This was the title of a presentation I gave you a few years ago.
What if you were unable to work?
What if you were to die?
(If I still have your attention I might conclude that the second option has not occurred and I am really pleased to learn that!)
I had in mind at the time that being unable to work would be caused by illness or injury rather than a pandemic, nor did I envisage the unprecedented help that would be forthcoming.
Subsequently as that rainy day for which we should all be prepared unexpectedly arrived and we now need to look beyond the present situation as life slowly returns to some form of normality. To this end I recommend that everyone should take time to prepare a cash flow projection for the next 6 months as even a year taking account of all your liabilities including dare I say it tax liabilities whether they are to be deferred or not.
This should be incredibly helpful in identifying your needs and available funds to spend. If there is a shortfall you need to console your options to fill the gap.
None of us are immortal
I also reminded my audience that not only should everyone have an up to date Will (when Is the last time that you reviewed yours or do you even have one?) but also you need to prepare a note for your loved ones on how to access your valued assets and points to consider like paying bills.
Turning a negative into a positive
My psychiatrist has always told me to think positive even though I am a chartered accountant! Yes, there has been a setback and you have survived it and now is the time to possibly adapt to an emphasis on the world wide web where consumers are increasingly using it for select goods and services. Our most successful clients are often ones with excellent websites. There are 70 million potential consumers in the UK alone.
Paying less of what we make
The burden of taxation is likely to increase and being proactive in planning will become increasingly important. Here at Redwoods Accountancy Ltd we take pride in our personal services in suggesting ways to mitigate income tax, capital gains tax, corporation tax, inheritance tax, stamp duty the list goes on.Even help with Private Medical Insurance . Whatever concerns you in your financial affairs do take the time to consult us.
Our motto is never too busy!
Howard F Weintrob FCA CTA DipPFS
Redwoods Accountancy Services Ltd
Howard is an experienced Chartered Accountant, Chartered Tax Adviser and Qualified Financial Adviser and is a former Tax partner of several leading firms. He is supported by an excellent team where personal service at a sensible price is the main focus.