Great Financial Ideas Newsletter - April 2011

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Personal Financial Planning and Why It Will Change Your Life It is a rare person that does not strive for financial independence, financial security and financial peace of mind. These objectives may seem difficult to define in financial terms but the aim of personal financial planning is to do just that. Personal financial planning will enable you to define: where you are now financially (your net worth) where you want to get to (in terms of the amount you need in savings to enable you to retire) how you are going to get there (by helping you to create your personal financial plan) You can have more fun at 55 than you can at 85, you only have one life so why not live it. Many people do not know if they can afford to live life to the full or whether they need to keep working or saving. A personal financial plan will answer such questions as: What do I have to do to make sure I never run out of money? When can I stop doing the things that are a drag and start doing the things I enjoy? How much do I need to earn to give me what I want out of life? The personal financial planning process will identify your desired future lifestyle (in terms of money needed to fund that lifestyle), provide a clear plan of how to achieve that lifestyle and also maintain that financial expenditure into old age And finally a personal financial plan will tell you How much is enough. Or alternatively What is your number, that is the amount of money and resources you need to enjoy the active life you desire, both now and especially when you start to work less or not at all. I highly recommend Lee Eisenberg’s book – The Number for those interested in the idea of Personal Financial Planning. Share your experiences Add your own comments to any of the blogs that really strike a chord via the Parker website.	A budget of stability and a boost for entrepreneurs? The measures introduced by Chancellor George Osborne are good news for small and medium sized businesses, with incentives for those looking to exit their business, technology investment and for companies to locate in new Enterprise Zones Read more... Penalties for late filing of income tax returns New late filing and late payment penalties will apply from 6 April 2011 (in relation to tax years ending after 5 April 2010) for personal, trust and partnership returns. Read more... Timing is everything when it comes to pension contributions for companies Statistics from Companies House show that the most popular company year-end is 31st March. With that date fast approaching now is the time companies should be considering company pension contributions, if they want to benefit from tax savings Read more... Directors’ loan accounts – friend or foe? Directors’ loan accounts can be a simple way for both companies and directors to obtain funding without the need to involve a third party. But if you make mistakes in the way the loan account is administered you could find your business subject to a full HMRC inspection, to be avoided at all costs Read more...   For advice on all accountancy and financial issues contact Parker Chartered Accountants and Financial Advisors on 0121 764 5161.
Regards Andy Parker Parker Chartered Accountants + Financial Advisors

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