6 financial steps to take now for a fresh start in 2020


Looking ahead to a fresh financial start, we at Chorus Financial have drafted a list of 6 financial year-end tips to help our readers prepare for a financially sound 2020.

Consider tax strategies
Maybe you’re planning to become tax resident in Spain in 2020? If you are then it is essential that your current financial position is reviewed to ensure all of your savings/investments & pensions continue to be tax efficient and legal once you become a Spanish resident. One important thing to consider is what allowances you have as a UK resident and how they will change when you become a Spanish resident. For example, that ISA that you may have held for over 20 years might have built up quite a gain, which will be tax free whilst you are a UK resident, but as soon as you become a Spanish tax resident the gain will be taxable. Therefore in some scenarios it is beneficial to liquidate your UK assets (such as ISAs) and maximise your UK tax allowances prior to becoming Spanish resident.

Review your investment mix
Are your investments still in line with your goals and risk tolerances? Changes in the values of your stocks, bonds and other holdings over the past year may have moved the relative weights away from what best meets your needs. For example, if the stock market had a good year, the percentage of your investments in stocks may have drifted upward from what you see as the right proportion of stock market risk. The approach of the new year is a good time to review your mix.

Review all insurance coverage
Take a look at your coverage for your car, home, life insurance, etc. to be sure you have enough — and not too much — and that you’re not overpaying. Look at whether you could drop some deductibles to save on premiums or if you have some unnecessary ‘extra’ features in your policy that are adding up. Comparison-shop among insurance companies to see whether switching makes sense.

Review your will
Especially if you’ve had a recent family event such as a marriage, birth, new grandchildren or a divorce, the approach of the new year is a good opportunity to make sure the beneficiaries you’ve designated in your will, match your current wishes. If you’ve never made a Spanish will but have assets in Spain, you should also be aware that the Spanish law is very different to the UK. If your Will doesn’t specify that you wish for it to be written under British law then Spanish law will automatically apply. Spanish law states that two thirds of your assets automatically go to your children and you only have the free disposal on one third.

Get your budget in shape
A budget that maps out your expected income, fixed expenses such as rent or mortgage and card payments, what you plan to set aside for savings, and what’s available for everything else you may want can help you stay on track toward your financial goals. If you don’t already have a budget, the new-year milestone is a great time to start. If you’re already using a budget to help manage your finances, a year-end tune-up can help you make sure it’s still current.

Review your retirement-plan
Whether you are years away from retirement, or if it’s just around the corner, a new year is always a good time to review your current pension provisions. For some it might be just a case of making sure you are still on target to retire on your intended date, with an annual income that you desire or for some it’s a question of should I leave my pension where it is or move it to SIPP but for others it could be a real wake up call. Planning for retirement is often pushed aside because life gets in the way however a Financial Adviser can help you plan for your retirement goals and work with you to achieve them. So, whether you would just like a professional opinion on your current provisions or whether you need to start planning DON’T put it off for another year!”

At Chorus Financial we are here to help you every step of the way, we help our clients plan for their future financial goals and we work hard to make sure they stay on target to achieve them. Call Chorus Financial now on 693 107 044 or email

Chorus Financial is a trading style of Tourbillon Limited, authorised and regulated by the Financial Services Commission (Gibraltar), Licence Number FSC1118B and registered with the UK FCA, Ref. 539348.

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