Why It’s Good To Talk In February
As accountants, we always breathe a sigh of relief when February comes along and all our clients’ Self-Assessment Tax Returns have been completed and filed with HMRC. While we’re always ready to support your business plans, we typically have more time to chat after the, sometimes frantic, run up to 31 January deadline.
February is the perfect month to help you to take the long view of your company and provide you with a route map for your business, as well as setting financial goals, creating budgets and planning strategies for the rest of the year.
It is also the best time to consider how you can make the most of any unused allowances and exemptions. There are a range of options from maximising personal allowances, Capital Gains Tax and Inheritance Tax exemptions, through to transferring allowances between spouses and making tax-efficient pension contributions.
If you’re thinking about starting a new venture, then February is a pretty good point in the year to launch a business. From an aspirational point of view, the weeks leading up to spring seen like the ‘right’ time to launch something. We’re coming out of winter and there’s new growth to be seen everywhere and seeds to be sown. It’s a period of the year which symbolises renewal and new potential. The increasing amount of daylight could well ramp up your motivation level too!
In addition, there are practical and financial reasons to launch in early spring, particularly if you’re looking to set up a limited company. When incorporating a limited company, the company year-end will usually be on the last day of the month in which it was incorporated. A year-end of 31 March ties up well with the tax year ending on 5 April and just makes business life a bit more straightforward.
This time of year is the ideal time to have a catch up and review your affairs, whether business or personal. Please call our team on: 01892 513515 or email: info@lewisandco.biz