2016 financial predictions

 

This year there has been plenty of talk of things that are going to come into fruition in 2016. One of these things, and perhaps one of the most important, is auto-enrolment pension staging dates for small businesses. As well as this, there are some other key advisory points that we need to be looking out for – not only for small businesses, but for those looking to better manage their personal finances.

  1. Auto-enrolment

Even though this topic has been discussed frequently within the industry, we know that some small businesses are still not prepared for their staging date. A recent report commissioned by the National Audit Office revealed that auto-enrolment has only been rolled out by 3% of employers in the UK[1]. This statistic reflects that the vast majority of small businesses still need to put plans in place.

Furthermore, of the 1,548 non-retired UK adults surveyed by Baring Asset Management, 13 per cent (equivalent to nearly five million individuals) are looking to their employers for advice on retirement[2]. Therefore, planning well in advance of your staging date will ensure that you have a fully compliant scheme in place, avoiding hefty penalties.

  1. Time to focus on your business

Something that our team at Cameron Chase is going to be encouraging our clients to do in 2016 is to take more time to focus on their business.

We’re advising business owners to find time to take a step back from the everyday processes, so they can take a more holistic view on how the business is progressing. In order for business owners to do this, they must have the tools to ensure that these tasks continue progressing whilst focusing on more strategic elements of their business. So, rather than focusing on the everyday running of their business – things like marketing, finances and admin – this can be outsourced so that more time can be spent on developing the business.

Companies like ours are able to support and advise on the financial aspects of small business operations, as a means of making sure that your business is fully protected. Likewise, it’s important to be aware of key opportunities, such as tax savings, which can ultimately help your business grow.

[1] This Is Money – http://www.thisismoney.co.uk/money/smallbusiness/article-3318774/Testing-times-small-firms-gear-auto-enrol-3-employers-currently-complying.html

[2] Financial Adviser – http://www.ftadviser.com/2015/12/07/pensions/personal-pensions/record-numbers-rely-on-employers-for-pension-advice-barings-M8kOoaofBJuem5vburnzDO/article.html

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