I’ve recently launched my own Wealth Management business FSWM, for professionals, entrepreneurs and families. Whether you're new to investing, or want to assess your current financial strategies, we have the expertise to help. We offer our clients specialist financial planning advice that is ultimately aimed to build their overall wealth over the longer term. More on this below!  

 As we approach the tax year end you may be wondering how you can be more tax efficient or be making your money work harder for you. Some of this may be covered in this column, but if you have specific questions please do send them in or get in touch via our social channels @frankies.uk for Instagram and Frankie’s on LinkedIn!

Q - I'm starting a new business in 2 months. Do you have any money planning tips?  

This is so exciting! Firstly, good luck, the hardest part is getting started! And secondly great to hear you’re already thinking about financial planning. My first tip would be to look at the different corporate bank accounts you can get, opt for flexibility and look at the amount of interest that you can earn. Be mindful that some may have an amounts received limit, which can hinder the amount of money you can receive in one transaction. This is particularly important if you are looking to fundraise. My second tip would be to check out Insignis Cash, which can support you generating greater returns on your cash without the need to switch bank accounts. You can choose where you deposit your cash, the term of the deposit, and can see the different interest rates available. Utlilisng this will depend on the level of cash you have in the bank, but can be a good option if you don’t need to access capital for a number of months. There are also instant access options, albeit with lower interest rates.  

A final thing to consider in the immediate future is how you’ll extract your income. You can take income as a salary but be mindful of the tax allowances and make sure you are maximising these. The standard personal allowance is £12,570, and anything over this you’ll be liable for NI contributions and income tax. You can use free tools such as this one to help you budget for your self-assessment. The current dividend allowance is £1000 but be aware this is changing to £500 for tax year 2024/25. 

Things to consider as part of your planning for the following months are executive income protection, to ensure you’re protected if you’re unable to work for a period. This will mean you’ll get paid a percentage of your income to help with meeting your payments. And the second is pension planning. While you might not be able to set up a pension so early into your business it should form part of your business financial planning, as contributions not only enable you to build your personal wealth, but also are tax-efficient for your business as you are moving money from your company balance sheet (without a tax-charge) and subsequently reducing your corporation tax bill. In essence you are saving yourself 25% corporation tax!  

Q - Where to look for government grants on home improvements e.g. insulation, improving energy rating   

It's important to note that there is no central government scheme or additional funding for home repairs or improvements in England currently, however a local authority may help with some types of home improvements, so these are the best place to start with finding out what is on offer for you. Local authorities may have their own rules about the types of help they offer and the qualifying conditions, so it’s best to check with them about what they can support with. Likewise, each will have their own application forms and processes, so unfortunately, it's not as simple as outlining what might be available to you. I’d suggest contacting your local citizen’s advice for more help with signposting.  

You may be able to get financial help for any energy-saving work you do to your home, and for this you can check out the Energy Company Obligation scheme, where energy suppliers may help with energy efficiency improvements, such as insulation work or replacing or repairing your boiler. 

For insulation support there is the Great British Insulation scheme, which is a government energy efficient scheme that is administered by Ofgem and you can check your eligibility for this here. 

 Q - What are the best ISA's to put my money in? What should I be looking for? 

Great to hear you are considering ISA’s, these are a great way to be tax efficient as any growth is tax and capital gains tax free. Each year you have an ISA allowance and the allowance for adults for the current tax year is £20,000, however remember tax rules can change and the benefits always depend on your situation.  

Two popular ISA options are Cash ISAs, primarily used for saving, and Stocks and Shares ISA’s that are for investing. You should consider a Cash ISA if you’d like easier access to your money and you’re happy to commit to saving for a period (as this will often get you a better rate). Stocks and Shares ISA’s are good to consider if you’ve already built up an emergency fund in cash savings, you’re saving for a long-term goal, you’re comfortable with the risks that can come with investing. You can choose to have both, so long as you don’t exceed the personal allowance, or you may be subject to charges. 

When comparing types of ISA, it’s good to consider the rate, any withdrawal limitations, whether it’s flexible (can you access your money in the same tax year), and when interest will be paid. You can use search comparison sites such as Money Saving Expert or other reputable sources such as The Times Money Mentor, to get an idea of what Cash ISAs are available, what their rates are and what might be suitable for you. Also, be aware that your own bank may have exclusive offers available to its current customers, so it's worth also seeing what they have on offer. It's also worth noting that if you don’t need the tax benefits of an ISA, a normal easy access savings may have higher rates available.  

With a Stocks and Shares ISA you can invest in funds (shares or bonds from various companies pooled into one investment), bonds (basically a loan to a company or a government), and shares in individual companies. There are lots of different platforms that can help you with this and the best thing to do is use the comparison sites to get an idea of what platforms are available and start your research from there. You can typically choose a ‘do-it-yourself’ ISA, where you research what to invest in, build your own portfolio and keep track of it. Alternatively, there are platforms with robo-advisers, which will choose an investment portfolio for you, based on your attitude to risk and what your investment goals are. Some sites will help you identify ISAs to invest in such as Bestinvest, which has a range of free guides and Interactive Investor, which includes beginner's guides, but it's important to always do your own research as your capital is at risk.  

If you’re still unsure of where to start or what financial strategies are best for you then Frankie’s could help you navigate this. We offer support at every stage of your wealth building journey and as part of membership you’ll get an annual financial health check, to help you take stock of your finances and put a plan in place to make your money work for you. We host regular events for you to know to grow your knowledge and your network! Get in touch with me if you’d like to know how we can support your wealth building mission!