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Ways to help make your life less taxing

With 2023 now well underway, here are some smart taxsaving habits to get into before the end of the tax year:

Make the most of your tax allowances: Making the best use of your tax allowances helps to make your money go further. Many of us have ISAs, but there are many other possibilities that are sometimes overlooked and left unused. Make sure you’re not missing out on the allowances that you can benefit from. For instance, are you using what you’re entitled to, such as ‘carry forward’ on your annual pensions allowances, or your gifting allowance?

Break the ‘last-minute’ tax habit: The 2022/23 tax year may not end until 5 April, but there’s no need to put yourself under unnecessary deadline stress by leaving everything until the last minute. There are sound, practical reasons for sorting your taxes and year-end finances in good time too. It can take much longer for providers to process transactions if there’s a bottleneck at tax-year end.

Get your papers in order: Many more of us are self-employed, which means more of us are filing self-assessment tax returns. The end of January deadline for online self-assessment returns can spark a last-minute panic search for records, receipts, missing statements, and other information that you need to make sure your return is accurate and complete.

It’s easy to miss the deadline and incur penalties that you might otherwise have avoided. If you’re self-employed, your personal finances will be closely linked to your business, so you’ve got more work to do. It’s especially important for sole traders to be organised and get advice.

If you get into the habit of keeping your paperwork up to date, you’ll make life much easier come self-assessment time. Plus, you’ll give your accountant less chasing to do, which means less time to charge you for.

To receive a complimentary guide covering wealth management, retirement planning or inheritance tax planning, contact Peter Harding Wealth Management on 01202 830730 or email peterhardingwm@sjpp.co.uk. Peter Harding Wealth Management is a trading name of Peter Harding Practice Ltd. SJP Approved: 13/01/2023 www.peterhardingwm.co.uk

Starting in Romford in Essex in December 1947, Parvalux originally sold motor rewinds. The company relocated to Bournemouth, Dorset in 1961, and expanded the service to designing and manufacturing complete gear-motor units for industrial applications. Over the decades, the business expanded, investing in new technology and its people.

Parvalux was acquired by the Swiss motor manufacturer, Maxon group, in 2018 and has continued to grow globally. In January 2022, Doug Sheppard took over as managing director, heralding the dawn of a new culture, revitalised workplace, investment in people and safety environment, taking the business forward on its mission to grow and almost double the workforce by 2030.

Doug Sheppard, managing director, said: ‘“Reaching our 75th anniversary is a proud moment for the business. Our longevity is a testimony to the innovation and hard work of our people throughout the decades. We still have employees in the business that joined over 40 years ago who share their knowledge with new talent joining us now, combining years of motor design expertise and the latest engineering approaches.” www.parvalux.co.uk

In 2023, Parvalux will be moving its HQ and factories to an 8.75-acre development site in Poole. The £29.8million construction of this purpose-built 14,000 square metre factory and office headquarters commenced in 2020 and is due for completion this year.

Parvalux now has over 200 employees and exports over 80% of its products globally. It is considered a leading manufacturer and centre of excellence in engineering and is looking forward to the start of the next 75 years in business.