A word from the office - January edition

Happy New Year!

Have you set some New Years Resolutions? You may have seen, as a team many of us are keeping fit in 2024. We have agreed to run twice a week for 30 minutes and if one of the team doesn’t turn up, they have to donate to a charity of their choice – Win Win!

With that in mind, setting financial New Year's resolutions is a great way to take control of your financial well-being and work towards achieving your monetary goals. Here are some common financial New Year's resolutions that you might consider:

1. Create a Budget:  Set up a realistic budget that includes your income, expenses, savings, and debt repayment. Use tools and apps to help you track your spending.

2. Emergency Fund:  Aim to build or strengthen your emergency fund. Financial experts often recommend saving three to six months' worth of living expenses.

3.  Debt Reduction:  Develop a plan to pay down high-interest debts. Focus on credit cards or loans with the highest interest rates first while making minimum payments on others.

4. Investing:  Start or review your investment strategy. Consider consulting with a financial advisor to ensure your investment portfolio aligns with your financial goals and risk tolerance.  Taking advantage of allowances such as the £20,000 annual ISA allowance.

5. Retirement Planning:  Contribute regularly to your retirement accounts, such as your personal or work based pension. If possible, increase your contributions to take advantage of compounding interest over time.

6. Review and Update Insurance:  Review your insurance coverage, including health, life, and property insurance. Ensure your coverage meets your current needs and make adjustments as necessary.

7. Educate Yourself:  Invest time in learning more about personal finance. Read books, attend workshops, or follow reputable financial blogs to enhance your financial literacy.

8. Negotiate Bills:  Contact service providers to negotiate bills such as cable, internet, or insurance. You may be able to get better rates or discounts.

9. Regular Financial Check-ins:  Schedule regular check-ins to review your financial progress. This can help you stay on track and make adjustments as needed.

10 . Tax Planning: Stay informed about changes in tax laws and consider tax-efficient strategies. Maximize contributions to tax-advantaged accounts and take advantage of available tax deductions.

11. Charitable Giving:  If possible, allocate a portion of your budget for charitable giving. This not only helps others but can also have potential tax benefits.

Remember that the key to successful financial resolutions is consistency and discipline. It's also important to be adaptable and make adjustments as needed throughout the year.

The value of an investment with St. Jame’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is generally dependant on individual circumstances.

We’re Moving

The Team are busy getting the new office ready. Don’t worry, we’re not going far, next door in fact and we don’t mean the building next door, literally the room and we can’t wait to show you what we have been working on at your next visit. 

Monthly Headline from Quayside

For directors of companies, end-of-year tax planning can provide several financial benefits. Here are three key advantages:

1. Optimised Personal Income Tax Liability:

• • Directors often receive compensation in the form of salaries, bonuses, and other benefits. Through effective year-end tax planning, directors can strategically manage their personal income tax liabilities.

2. Tax-Efficient Dividend Planning:

• • Directors who receive dividends from their company can benefit from careful end-of-year tax planning.

3.  Retirement and Pension Planning:

• • Directors often have unique opportunities for retirement and pension planning. Year-end tax planning can involve maximizing contributions to retirement accounts, such as Individual Retirement Accounts (IRAs) or other pension plans.

It's important for directors to work closely with tax professionals or financial advisors to tailor their end-of-year tax planning strategies to their specific circumstances.

Further Insights

If you’re interested to read further, we also have more useful information on our website which can be found here.

Upcoming Events

DocPortal Webinars – 6th February and 16^th February

Contact your Adviser

If you’d like to discuss more about this month’s topic please book a call with your adviser here.

Alex’s Diary                                               Amelia’s Diary                                                Liam’s Diary