Financial New Year – is this the true fresh start?

Each year, 6 April marks the start of the new financial year – a moment of reset for many businesses and a chance to capture a moment in time and assess performance. It’s also a tax deadline, when many fiscal policies determining government spending (amongst others) change or come into force. This year saw changes to tax thresholds, as well as increases to the national minimum wage and state pension.

For those of us who work in financial services, 6 April is often an influencing factor in the pattern of our working and personal lives: from accounting deadlines and a cut off for self-employed taxable earnings, to making the most of the shift from one ISA season to the next.

Unlike the new calendar year which happens amidst the post-Christmas dip and January gloom, the financial new year is surrounded by the signs of spring firmly taking hold. This year we’ve spoken to a couple of our members to understand what this fresh beginning means for them.

Sarah Woodard, Co-Chair of WIBF’s Future Leaders Shadow Board

For me, spring feels like the time of year where it really is “out with the old and in with the new” and it is the first time summer feels within touching distance. I always feel myself responding positively to the new financial year, changing seasons and lighter days – both professionally and personally.

Professionally, it feels like an achievement to have made it through Q1 and I start to focus on what I want to achieve between now and the summer. My clients are also renewing budgets and it’s an important time of partnership for their future decision making. My team seems to become more sociable, like we’re all emerging from a winter hibernation, more time together improves collaboration and my contentment at work.

For me, the new financial year is always a moment of reflection on my personal finances – from how much I have saved, to upcoming big expenses and considering how inflation and the rising cost of living is impacting my budget. It’s a moment that nudges me into proactive decision making.

When spring hits I also start to plan time off for the warmer months, as well as aiming to follow my Mum’s advice to have a spring clean! I also enjoy spending more time outdoors, which is a great boost for my mental health.

Gwen Faure, the WIBF Management Board Member responsible for talent retention

Spring is such a special time in the year – full of hope and opportunity. I personally love the promise that this time of year brings and the longer days and warmer weather really makes it seem like anything is achievable!

And I’m not alone. It’s always a busy time of year for the WIBF mentoring programme, as we see many of our members taking up the opportunity to be supported in achieving their goals through mentorship. Our mentees come from all backgrounds and experiences, some with particular objectives in mind and others with a will to accelerate progress or make a change in their careers, with the support of a mentor.

For all of the volunteers on the WIBF mentoring team, we are also making plans for our programme this spring. We have been busy evolving the programme and have new events and materials coming for our community. We’re starting to pilot a curriculum for mentors, led by our London co-lead Ras Gohil, to give our mentors more support and resources and we’re also looking at smaller group mentoring events; the first one is about Making Yourself Heard on 10 May.

Ultimately this is a time for plans – big and small, career and personal! It’s also the time to get out there and meet with friends and connections in person, spending tie together and nurturing the relationships that are important to us.

But what does this time of the year mean for you? Is this also a time of the year when you feel there is an extra spring in your step?

Meanwhile, on a more serious note, the end of the previous tax year also means it’s time for personal tax records to be updated. And there is something worth noting if you are an individual WIBF member. This is because WIBF is one of the professional organisations and learned societies recognised by HM Revenue & Customs, so the access all areas and digital membership fees are tax deductible. You can claim back for last year’s fee either through your 2021/22 self assessment tax return, or you can claim using the form P87, either online or by post.