The personal finance tasks business owners should complete before the end of 2026

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The personal finance tasks business owners should complete before the end of 2026

by RMI Independent Financial Advice Category: News

As a business owner, you might neglect your personal finances because you’re focused on those of your company.

Your business may be among your largest financial assets, but it is important to remember that your personal finances exist separately. Taking time to review your own financial plans can help you make more informed decisions and ensure your personal goals remain on track.

Here’s a list of important tasks you should consider completing this year if you haven’t already.

1. Review your personal goals

When you run a business, your personal and professional ambitions are often linked. You might reinvest profits, focus on expansion, or measure success by the value of your company.

Your personal financial goals deserve just as much attention.

Take some time to consider what you want your money to achieve outside of your business. This could include funding your children’s education, travelling the world more, or enjoying a comfortable retirement.

With your goals outlined, you can review whether your assets are helping you move towards these goals.

It is also worth considering whether your business is supporting your lifestyle in the way you want it to. For example, are you happy with your current work-life balance or does your business provide you with the financial security needed to enjoy other aspects of your life?

2. Assess your financial safety net

Many business owners rely heavily on their company for income, future wealth, and financial security. While this can be rewarding, it also creates risks if something unexpected happens.

Review the protection you have in place, such as life insurance, critical illness cover and income protection. Consider how your family or dependants would cope if you were unable to work. Appropriate financial protection could give you peace of mind and security should you be unable to work,

It is also worth thinking about whether too much of your wealth is tied up in the business. If you’d be unable to cope with an unexpected bill, you might benefit from building up savings.

3. Check your investment portfolio’s performance

Review your existing investments and consider whether they’re still aligned with your goals, attitude to risk, and financial circumstances. Your situation may have changed since you first made your investment decisions, and your portfolio may need adjusting.

You should also consider whether your investments are sufficiently diversified. Relying heavily on your business means you already have exposure to one area, so holding a range of assets can help spread risk.

A regular review with your financial planner could help ensure your investment strategy supports your wider financial plan.

4. Check your pension value and forecast

If you view your business as your retirement plan, you might overlook your pension. However, it could provide an effective way to invest for the long term and potentially has tax benefits for both you and your business.

Start by considering how much is being added to your pension each month. This may be broken down into contributions you and your business make, along with tax relief. You can also see a forecast of how much your pension is projected to be worth when you retire.

A financial plan could help you assess how much is enough for retirement, and how different income streams, such as your pension or money from the sale of your business, could support you.

5. Review your exit strategy

Even if selling or stepping away from your business is a long way off, having an exit strategy is an important part of financial planning.

A clear exit plan can help maximise the value of your business, prepare you for future changes, and ensure you have the personal finances needed when the time comes. Over time your exit strategy might change, so regular reviews are often useful.

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As your financial planner, we could help you manage your personal finances with a long-term outlook. Please get in touch to arrange a meeting.

Please note: This article is for general information only and does not constitute advice. The information is aimed at individuals only.

All information is correct at the time of writing and is subject to change in the future.

Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates, and tax legislation may change in subsequent Finance Acts. 

Note that life insurance and financial protection plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.

Cover is subject to terms and conditions and may have exclusions. Definitions of illnesses vary from product provider and will be explained within the policy documentation.

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I was recommended Paul and Bryony as financial advisers by a friend. My husband and I were particularly interested to think about where to invest our savings. They have helped us to think about what level of risk we are prepared to engage with and explained the different possibilities very clearly and thoroughly, enabling us to maximise the potential of our investments. They also provide regular updates. We have been very pleased with their service and have already recommended them to others.

Dr C Oliver

London

I have been a client of RMI since their foundation. Prior to that, I dealt with the directors for my own personal pension and our business pensions. This relationship as existed for the last 25 years. During this time, I have received first-class support and advice. I have always been kept informed on financial trends and opportunities. To this end I was able to plan retirement early if I wished. More importantly, I was able to choose the right opportunity as when to retire. Since retiring, I continue to receive the highest service and advice on fund management.

Mr. M Moore

Ex General Manager

Leicester

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Mr J Channing

Ex Non-Executive Director, Earl Shilton Building Society

Leicestershire

It’s a great comfort to have Paul Eason and his team on call if I have any queries or concerns about my finances.

Ms M Topham

Oxford

Paul Eason and Bryony Evans have competently managed our investments for the past twelve years. Their service has been managed diligently; they have provided consistency of advice for positive results. This has given us satisfaction and confidence in their ability to handle our personal affairs. Their research and advice are in-depth, concise and clear. They have demonstrated a thoroughness in all aspects of our personal financial planning.

Mr & Mrs S Price

Devon

Following a personal recommendation from a colleague some two years ago, Bryony and Paul provided advice to my wife and myself on planning for my forthcoming retirement. Latterly they have helped another family member on how best to invest a lump sum inheritance. On both occasions, they have guided us through the various options available, indicating the pros and cons in an easily understandable way. They continue to provide regular updates on how the investment is performing. We have always found them to be attentive, knowledgeable and a pleasure to deal with. We would have no hesitation in recommending them to a friend seeking an adviser.

Mr & Mrs P Teasdale

Rutland

When you are investing, you need confidence to make decisive commitments. Paul Eason and Bryony Evans at RMI are true professionals that you can trust implicitly for commercial and personal advice and transactions.

Mr D Matthews

Chairman, Cellular Mouldings Ltd

Northants

RMI not only deal with all our company's employee benefits schemes, but also provide invaluable support for us on a personal level. Nothing is too much trouble and we have found their service to be effective, efficient and friendly. We would recommend RMI to any company or private individual looking for a comprehensive and personal service.

Mr & Mrs I Bates

Ex Directors of The Bright Consultancy Ltd

Bournemouth

Paul and Bryony have advised us for over ten years. They bring strong market knowledge and analysis to provide balanced views for investment decision making. This is then backed up by thorough administration - all delivered in a professional and easy-going manner.

Mr & Mrs I Morton

Concept Shape Ltd

Cheshire

RMI Independent Financial Advisers have been assisting our clients with knowledge and insight into the world of pensions and protection for over 10 years. They have helped many of our company and personal clients navigate their options and meet the legislative duties around pensions and auto-enrolment in the most efficient way, whilst giving them the confidence to plan effectively for their future. We have no hesitation whatsoever in recommending their services to not only our clients, but to other professional connections.

Sunflower Accounts Ltd

Accountants

Wiltshire

Paul has been a trusted adviser to our business for over 20 years and he and Bryony continue to support us with our company pension scheme whilst providing first class financial advice. We would highly recommend RMI for anyone seeking a quality financial advisory service.

Mr J Turner

Managing Director, LINAK UK Ltd

Birmingham

I was looking at my potential retirement options and RMI were able to come up with a bespoke pension solution that enabled me to retire earlier than I had expected.

B Kilfeather

Not knowing how to plan for the future, I required advise about pensions and insurance policies and Paul has helped by being constantly available, calm and pragmatic.

Dr R Singh

Director

Paul was recommended to me by one of his clients and I was looking for a financial adviser who could help with a pension scheme for my employees and also for my personal plan.

Paul helped all the members of my team. He had time and patience and everyone individually with their various circumstances. He was also very helpful with my personal pension during the time I have my business. My personal circumstances have now changed and Paul’s advice has been invaluable.

D Harrison

Business Owner

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