Independent retailers face unique challenges in managing both personal and business finances. Nadia Khan from Wren Sterling answers four key questions on pensions, investments, and tax planning to help protect and grow your earnings.
Independent retailers often face unique challenges when it comes to balancing business demands with personal financial planning.
Nadia Khan, an Independent Financial Adviser, has answered 4 key questions about protecting and growing earnings, particularly as a high street business owner.
1. How can I make sense of my pensions?
Most of us have had several jobs over the course of our careers, and as business owners you might also hold a mix of workplace and personal pensions. Through auto enrolment in particular, it’s common to have multiple schemes. Bringing them together into a single, coherent plan can show how much you’ve saved, what that could mean in retirement, and when you may be able to stop working.
Many clients are surprised by just how much they’ve accrued, and seeing everything written down or plotted on a chart often brings clarity and confidence about the next stage of life.
2. How do I make my savings work harder?
Rainy day cash is vital, but on its own it won’t usually keep up with inflation. To preserve and grow the value of your money, investing is often the answer. With so many products available, it can feel like a minefield.
As an independent financial adviser, I can recommend the most suitable investments for you, based on your personal circumstances, the level of risk you’re comfortable with, and your long-term goals.
3. How can I avoid paying more tax than necessary?
The UK tax system has “cliff edge” points that can leave people paying unexpectedly high marginal rates. For example, anyone earning over £100,000 a year with young children can lose childcare funding as well as their personal allowance, though additional pension contributions can sometimes help.
Likewise, those breaching the £60,000 annual pension contributions allowance may face heavy tax charges on anything above that. With the right planning, there are strategies to keep as much of your hard-earned cash working for you, but it always has to fit with your overall objectives.
4. How do I take the first step?
These are just a handful of ways to help people, but the single biggest benefit is often knowing everything sits within a coherent plan. If you work with Wren Sterling, a Bira service partner, your financial planner is with you every step of the way to make sure whatever we put in place continues to be suitable in the long term.
Wren Sterling offers Bira members a free initial consultation, so if you’d like to explore your options you can email me at Nadia.khan@wrensterling.com or call 07355 609401 to make an appointment.
Interested in more key financial planning advice?
As the financial planning partner of Bira, Wren Sterling provides guidance on areas such as pensions, investments, and tax to help members make informed decisions for the future.
Find out more below.
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