New Year resolutions of the financial kind

WE are all too familiar with the recurring New Year’s resolutions to give up smoking and to become more fit by joining the gym. However, now is a good time to make some New Year’s resolutions of the financial kind.

They could include examining whether it is worthwhile registering for VAT (don’t forget that the standard rate of VAT went up to 23% on New Year’s Day).

Your resolution could be to prepare the accounts a bit earlier, it could be to start that off-farm enterprise, it could be to evaluate whether you need to change banks, insurance or accountancy provider, to go interest only on that rental property loan that’s eating your cash-flow, or it could be to build up a nest egg for yourself or your children.