Raising a child is a costly business - nappies, clothes, pocket money and school trips are just the tip of the iceberg. The results of a survey indicated that by the time your child has reached 18 you would have spent an average of £10,040 per year on their upbringing (Source: Daily Telegraph, March 2011). It doesn’t get any easier once they reach adulthood age.
According to employment trends, 2012 could turn out to be the year of the start up. More and more women are indicating a desire to become their own boss and, with redundancy and the squeeze on family finances acting as catalysts, many will decide that now is as a good a time as any to take the plunge.
The Taxman is asking all employers to spring-clean their payroll data to prepare for RTI. What does RTI stand for? It stands for Real Time Information, and within the next 18 months it will become as familiar to you as PAYE.
The Taxman has formed a number of task forces to investigate certain business sectors, where he believes tax rules are being ignored. Are you on his list?
The seventh annual Scottish Widows Women and Pensions Report 2011, reveals that the number of women saving adequately for their retirement has reached the highest level in the report's history, according to figures based on women who could and should be saving for retirement.
Are you already filing your VAT returns online? If not, then you need to prepare to switch to online filing as this will be compulsory for all VAT registered businesses from 1 April 2012.
Whatever you do, don't leave this task until the last minute as it can take a few weeks to receive the unique user ID you need from the Tax Office. You will also have to create a password and set up a system to pay the VAT you owe.
As the bills left from the festive season and the business recession keep coming in some people fall into debt and don't know where to turn for help.
1. One of the first places you should think about is the Citizens Advice Bureau (CAB). The CAB Has 11 advice centres located throughout the county. Their advice is both free and confidential unlike debt management companies that charge a fee for their services. www.citizensadvice.org.uk.
Saving and Investing. Generally it is only once we have tackled other matters such as protection, debt management and addressed our income v expenditure budget that we can move on to saving and investing for the long term.
Last year the average UK household saved just £2.73 per day, or £996 over the year. This year these levels are likely to be even lower given the continuing economic problems and high unemployment.
Here are our tips for efficient saving and investing:
This is a list of some of the key areas which I consider for new clients. You should consult your accountant about the advantages and disadvantages of each of these changes in your particular circumstances. They will be able to advise whether it is the right thing for you to do.
On Thursday March 5th 2009 the Bank of England reduced its base rate to 0.5% where it has remained ever since – and with fears about European defaults and a possible double-dip recession stalking the economy, it is unlikely to rise in the near future. Indeed, some economists are predicting that any rise before 2014 is now unlikely.
Watching the children in our lives grow up can be a rollercoaster ride. Whether it’s drying their tears, encouraging their studies, or providing financial and emotional support for one or more of life’s key milestones, we do what we can to give them the best possible start in life.Page 1 of 2
