How to Financially Thrive!

Supporting your 'Business Wheel'

by Leanne Gurr,

I have been inspired this month by so many different women in this community, I have had 1-2-1s with other women who are so focused on giving the best advice to enable others to thrive financially. It certainly is fitting that this month has included International Women’s Day, although every month you are all awesome and should be very proud of what you do! With all those conversations in mind, here is a small list of some matters you should consider, going into the new tax year. Not all of it will apply to all everyone. Perhaps you can pick one thing to look into to give you that sense of taking control and financial responsibility.

  • Check National Insurance Record – many women in particular take career breaks; it is important to understand how this may affect your future entitlement to state pension. There is a handy tool that allows you to check your contribution record at;

You can check for gaps in your contributions or credits and you may be eligible to make voluntary contributions. The Future Pensions Centre will be able to advise on this and details are available on the government website.

  • Check Marriage Allowance Transfer – Many women in this community are newly self-employed as a start-up business or are working part time hours. This may mean that you are earning less than you previously were and can take advantage of the marriage allowance transfer. If your income is below £12,500 and your husband, wife or civil partner are basic rate taxpayers then you can transfer £1,250 of your personal allowance, giving your household up to £250 annual tax saving. So please do consider if this is something you can benefit from by either speaking with your accountant or you can apply online at the following link;

  • Think about Pensions – if you run a company, do you know that your company can make pension contributions and this is allowable for corporation tax (subject to certain HMRC rules). OR, if you are self-employed, that you can make contributions to a private pension on a flexible basis? Business owners do not have the benefit of an employer auto-enrolling you into a pension, so it is important to think about the options available to you.

So for this point I encourage you all to think about the future, and reach out to an Independent Financial Adviser to discuss your options.

  • Plan Directors Remuneration – If you are a director of a limited company, ensure you have thought about the optimum salary and dividend combination for the next tax year and discussed this with your accountant. Your limited company will need to be able to support your chosen package and there are laws in place to ensure dividends are legal. You may also be in a position to add pensions to remuneration and an Independent Financial Adviser will be able to help you with this.

There are of course many other matters that you can add to your financial to-do list, and between myself and the various other experts available in this community, I am happy to help. You can ask a question and see where it leads you! It may just lead you to a better financial future for yourself and your family. Leanne Gurr,

The Accounts Lady