Podcasts Business Wealth Made Simple Podcast Due Diligence Matters More Than You Think!

Due Diligence Matters More Than You Think!

Published: Feb. 4, 2020, midnight

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Welcome to Wealth Made Simple, a new podcast in which entrepreneur, award-winning accountant, tax expert and investor, Shaz Nawaz, guides you through the process of making money, keeping money, and most importantly, growing your money.

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Few people know more about mastering money through business, property or tax saving strategies. Throughout his career, Shaz has helped his clients make tens of millions of pounds in additional profits through the very business strategies he’ll be sharing with you

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In this week’s show, Shaz talks about investment pitfalls, and some top tax tips. Often people who find that they have accrued a sum of money wish to invest that money and make it work for them. But the challenge can be that in their haste, they don’t pay enough attention to what they’re investing in.

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Shaz has made mistakes in the past, and in this episode, he relates an experience in which a hasty investment didn’t work out. But why not? And what could he have done to make sure it had succeeded?

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On tax, Shaz tells you about an allowance you might not be aware of, but which is easy to claim, and which might provide you with a small windfall.

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KEY TAKEAWAYS

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  • On an early property venture, Shaz made the mistake of doing no due diligence on the project, which involved buying a piece of land and building the properties on it. This happened because Shaz felt over-familiar with the process due to his line of work.
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  • The development had no planning permission attached when the land was purchased. Shaz put his faith in a local advisor who had assured him it would be no problem, but when the time came, there were numerous objections.
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  • A subsequent consultant suggested that using Paragraph 79 might work. The strategy then became to build a house in an isolated area, with an exceptional design.
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  • The main lesson learned from this experience is that whenever you are doing a deal, always ensure that you do your due diligence first. Thousands of pounds could have been saved if the homework had been done thoroughly.
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  • If you earn £12,500 or under, you won’t have to pay any tax. You will pay National Insurance, but not income tax. If you have a husband, wife or civil partner, you can essentially transfer 10% of your personal allowance to them. This means that you can end up saving 20% on your tax. This only works if the higher-earning spouse is a basic-rate tax payer (20%)
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  • This is known as the Marriage Allowance, and can be backdated to the tax year of 5th April, 2015. It’s very easy to submit your claim online, and can see a small return heading your way!
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  • Personal Savings Allowance - If you are a basic rate taxpayer, the first £1000 of savings income generated is tax-free. The first £500 is tax free if you are a higher-rate taxpayer.
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  • The Starting Rate For Savings - The first £5000 of savings income is tax-free, but this changes depending on your rate of tax. If you go over your personal allowance, then every extra pound you earn eats into your starting rate for savings.
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BEST MOMENTS

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‘I saved up a large chunk of cash, and I thought “I’ve got to make this money work harder”\'

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‘I should have kept that money in my bank! It was safer there!’

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‘If you have the will, you will find a way’

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‘If you have money in your account, and you’re looking to make investments, always make sure that you go in with your eyes open’

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‘Just because you have money in the bank, it doesn’t mean you have to make investments that aren’t sound, and which don\'t tie up\'

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ABOUT THE HOST

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Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.

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Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.

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He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.

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You can find Shaz on:

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This show was brought to you by Progressive Media

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