Member Article

Self-assessment: Plan year-round for maximum benefit

The annual notification about self-assessment deadlines is a reminder not to ignore tax affairs until the last minute. But it’s year-round planning, not last-gasp fire-fighting you need if you want maximum return from your hard-earned cash, advises one leading individual in cash management.

As well as the reassurance of having quick access to funds for your annual tax bill, self-assessors can ensure the best returns on their cash by planning for the deadline all year round says Kirsty Grainger, Operations Manager for the Dynamic Cash Management service.

Kirsty said: “We hear the same warnings about self-assessment deadlines at the same time each year as it’s one of those things that many put off until the last minute. For some people it’s the last thing they want to think about but by thinking about self-assessment early, and preparing your finances in advance of your tax bill, you can relax and let your cash do the hard work, safe in the knowledge it’s there when you need it.

“Few people look forward to the day when they file their tax return, and no one enjoys the prospect of paying their annual bill. The best way to ease the pain is to plan ahead and make the most out of your cash while you’ve got it.

“Those self-assessors who need access to big chunks of cash each January to pay their annual tax bill don’t have the luxury of locking their money away for long periods of time. With the Bank of England Base Rate unmoved at 0.5% for more than six years finding a worthy place for hard earned cash is a challenge. As rates change and bonus periods expire, the job of managing your savings becomes even more complicated and burdensome.

“We work closely with clients to understand their needs and ensure cash is accessible when they plan to use it. With such clients it’s really important to have access to their cash when their self-assessment return is due, so our Client Managers pick accounts which match their needs.

“We actively monitor and manage every cash account to ensure they are secure and competitive. Our experienced team handpick the most competitive accounts from over 165 banks and building societies according to each client’s specific needs, liquidity and attitude to risk.

“That’s where year-round planning has its advantages – get ahead of the deadlines and make your cash work as hard as possible for as long as possible. We can split your cash according to long term and short term needs, but you’ll always know you’re getting maximum returns for minimum effort.”

The deadline for people who complete their self-assessment tax return by paper is 31 October, whilst those submitting online have until 31 January next year. Kirsty says putting reserves aside to plan for future returns in 2017 and even 2018 should start now.

Kirsty said: “There is a great deal of truth in the old saying ‘cash is king’. You need to be looking ahead to next year’s returns or even further, and think of how you can keep your cash flowing and avoid costly exit fees or unexpected bills.”

The Dynamic Cash Management service selects the most suitable cash accounts by actively monitoring the performance of savings accounts. Balances are switched when rates change and new opportunities arise, with all paperwork arranged and simplified.

Dynamic Cash Management is provided by Gale and Phillipson, an independent whole-of-market financial planning and investment management firm, offering services to personal, corporate and trustee clients throughout England.

With a history dating back to 1905, Gale and Phillipson has a strong history and enviable reputation for providing innovative, professional and secure financial planning and wealth management solutions.

For further information on Dynamic Cash Management, visit www.dcmcash.com or email DCM@DCMCash.com

This was posted in Bdaily's Members' News section by Gale and Phillipson .