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
  • Sbuj
    Re: How Will My Second Job Be Taxed?
    Hi I have full time job plus extra part time if I will start working for agency tax for one of my extra jobs will b change…
    16 October 2018
  • Lizzie
    Re: Children's Bonus Bond
    I was bought a £25 Children's Bonus Bond as a christening present in 2001 and was wondering how much it is worth now and when it matures.
    8 October 2018
  • Storm
    Re: What Does Road Tax Pay For?
    I see a fair bit of pothole repairs, the biggest problem I see is the work carried out is very poor indeed more often than not as…
    26 September 2018
  • PETA
    Re: Payment of Pensions
    Can I change my pension to weekly how does this work
    20 September 2018
  • Kaz
    Re: How Will My Second Job Be Taxed?
    Up until june this year i only had 1 job of 14 hrs a wk at minimum.wage, i now have 3 jobs, the 2nd one being 6.7 hrs a wk @…
    19 September 2018
  • Dom
    Re: Claiming Tax Relief on Mileage
    I am paid a £250 per month travel allowance with my salary, and claim monthly travel expenses each month from the company for…
    13 September 2018
  • Fifi
    Re: How Will My Second Job Be Taxed?
    Hi I’m working 22hrs a week at 7.85ph but also signed up to an agency to work as and when, how much tax would I pay
    11 September 2018
  • Littledigidi
    Re: Claiming Tax Relief on Mileage
    Hi - I have a fuel card, the majority of my mileage is work related. can i claim any tax back on this. My company pay for all my…
    10 September 2018
  • TheTaxGuide
    Re: How Will My Second Job Be Taxed?
    B - Your Question:I have two jobs the first is as and when and the second is 12 hrs a week, combined I am nowhere near the…
    4 September 2018
  • Loui
    Re: How Will My Second Job Be Taxed?
    I am employed working 15hrs at £8.20 but get paid monthly and I'm self employed for 2 hrs a week at £8.00 a week. Would I get…
    3 September 2018