Home > Professional Services > Finding Professional Tax Planning Advice

Finding Professional Tax Planning Advice

By: J.A.J Aaronson - Updated: 24 Apr 2014 | comments*Discuss
 
Ifa Tax Planning Advice Inheritance Tax

Tax is amongst the most important aspects of an individual’s financial life. Regardless of how much you earn, the tax system can significantly impact on your livelihood. Given the potential consequences of mismanaging your tax affairs, it makes sense to seek professional advice. However, it is vitally important that you find a financial advisor who is reputable, and who is sensitive to your needs and concerns.

In the first instance, it is important to note that tax planning advice should only be sought from a known, accredited professional. In Britain, these individuals are known as Independent Financial Advisers, or IFAs. There are a huge number of financial advisers in the UK, but most of these are associated with a company and are therefore trying to sell you something. For example, your bank may offer ‘free’ financial advice, but you can bet that they will be hoping you leave their office with a new financial product.

How to Get Impartiality

There are two ways to ensure that you are getting truly impartial financial advice. The first is to use an adviser from a charity, such as Age UK or the Citizens Advice Bureau. Some charities offer this advice for free, either to members or to people in certain circumstances. For example, many branches of Help the Aged give free advice to over 65s.

However, this free advice is available to a relatively small section of the population. Aside from this, the only way to get truly independent tax planning advice is to use a fee-based service. These are generally charged on a session-by-session basis, and can be relatively expensive. However, you should consider the potential savings that you will make by taking the advice of a professional tax adviser; it is much like having an accountant on hand to help you minimise your financial liabilities.

What Can an IFA Help Me With?

Tax concerns are not just for the very rich. Individuals with a particularly high net worth are obviously frequently concerned with minimising their tax liabilities in order to ensure that they keep as much of their wealth as possible. However, tax planning applies to everyone. Of particular concern is Inheritance Tax. Even with the Chancellor’s 2008 announcement that the nil-rate band allowance can be passed between spouses, Inheritance Tax will affect a growing number of households when property prices rise again. Therefore, it is important that you plan ahead to ensure that your liabilities are as low as possible.

Similarly, professional tax planning advice will help you identify any benefits to which you may be entitled. Benefits and tax credits are available for those on low incomes, but are also provided for a wide variety of people in a wide variety of circumstances – Child Benefit is the obvious example. A good IFA will make sure you are aware of any allowances, benefits or credits for which you can apply, and should give you information on how to get them. They should also be able to advise you on gathering the relevant information in order to apply.

There are several websites through which you can find IFAs in your area. Alternatively, the Citizens Advice Bureau should be able to give you details of your local advisers.

You might also like...
Share Your Story, Join the Discussion or Seek Advice..
pls help me for the finding of professional tax no.
jitu - 5-Jun-12 @ 1:30 PM
Share Your Story, Join the Discussion or Seek Advice...
Title:
(never shown)
Firstname:
(never shown)
Surname:
(never shown)
Email:
(never shown)
Nickname:
(shown)
Comment:
Validate:
Enter word:
Latest Comments
  • Pat
    Re: Payment of Pensions
    Who do I contact to change pension payments to weekly from monthly and is it easy to do regards Pat
    29 January 2020
  • Leelee
    Re: How Will My Second Job Be Taxed?
    I worked 48 hours a wk but hey paid for 44 hours a wk iv been offered a second job but only on bank would I have to pay tax…
    29 November 2019
  • Molly
    Re: Should I be Paid Mileage Allowance?
    Hi I have been changed from office based to home based by my company. I have been told I cant claim the first 30 miles of…
    20 November 2019
  • Terri2019
    Re: How Will My Second Job Be Taxed?
    Hi guys I have just started my second job my 1st job I work 21 hours at 8.35 an hour also my other job I work 35 hours and…
    8 November 2019
  • Tay
    Re: How Will My Second Job Be Taxed?
    I’m doing a Cleaning job 10hrs a week I be taking on a second job 12 hrs a week both job pay 8.21 hr how much will I get…
    6 November 2019
  • Matt
    Re: Should I be Paid Mileage Allowance?
    Hi I receive a car allowance that is paid each month alongside my salary. I also receive a mileage rate of 22p, I have…
    4 November 2019
  • Cj53
    Re: Payment of Pensions
    If change my pension from monthly to weekly can I ask for my arrears from monthly to be paid back to me when I change, thank you
    28 October 2019
  • Dan17
    Re: How Will My Second Job Be Taxed?
    Hi, thanks in advance for your help! My first job pays 18k annually (approx 1300 a month), my second, that I'm starting…
    25 October 2019
  • JellyBean
    Re: Are DVLA Car Tax Rates Fair?
    A one-litre Ford Fiesta petrol Ecoboost at the average 12,000 miles per annum, puts out exactly the same CO2 in 12 months as, for…
    18 October 2019
  • Cherral
    Re: How Will My Second Job Be Taxed?
    I am a director of my husband's company getting paid £1500 per month. I would like to have a casual 25hr job at 8.60 per…
    16 October 2019