I Have Done My Tax Return, Now What?

I have done my tax return, now what?

 

So the first thing to do is to congratulate yourself.

 

Completing your tax return, or doing the figures, is an accomplishment to be celebrated.

 

So Congratulations.

 

Secondly, grab a nice cup of tea or whatever your prefer, get your figures out and have a look at them.

 

So what we are looking at, is from a numbers perspective.

You know how the year went, you were there.

Now we are looking at, what was the result of all that, in numbers.

 

If you get your figures out and look. What worked? What went well? What made money?

 

Second question, what didn’t work? What didn’t make money? What did you think was going to work but didn’t?

So essentially, What worked? What didn’t work?

 

Lastly, now you know that.

What are you going to do differently this year?

That can be really useful to look and one of the reasons to do your tax return in April.

 

What would you do differently this year, having looked your figures?

 

The very last thing to do, is to take your figures and put them conveniently in a file. I have one here marked tax.

 

The idea is to put your figures somewhere you can find them.

 

The other thing I do for the more advanced users is at the front of my file, I list how much tax I have to pay, so I know in January.

Also so I can look at a glance how much tax I have paid over the last few years. It is really handy.

 

That’s it, Congratulations.

 

Doing this now will save you so much time and money next year.

 

Thank you for watching.

 


Relaxing Tax Returns

 

Relaxing Tax Returns

 

I am always looking for ways to feel good around money.

 

One of the surprising ways I have found is, yes I know, doing my tax return in April.

 

One of my clients turned up and she was so relaxed and calm.

 

I asked her “how come?” and she said “I have just done my tax return.” and I thought yes, I would like that feeling.

 

I have done my tax return in April ever since.

 

Now you could be one of the half a million people who wait until the very last day, 31st January, to do your return.

 

Or one of the 2000 people who do it on Christmas Day – not sure about that.

 

Personally, I like to get to the end of the tax year, gather everything together and do my figures.

 

Then start the new tax year fresh.

 

Not worrying I am going to find a receipt in 18 months’ time and trying to think ‘what on earth was that for?’.

 

Sometimes I pay at the same time, if it is a small amount.

 

Mostly I put a few reminders in my diary, not to spend the money at Christmas and to pay in the New Year.

 

Thank you for watching.

 

 


Is There Anything I Need to Do With My Business Before the End of the Tax Year on 5th April 2017, in the UK?

 

Is there anything I need to do with my business before the end of the tax year on 5th April 2017?  (UK)

 

Now this is the time of year accountants and financial advisers get very excited, they are also quite often busy.

 

It is all to do with Tax Allowances, which I know sounds really boring but it is essentially the government’s way of encouraging us to do things , like savings and pensions and other things like that.

So before you glaze over and switch off.  I have made it as simple as possible.  So you can start your journey of understanding these things, because they are important and will provide for your financial future.

 

Let’s face it, most of us don’t get up in the morning going yeah! Let’s sort out our savings and pensions and tax allowances, how exciting!

 

So simple, so clear, let’s go.

 

If you bring home to you, less than £11,000, from all your jobs and businesses. That’s £11,000.

 

Here are my suggestions to consider.

 

Firstly

Putting some money in an emergency savings account – you know it is important, well now is the time to create or add to your emergency savings.

 

Secondly

To check your eligibility for the state pension, before you go ‘nooo, not relevant’ and dismiss it.

 

You only need 30 years of national insurance now to be eligible and if you are self-employed, it is actually a really good investment.

 

One they are probably going to change in a few years, so worth looking at this year.

 

This is the one thing I recommend you do – get a statement from the government on where you are with your state pension. click here to apply

 

So check out your state pension as it is a very good investment particularly when you are self-employed.

 

Lastly

Married Couples Allowance

I know it sounds archaic but was brought in by David Cameron and not of lot of people know about it.

It will give you £220 a year, so worth considering.  You can just apply online.

You are eligible if one partner is earning less than £11,000 and one partner is earning over £11,000.

Click here to apply.

 

I know, but you want to know these things, don’t you!

So that’s clear, if you are earning £11,000 or less. You can find out more on www.gov.co.uk

 

Let’s look at if you bring home over £11,000?

 

I have a few more tips to include.

 

The more you earn, the more important these things are to look at.

 

Firstly

Back to savings again – it is even more important now, that you have emergency savings.

When you earn over £11,000 you might want to put the money into an Individual Savings Account (ISA).

You will probably see lots of TV advertising and print advertising saying ‘Use your ISA Allowance’.

 

It is a place to put savings where we don’t get taxed, so well worth it if you pay tax, that’s an ISA.

 

In fact, the government has started a new Lifetime ISA if you are under 40 to encourage young people to save.  It is even better than a standard ISA.

http://www.moneysavingexpert.com/savings/lifetime-ISAs

 

Secondly

The second thing is a personal pension.

It is incredibly tax efficient to put money in a pension.

The government actively wants us to do it.

So once you start earning over £11,000 and definitely when you get to £43,000, you want to be putting money in a pension and providing for your future in some way or other.

 

Would recommend a financial adviser here or starting off with one of the simple ones, again check out https://www.gov.uk/personal-pensions-your-rights

 

Lastly

This is a business one

If you are about to make an expensive purchase anyway?  It can be worth consciously deciding which tax year to buy it in, either before or after the 5th of April.

Accountants get quite excited about this.

 

In conclusion

So that is it, not perhaps as complicated as you thought?

 

As I said, we never wake thinking, ‘let’s do the really complicated stuff today’ but it is worth it.

 

On this blog, as well as including the exciting things, I wanted to cover some of the more difficult things, people avoid, put off and generally blank!

 

The action for the end of the year,

well there is nothing you have to do but providing for your financial future is highly recommended.

 

Take one action today towards your future.  Put some money in savings and/or order your state pension statement.

 

Thank you very much for watching this, I have much respect for you watching these videos, particularly when they are about more difficult subjects. 

Thank you.  Jenny

 

 


Get Out of Debt Forever

Get out of debt forever

yes it is possible,

mainly I focus with Money Coaching on bringing money in,

so when someone brings up debt half way through a session, I know it is probably a little more serious than they are letting on,

so I recommend taking dramatic action.

 

My 2 steps are:

Firstly: Dramatically, drastically reduce all your expenses

This does involve having really horrible, embarrassing conversations with people, about getting out of things you have committed to, that are awkward and emotionally yuck.

Remember that yucky feeling is what will stop you going into debt again. Breathe.

I did say they were dramatic.

 

Secondly: Get a part time job

All my clients are in business and we try and get a quick win on their business or schedule a follow up session.

The reality is sometimes businesses go through peaks and troughs or they just take longer to make money that you expect so getting a part time job does at least bring in some income, which does make a difference.

Now these are quite dramatic solutions, and the reason is to try and shock people out of denial, into dealing with their debt.

Often there is someone in their life they can talk to but they haven’t because they are too embarrassed.

After a conversation with me! They are much more likely to do that and come up with a less embarrassing, less awkward situation.

So it is about getting out of denial and into action because once you are in action, the worry and the stress just calms down quite a lot.

It can be done and all my clients who have followed this advice have got out of debt and none of them have got back into debt.

So I know it is a difficult subject and I wish you the best with it.

Thank you for watching.

 


How Much Money is Enough?

How much is enough money?

There is no right answer, only the right answer for you!

What makes you feel happy, contented and feel good about yourself?

Now I am talking personal money here, just for you.

Not charitable contributions or community donations, or for anyone else.  Just for you.

 

 

I have asked 100’s of people this question

(I know, but that is what I am interested in), mostly in the early stages of business.

Generally, the answer is a blank look.

It is very rare for someone to actually have an answer,

ever rarer for someone to have  a money goal,

(which is obviously something I get excited about).

 

Yet happiness surveys tell us “having enough money increases our happiness” but once we have enough, then it is all about our health and our relationships.

 

So it could be interesting to work it out?

You don’t have to do it formally,

just on the back of an envelope, but I wonder what the answer would be?

 

Alternatively, decide you have enough money and enjoy it.

 

Thank you for watching.

 


Can’t Face your Figures? Write a Letter to Money Instead.

Can’t face your figures? Write a letter to money instead.

Yes, we are all human and there are times where we all think ‘ugh’ I can’t face doing my figures or my bookkeeping, or money just got on top of you.

So today what I wanted to do, was provide you with a short, quick tool to use, when you get into that place.

Yes, it is only being human and by doing writing instead of figures, hopefully, it accesses a different part of your brain.

Now many of you might have written a letter to money before but what I am suggesting today, is to just pick one topic to keep it short and sweet.

Why can’t I get on with my books?
Why do I always spend more than I earn?
Why do I … whatever it is that is your thing?

Just pick one topic and write a letter.

Now what you want to do is write it like you are writing to a dear friend.

A dear friend that is never going to read it so you can be as honest as you like!

It is a great place to have a good rant or get anything off your chest that you feel will help.

You can just take a sheet of paper and write it out, do it on your computer. Or if you want some headings to help you along, I have prepared some.

If you go to my website www.jennybracelin.co.uk/dearmoney you will find the headings and the explanations.

The headings for your Dear Money letter are:

I am doing…, so it is Dear Money and then say what you are doing.
I am feeling…and say what you are feeling.
Ask what can you do…what can you do?
Dealing with buts, and’s and I want more’s… they will come up so have that as a topic.
What can I do now? You don’t have to do it but ask the question.
End with a Thank You, that is always a good way to end.

So that is my ‘get yourself unstuck’ little tool so thank you very much for watching.

Next week we are back to practical stuff and it is a Live Q & A on Facebook at 12 noon GMT on Friday 3rd February 2017.

We are talking about now you have done your books, or now you have done your accounts, what now? You can just stick them in a drawer but we are going to provide you with some other useful suggestions.
Thank you for watching.


Bookkeeping Motivation

Bookkeeping Motivation

The best method I have found over the years of motivating both myself and my clients is the method of rewards and consequences.

Little rewards when you complete your books, little consequences when you don’t. This has the effect of associating rewards with bookkeeping, which is a good thing, and also positive emotions.

So I think of bookkeeping as the business equivalent of laundry.

Yes I am talking washing your clothes here, which might seem a bit random! When you wash your clothes regularly, it means you can wear all your favourite things. If you leave your washing for too long, you end up wearing the things you like least, that are left at the bottom of the wardrobe.

Even buying new is only a short term solution.

Can you imagine doing a whole year’s worth of laundry in one go?

Should you have that many clothes. Yet that is what people do with their bookkeeping. Then they wonder why they avoid it, that sounds quite daunting to me.

So my recommendation, like your laundry, do it regularly, it lessens the chore and you might even start enjoying it. You will definitely get better at it.

If you are not sure how to do your books, I have created a course called The Most Simple Bookkeeping Course Ever, which will show you how to set up your books and how to do them regularly.

It is available on Facebook and my website. Thank you for watching.