Contents:
- Editor's welcome
- Dave Richardson: Man of Rochdale 2023
- Best in region for Rochdale BNI
- Wardle’s rare George V post box
- Access all areas at Hopwood Hall
- BLOKES at Hare Hill House - a safe space for men to socialise
- Hairdressing trend - Wednesday's bangs
- Benches for new Town Hall Square inspired by global fabric designs
- 11 years of bespoke slow fashion at Violet Flamingo
- Triple layer Easter traybake
- Rochdale Riverside Brick Show
- Nature’s Elements: discover your inner magic
- Historical follies photographed from unique aerial perspective
- Lamb shanks with mashed potatoes and roasted root vegetables
- Springhill’s Volunteer Appeal 2023
- 10 years of comedy with ACE LIPS
- Seasonal small business markets at Hare Hill House
- The financial habits to make 2023 less taxing »
- Ian Henderson becomes Dale’s all-time record goalscorer
- Gardening tips for spring
- Legal changes ahead for businesses
- Dani Burke: mental wellness through art
- Why spring can still get up your nose
Spring 2023The financial habits to make 2023 less taxing
Good money management habits are at the heart of personal financial wellbeing. They make us feel more confident and in control of our finances, as well as keeping us on track to achieve our long-term goals.
Getting into good tax and financial habits help make your life so much easier. The key is to form new habits that make your good intentions stick, so they become second nature.
Atomic Habits (by James Clear) is a brilliant book that really helped me personally and professionally define and understand my own habits, both good and bad.
Here are a couple of tax-smart habits to get into this year:
Make the most of your allowances
Making the best use of your tax allowances helps to make your money go further. Many of us have ISAs, but there are other possibilities that are sometimes overlooked and left unused.
Make sure you’re not missing out on the allowances that you can benefit from. Are you using what you’re entitled to, such as ‘carry forward’ on your annual pensions allowances, or your gifting allowance?
Did you know for example that, in addition to the maximum £40,000 tax relief allowance on pension payments, HMRC will let you carry forward any unused allowances from the three previous tax years – starting with the earliest tax year first.
Or that you can make up to £3,000 worth of gifts in a single tax year that won’t be counted as part of your estate when it’s time to pay inheritance tax?
Find out what’s available and what you could benefit from. You don’t want to miss out on a real tax-saving opportunity.
Speak to a financial adviser on a regular basis
If you’re not already taking financial advice, this is perhaps the best habit to get into. Financial advice helps you stay on track for your long-term goals, and gives reassurance as well as practical, clear advice in more challenging economic times like the present. Financial advice could be the step that will help you drive other good financial habits.
A regular check-in with your adviser will give you the momentum to keep on top of everything. They help guide and support your decisions, remind you of your options, and ask the questions you need to think about.
This year set some good money habits that will become second nature to increase your financial wellbeing, and stand you in good stead for the future.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than you invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.
About the writer
As director of Front Row Financial, Steven Worrall provides a truly holistic approach that demystifies financial advice and puts you in control, with tailored solutions and ongoing support to help you achieve your financial and lifestyle goals.