How is cryptocurrency taxed in the UK?
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New Year, New Me: Accounting Resolutions for 2022
March 12, 2022
We know you are done with new year’s resolutions, as listing them is a struggle but forgetting them is NOT SO MUCH a struggle. So, we have come up with the Top 5 Accounting resolutions for 2022 that you cannot ignore:
1. Plan for the knowns, allow the unknowns:
We are in an uncertain world where the coronavirus pandemic is still evolving, the UK has hit a new high in inflation rate and increased base interest rate from 0.1% to 0.25%. This indicates you should save as much as you can to cover the expenses that come out of the blue.
To resist spending on things you should not spend through your emergency fund, make a separate account for your savings and do not touch the account until it’s some kind of emergency.
2. Prepare for taxes:
Make it a goal to record all the receipts and earnings systematically. Segregate the expenses that can be claimed from the total expenditure. And make sure you take care of the self-assessment and do not miss any deadlines.
3. Save for retirement:
It is vital to start saving for your golden years while you are still young. Even tiny little extra seeds you throw in your pension pot can grow significantly, so start sowing now before you start worrying that you won’t have enough.
4. Try your hands on Investing:
Investing provides an opportunity to enjoy a higher return on your money than you normally would get from a savings account.
However, there is no guarantee that the money you invest will grow, so consider investing in those commodities which are more likely to be stable and keep you steady in the uncertain market. Your investment mix should be diverse.
If you are still unsure about where to invest, consider talking to a financial advisor.
5. Paying off the debts:
Now is the time to clear all debts, including what you owe on your credit cards. While the interest rates are still pretty low in the UK, take time to look at your outgoings and figure out where you can cut costs and use the funds to pay off the debts.
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