Business Action | April / May 2021
April / May 2021 issue of the independent North Devon-based business magazine covering news on business and enterprise in the area. This issue announces the finalists in the Business Action North Devon Business Awards 2021 plus features on electric cars, businesses participating in the Government's Kickstart scheme and our Business Activists answering your business questions. And there's news of businesses of every size and sector from the communities across North Devon.
April / May 2021 issue of the independent North Devon-based business magazine covering news on business and enterprise in the area. This issue announces the finalists in the Business Action North Devon Business Awards 2021 plus features on electric cars, businesses participating in the Government's Kickstart scheme and our Business Activists answering your business questions. And there's news of businesses of every size and sector from the communities across North Devon.
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Q&A ~ your business questions answered<br />
north<br />
enterprise<br />
devon<br />
growth<br />
news<br />
innovation<br />
& views<br />
Q Having<br />
reached the<br />
age of 50,<br />
what should I look<br />
for in my investment<br />
strategy ?<br />
A Beforeanyother<br />
investment,useyour<br />
PensionInvestment<br />
Allowances.Theyarethebest<br />
wayofinvestingmoneygoing.<br />
Justforgettheword‘pension’.<br />
Youcanputmoneyin,the<br />
taxmanwilladd25%toyour£1<br />
and,ifwanted,youcanpullit<br />
alloutagainimmediately.<br />
Whereelsecanyoumake25%<br />
fornothing?Ifyoupayhigher<br />
tax,youalsosaveextrathrough<br />
yourtaxreturns.Youcaneven<br />
investifyouhaveinvestments<br />
inotherpensionand<br />
superannuationschemes.<br />
Foremployeesandtheselfemployed,youmayhaveno<br />
earnings,butyoucanstillpayin<br />
£2,880perannumnetandthe<br />
taxmanwillgiveyou£720.You<br />
canberetired(under75)and<br />
evenreceivingpensionsanddo<br />
FINANCE<br />
Philip Milton<br />
Managing Director<br />
Philip J Milton & Company plc<br />
t: 01271 344300<br />
w: miltonpj.net<br />
thesame.Ifyourearningsare<br />
£12,570(sopayingnotax),<br />
contributetoapensionand<br />
receiveataxbonusof£2,514.<br />
AndbecauseyouCAN<br />
accessallthepotifyouareover<br />
55(57from2028),thenwhyon<br />
earthkeepemergencymoney<br />
inacashaccountorcashISA<br />
whenyoucanmakeacool25%<br />
stillknowingthatinan<br />
emergencyyoucangrabit?<br />
Youcouldevenkeepthe<br />
pensionincash,sonorisk.Do<br />
this‘executiononly’withan<br />
adviserlikeusandthereisno<br />
costinvolvedinset-upeither.<br />
Who can you ask?<br />
<strong>Business</strong> owners are not ‘born’ and must learn how to run a business as<br />
they go along. It’s not always clear who to ask when we have questions<br />
about what to do.<br />
QNow seems a<br />
good time to<br />
see if my<br />
business idea works.<br />
How should I start?<br />
A Theuncertaintycreatedby<br />
Coronavirusisleading<br />
manypeopletoovercome<br />
fearsthathaveheldthemback.<br />
Startinganewbusinessis<br />
oftenseenasahighrisk,<br />
especiallyifyouhavetoresign<br />
fromasecure,well-paidjob<br />
andneedtoearnenoughto<br />
supportyourselfandfamily.<br />
However,youdon’thaveto<br />
giveupnecessarysecurityto<br />
developyourbusinessidea<br />
andsomepeoplearedoing<br />
thisintheirsparetimetohave<br />
agoatachievingtheirdream.<br />
Financeisoftenthefirst<br />
barrier,butyouprobablywon’t<br />
needlotsofmoneytostart<br />
testingyourideainasmall<br />
waytoseewhatworksand<br />
whatdoesn’t.Whatyoudo<br />
needistimeandcommitment.<br />
BUSINESS START-UPS<br />
Robert Zarywacz<br />
Partner<br />
Zarywacz<br />
t: 01271 879100<br />
w: z2z.com<br />
It’sunlikelyyouwillsell<br />
anythinguntilyougetyour<br />
productsorservicesright,so<br />
don’tborrowmoney.You<br />
mightwanttosavesomeof<br />
yourearningstofinance<br />
materialsorequipment,orasa<br />
cushionwhenyoufeelitisthe<br />
righttimetogo‘solo’.<br />
Workwithwhatyou’vegot<br />
andtakesmallstepssothat<br />
youprogresssteadilyeveryday.<br />
Askquestions.Askother<br />
businesspeople.Askour<br />
<strong>Business</strong>Activists.Andface<br />
yourfearstodevelopyour<br />
businessideasandsucceed.<br />
Thank you to our <strong>Business</strong> Activists for offering their time and expertise to<br />
answer your questions.<br />
We publish their contact details, as they are also happy to talk through<br />
general enquiries and offer guidance, although will charge when you<br />
require them to give specific professional advice.<br />
If something is holding you back in your business, ask someone. Ask a<br />
friend in business, ask a business you use, ask our <strong>Business</strong> Activists.<br />
Someone will have the answer or be able to point you in the right direction.<br />
Helping each other helps all our businesses and leads to greater prosperity<br />
for all.<br />
IMPORTANT: The answers on these pages are intended only as general<br />
information. You should seek specific professional advice before taking any<br />
action in relation to your own business.<br />
Ask the Activists<br />
Send business questions you have by email to<br />
ask@business-action.co.uk<br />
@businessactionm | <strong>April</strong> / <strong>May</strong> <strong>2021</strong> | business action 17
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