way I’m off to find a suitable song to sing at midnight on 6th April next year, feel free to send me your suggestions.

Happy New (Tax) Year

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