Is there such a thing as a financial M.O.T?

[lisaomo]

I'm a co-director (50/50 with my wife) of a small retail shop in the U.K. where we own our premises, and live elsewhere.
I've got loads of little questions questions about things like pensions (which neither of us have), capital gains tax, and just loads of other things.
I've been told that my current accountant isn't up to the job (ie. another accountant said 'even if you don't come to us, you need to leave them...'

I'm a practical man, and finances aren't my strong suit, but I've beeen in buisiness for over 12 years, fulfilling all of my financial oblugations throughout.

I'm just wondering if there a service that might offer an 'all-in -one' , and obviously, chargeable...

Can anyone help?

 

[cptbobproffesoromemeology]

@lisaomo Why don’t you try asking one of your questions in this forum? There are a lot of helpful people here and you may find that some or all of your questions can be answered without professional help.

 

[lisaomo]

@cptbobproffesoromemeology Thanks for replying, I'll try and get a list together and maybe drip-feed them in...

 

[duke845]

@lisaomo Just post your questions here. There's bound to be a handful of people able to answer them. For actual financial advice, find a financial advisor rather than an accountant

 

[lisaomo]

@duke845 Good advice, I feel a bit clueless so any direction helps. Thanks

 

[ellierae]

@duke845 A chartered tax advisor or accountant will typically be able to provide financial advice.

 

[cbn]

@lisaomo Look for chartered financial planners. That's their job.

 

[lisaomo]

@cbn This looks like a lead... I've never even heard if this profession. Thanks.

 

[raz325]

@lisaomo Step one would be to set up pensions immediately, which is fairly easy to do online. At present it sounds like your retirement may depend on your small business retaining value and not going bust, which I hope is the case, but is very risky. Even if you are within a decade of retirement, you will get great tax breaks by diverting money into pension funds, so it’s worth starting asap, and putting in as much as the business can afford (up to the annual limits).

 

[reforming1969]

@lisaomo I've used MoneyToTheMasses Money MOT to get me on the right path with the basics - it's a free handy tool for those of us starting to take watch of finances. Might be worth a look for you?

https://mot.moneytothemasses.com/

 

[reforming1969]

They also do a great podcast weekly with financial tips and their perspective on the economy which has taught me a fair bit

 

[sharonsmith]

@lisaomo This is something a financial adviser can definitely help with. The initial consultation is usually free so doesn’t hurt to speak to one or two and see how they can help you.