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Living life on purpose

Seeing in the new tax year

By Marcus Farnfield

Posted 29th Apr 2022

Reading Time: 2 Minutes

Open book with different lifestyle images demonstrating the richness of life

For many of us, there are two new years. The one on 1st January when we make resolutions for the new calendar year – resolutions that can be about our hopes and dreams but more often actions to help us recover from the holiday excesses; exercise, nutrition, less screen time etc.

And then there’s the start of the new tax year. OK. Perhaps it’s not as much fun as the start of a new calendar year but remember I’m a Financial Planner and that skews my perspective!

Like the new calendar year, the excitement of the new tax year (perhaps, I’m overstating it now), means we can lose sight of the bigger picture.

Remember that everything you earn over the next year – salary, dividends, share options, etc – is just money. And, when all’s said and done, it’s there to enable you to live the life you want to live. In other words, the fuel for your financial plan.

So, as we set out into the new 22/23 tax year, don’t get caught up in the details, the ins and outs of how money comes into your life; focus instead on what you have and what you need both for today and for the future.

That’s our financial planning approach for this (and any) new tax year and what it lacks in short-term, 1st January style resolutions, it makes up for with long term intention.

We’ll discuss any planning implications at our next meeting. Get in touch if there’s anything you’d like to discuss in the meantime.

And if the new tax year has you thinking about your finances and you don’t work with us yet, drop us a line. We can help you to put your money to use to enable you to live the life you want, both today and into the future.