New Year Money Resolutions 2017.
We have created a New Year Money Resolutions Action list below to help you work on some financial resolutions for 2017.
Financial Services Compensation Scheme protection increases back up to £85,000 from £75,000 for deposits - make sure you do not have more than £85,000 under any one banking licence (or £170,000 if joint names) - do it now
Self-Assessment Returns – deadline for 2015/16 is 31st January 2017. HMRC have increased their fines. Get your records together now.
High Earner Pension contributions before tax year end. Remember higher earners are restricted on how much you can pay into a pension. Tapered/Reduced Annual Pension Allowance started in April 2016 for those with adjusted income over £150k pa and those with 'net' income over £110k. You need to make sure you or we have done all your calculations for carry foward unused relief from last 3 years to try and protect from excess tax penalties.
Credit Cards – review interest rates charged – pay it off? Shop around for zero interest balance transfer deals.
Bills Account – managing your budget with a separate bills account – gain control and balance of funds left are then your fun money, leisure money, Christmas account, holiday account
Small Business Owners: Between now and April is your time to sort out Auto-enrolmnet for work place pensions. April 2017 is one of the last "staging dates" you need to act now!
Cash flow forecast – look at income and expenses and project them forwards with goals, targets and objectives
Protection – review life insurance, income protection, critical illness protection. What if scenarios. February. How will you or family cope with death/illness. Use our calculators.
Financial Adviser – talk to your financial adviser regularly – set this as a must do subject on 1st March of that first week in March so that you can make sure you have used all your allowances.
ISAs – use your annual allowance up in March, plan for ISA this year and the new tax year 6th April 2017
Traffic Light Alerts: Get involved, be proactive. Markets rise and fall. Traffic Light Investment Alerts. Buy low, sell high regularly.
Bank Accounts – review charges, review benefits. It is easy switching acciounts now.
Pension contributions: Target funding – review your pension and set a target, a plan to work towards amd use some or all of your pension annual allowance to maximise tax relief. Whether you just save an addition £80 or £8000, your still get 20% added, taken them up to £100 and £10,000 respectively. Deadline 5th April.
Buy to Let Properties - make sure you have all your property expenses in order and "spent" before end of March, this is the last year that you can get full tax relief on property expenses, April 2017 means expenses relief is being phased in and restricted to 20%
Capital Gains Tax Allowances – use it or lose it before the end of the Tax Year.