- Cut costs and build up a cash reserve
- Taking income and remuneration from different sources can improve tax efficiency
- Keeping up pension contributions should be a priority
If you’re self employed, high inflation, higher mortgage and borrowing costs, and a more punitive tax regime from April are likely to be more challenging as you do not have the certainty of a guaranteed level of income at the end of the month. So now more than ever you cannot afford to ignore your personal finances – especially if you are a sole trader and there’s less of a distinction between your personal and business finances.
Consumer price index (CPI) inflation was reported last month to have fallen slightly to 10.7 per cent but it is still high and will take some time to come down. “Although inflation is hopefully now receding, many of the increases in the cost of goods and services are likely to be at a permanently higher…
