Key protection against the risk of financial consequences to your business
Business
Business financial planning is the task of determining how a business will afford to achieve its strategic goals and objectives. Usually, a company creates a Financial Plan immediately after the vision and objectives have been set. The Financial Plan describes each of the activities, resources, equipment and materials that are needed to achieve these objectives, as well as the timeframes involved.
The Financial Planning activity involves the following tasks:
- Assess the business environment
- Confirm the business vision and objectives
- Identify the types of resources needed to achieve these objectives
- Quantify the amount of resource (labor, equipment, materials)
- Calculate the total cost of each type of resource
- Summarize the costs to create a budget
- Identify any risks and issues with the budget set
Performing Financial Planning is critical to the success of any organization. It provides the Business Plan with rigor, by confirming that the objectives set are achievable from a financial point of view. It also helps the CEO to set financial targets for the organization, and reward staff for meeting objectives within the budget set.
When drafting a financial plan, the company should establish the planning horizon,[2] which is the time period of the plan, whether it be on a short-term (usually 12 months) or long-term (2–5 years) basis. Also, the individual projects and investment proposals of each operational unit within the company should be totalled and treated as one large project.
The role of financial planning includes three categories:
- Strategic role of financial management
- Objectives of financial management
- The planning cycle
Thursday Thoughts 💭
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Put a spring in your step – make the most of tax relief
Saving into a pension is one of the most tax-efficient ways you can save. But it’s something many of us don’t know much about.
Standard Life carried out research last year and 40% of people said "they weren’t aware of it,” says David Downie, pension tax expert at Standard Life.
It means that every £100 contribution into your pension pot costs you just £80 if you’re a basic-rate taxpayer paying 20% tax.
For a free informal chat and more information about this please give Paul our adviser a call.
🌐https://torbayfinancialservices.co.uk/retirement/
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TAKING A QUARTER OF YOUR PENSION SAVINGS TAX FREE
A lot of people know that they can access some of their pension money without paying tax but perhaps aren’t sure how it works.
When you access your pension savings, you can normally take a quarter – 25% – tax free. If you have a modern, flexible pension plan, when you take this is up to you. You can take it all at once. But you don’t have to.
You can take it in slices over a number of years if the pension plan you have lets you. This is known as phasing, and could be a smart move as it tends to be more tax efficient overall.
And, of course, just because you can, doesn’t mean you should take all – or any of it. The longer your money stays untouched inside your pension plan, the more potential it has to grow in a tax-efficient way and the higher your tax-free amount could be. Of course, that’s not guaranteed and because money in your pension is invested, its value can go down as well as up and could be worth less than what’s been paid in.
For advice on how, and if, it's suitable to access your pension savings please give us a call.
Paul (adviser) ☎️ 07891 614559
💻 paul@torbayfinancialservices.co.uk
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Don't pay more tax then you need to....
⭐ISAS – Don’t miss out on tax savings
⭐Use your annual ISA allowance
⭐Check your existing cash ISA holdings
⭐Consider junior ISAs (JISA)
⭐Maximise your pension contributions
⭐Don’t forget IHT and capital gains tax
⭐Act now!
Call or email us for more information and advice.
📱Paul ~ 07891 614559
💻 paul@torbayfinancialservices.co.uk
🌐 torbayfinancialservices.co.uk/
The ground may have been a little frosty over the last week or two..... but we never are 😀
For friendly, informal and expert advice on all financial matters we are here to help and guide.
Wishing you all a super Sunday ❄️ keep safe ~ keep warm
Paul and Jacqui
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