How to get ready for the new year

How to get ready for the new year

As the new year fast approaches, we’re all likely in the same boat when it comes to thinking about relaxing, finally signing off from work, perhaps even having a drink and some pigs in blankets in celebration of the festive season.

Just how festive the season ends up remains to be seen, thanks to potential new restrictions coming into place, however, it’s safe to say that after a very testing year, most of us are very much looking forward to some time off to spend with our families.

The thought of work as we all start to wind down probably isn’t the kind of content most people are interested in reading if you’ve already got your feet up waiting for a glass of bubbly, but there’s certainly a few things worth considering before signing off for the holiday period.

With everything that’s going on at the moment it’s also worth putting some consideration into what we might expect for the new year too.

Tenancy agreements

You should certainly consider, if you’re a landlord, when any tenancy agreements may need renewing and if that’s quite early into the new year, then it’s good to either get in touch with your agent or tenant now, just to remind them and get the ball rolling now and sound them out.

With most tenants they’ll be thinking about whether they want to renew or move on at least a few months in advance and it’s always worth knowing if it will need to be renewed or placed back on the market.

With the new year approaching quickly it’s also worth knowing that the new year can be one of the busiest periods for agents, estate agents and others because it’s the busiest time of year for most people to move house.

Tax and income

It’s incredibly tedious needing to do taxes at the best of times but absolutely never worth forgetting about.

Of course, the tax year doesn’t come to an end until April, however, your filings and reporting may need to be in by the end of January depending on whether you’re self-employed or use a company to manage your property investments.

If you have an accountant it’s always worth getting in touch now to ensure they’re on top of things and don’t need anything from you, and if you do your own taxes it’s worth thinking about getting started now.

Expanding your portfolio

Given the current market we’ve got quite a few clients that are thinking about investing into more property in the new year, however, it should be considered that things will get very busy very quickly as many landlords and investors will be looking to invest in limited stock.

If you’re thinking about investing next year it’s absolutely worth getting in touch with an advisor so that you can let them know what type of property you’re looking for, the sort of area and your budget so that you can get the ball rolling now.

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