Episode Details

The end of the current tax, or fiscal year, is approaching fast on 5th of April, so not long to make your final plans.

This is the time of year when you should be thinking about using up all of your tax allowance before they are lost forever.  

• ISA's - tax free savings accounts 
• Pension Contributions 
• Marriage allowance - not always claimed
• Tax relief for working at home

Talk to an accountant or independent financial advisor for more advice. It could save you thousands!

In the budget, the Chancellor announced that tax allowances are being frozen, which means that more lower paid people will start paying tax and middle earners will be pushed into higher rates.

The phenomenon known as Fisco drag means that in the next few years over 5 million people will pay higher rates of tax. 

This will affect your savings interest, dividends and rental income. The more you can put into a tax-free environment, like a pension or ISA, the better you are protecting your money from the taxman.

Tax rates on corporations or limited companies will also increase, which means that property investors with their properties in limited companies will pay higher rates of tax. Ironically, many investors moved their properties into a limited company is to avoid paying higher rates of tax as a sole trader. The taxman gets you one way or the other!

Other news

President Biden has started splashing the cash with a mind boggling $1.9 trillion financial stimulation package to boost the US economy. 

Where does all this money come from you may ask? Thin air! They make it up and just print it! Someone will eventually have to pay it back but politicians in western democracies usually only think as far ahead as the next general election - or the one after that. Politicians in China, however, plan decades ahead. 

China is playing the long game and increasing its influence all over the world. It’s economy grew by over 8% last year, while the UK suffered the worst recession in 300 years and borrowed nearly £300 billion.

With economies gradually opening up, businesses are looking forward to a brighter summer this year. 

Interest rates are low and people who have remained in work have more money in the bank due to savings on travel and so on. Lower paid and self-employed workers are not so well off and have suffered badly during the lockdown.

Despite the optimism, unemployment rates have rocketed and thousands of businesses have gone forever. I believe it will take years before the country really bounces back from the unprecedented worldwide shutdown.

Unlike physical businesses, such as shops and restaurants, online businesses have been booming during the pandemic.

Right now has never been a better time start a business selling products and services online - especially if you need extra money

How To Start A Money Making Business From Home Without Capital Or Risk!

With pubs and restaurants closed for the lockdown in the UK and Ireland it's a reminder of how vulnerable physical businesses, like pubs, restaurants and shops are to economic downturns or market changes.

At the same time, internet business owners are getting richer. Never in history has more goods been bought on the internet. 

Even before the pandemic, the high street was already under pressure from online shopping, which has exploded in the last few years. 

High rents, taxes and competition from the likes of Amazon and Shopify have driven large retailers, like Debenhams, out of business and forced John Lewis to start closing 70% of its 50 plus stores in the UK.

How does this help you get started online?

The internet has given small home-based businesses an opportunity to compete with the big companies which have dominated the market. They took the best sites in t