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10 Ways to Spring Clean Your Finances in 2023

Tips To Spring Clean Your Finances

With 2023 now underway it’s time to tidy up your budget, review your spending habits and get your finances in order for the year head. Here are ten things to think about as you get started on your financial spring cleaning.

Set up a lifetime ISA

If you’re aged between 18 and 40, you can set up a lifetime ISA. You can save up to £4,000 a year and the government will add a 25% bonus to your savings (maximum £1,000/year). You can hold cash or stocks and shares in your Lifetime ISA, or a combination of both.

When you turn 50, you can no longer pay into your Lifetime ISA or collect the bonus, but your savings still attract interest or investment returns.

Our trusted partner Contractor Wealth specialises in wealth-management and investment advice for contractors.

Review your company credit card

If you have a balance on your company credit card, look at transferring with a low or 0% balance transfer deal. Depending on the balance you carry forward each month, this could save your business a significant amount.

Say goodbye to business bank charges

If you’re spending money on business bank charges each month, Mettle from NatWest is 100% free.

Do you qualify for a super-deduction?

This has been available since 1 April 2021 and will last until 31 March 2023. Companies investing in qualifying new plant and machinery assets will be able to claim:

  • a 130% super-deduction capital allowance on qualifying plant and machinery investments

  • a 50% first-year allowance for qualifying special rate assets

The super-deduction will allow companies to cut their tax bill by up to 25p for every £1 they invest. Discuss your specific circumstances with your accountant to find out if this could apply to you.

Don’t waste your time

Your time is expensive, so any non-billable task that you can delegate to someone else is a potential saving. For example, you may not see hiring a bookkeeper as saving your money, but how much could you earn for your business in the time they save you? Speak to your Orange Genie Accountant to discuss this in more detail.

Earn cashback on purchases

If you’re buying almost anything online, you may be able to earn cashback from your purchase. You can earn between 4% and 10% by making your purchase through a cashback site, which for some business purchases will be a significant amount.

Shop around for your insurance renewal

Don’t automatically accept the renewal quote for your insurance. For most businesses, insurance is a significant cost, and one that can be reduced by some margin by shopping around. Once you have a cheaper quote, give your current provider the opportunity to beat it. You could save even more with Orange Genie as you get a 10% discount through Kingsbridge Contractor Insurers.

Optimise your pension

Speak to a financial advisor to make sure you’re providing for a sound financial future, and if you already have a pension make sure you utilise your full annual allowance before the tax year ends in April. Your Orange Genie accountant can refer you to our friends at Yolo wealth, where a specialist expert will discuss your specific needs.

Talk to your accountant

If you’re lucky enough to have an Orange Genie accountant, talk to them about your wider financial position – we’re here to provide you with tax planning advice and go through allowable expenses and reliefs available.

If you have questions or if we can help in any way, please call our expert team on 01296 468483 or email

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