Save and Make Money in 2013 a Few Tips

 

A new year will soon be upon us and for the shrewder minds amongst us this means making financial preparations. Considering Great Britain has only just recently been gripped by recession and economic instability, ensuring we’re financially prepared for the upcoming year is more important than ever. This is especially so as financial analysts have predicted a continuation – and even perhaps worsening – of the Eurozone crisis in 2013, the effects of which will no doubt make its way to the United Kingdom.

 

Start Planning

The first and most obvious choice is to actually start planning financially for the upcoming year. Many of us live in the present and even past so much that we forget to prepare for the future, and when we do prepare for the future, it isn’t financial preparations that are made.

Start saving if your job isn’t too secure and work on clearing out debts while you have the money. The last thing you want to be doing is starting the New Year in an uncomfortable financial situation.

 

Seek Tax Refunds!

2012 brought news with it that thousands of us were ignoring the most beneficial element of our taxes: tax refunds. It emerged that large numbers of businessmen and women were losing out on significant bits of money through a failure to claim back money owed to them by the HMRC.

In cases where the liability for tax is less than the amount in taxes paid you should be owed money back by the HMRC. For example, if you work in construction and have to travel to temporary sites using your own vehicle you will probably be owed a tax refund of around a staggering £2500. Another example is if you own a commercial property, you can offset some of your expenditure for tax purposes. Alterations, extensions and upgrades made to the building can be claimed as tax purposes and included in refunds.

This may seem a tad confusing but there are specialist companies out there, such as RIFT Tax Refund that work out if you’re owed any money through tax refunds.

 

Keep a Pension

Of the most important aspects of financial planning is organising your pension to ensure you get the most out of it for when you retire. A pension obviously holds major tax benefits as it is exempt from capital gains tax.

It is thus the most convenient and financially shrewd way of keeping money to one side and if you haven’t already been keeping one, now’s the time to do so.

 

Invest

Although the economy might not be the most fluid at the moment it is never a bad time to invest; so long as it is done wisely and intelligently.

Do a vigorous amount of research before throwing your money around anywhere, for starters.

A good avenue to invest in is silver, with prices having shot up to over £20 an ounce.