man in jail because he did not take financial planning adviceSuccessive Chancellors of the Exchequer have taken increasingly strong measures to increase their tax revenue by preventing tax evasion and avoidance. With the pressure on the government’s finances during the pandemic, it is unlikely that the present Chancellor will not be any different. Financial planning has never been more relevant.

Her Majesty Revenue and Customs (HMRC) defines tax avoidance as “bending the rules of the tax system to gain a tax advantage that Parliament never intended”. It goes on to say that tax avoidance is “operating within the letter, but not the spirit, of the law”. So, let us see how a financial planner can help you.

So how can I legitimately reduce my tax bill?

PFS logo for help with financial planningFirstly, legitimate forms of tax planning, are not considered to be a form of tax avoidance. A view by many financial advisers in the profession is –

  • Tax evasion is criminal
  • Tax avoidance is immoral
  • Tax planning is sensible

So, what is financial planning? Financial planning focuses on using legitimate ways to minimise the amount of tax you or your estate will pay. Financial planners usually work to minimise your tax bill to maximise the value that can be passed on to your beneficiaries.

Making use of allowances.

Financial planners will make full use of both Wills and Trusts, working closely with a solicitor to draw up these legal documents. Also, an adviser will ensure that you make full use of your annual tax allowances. They will also consider other arrangements which are available to minimise your tax liability, making use of investments and insurance-based products. This is quite a specialised area so it is important that the adviser works closely with your accountant and solicitor.  By doing this we will ensure the best outcome for you, our clients.

How Anstee & Co can help you with financial planning.

We are Independent Financial Advisers (IFA’s). This means that we offer unbiased financial advice. We look at all the financial solutions and do not work from a limited panel of providers. Our experience covers all aspects of personal financial planning, including pensions, estate planning, protection insurance, investments, and mortgages.

We would welcome the opportunity to discuss how we may be able to provide you with financial planning advice. The first, “getting to know you” meeting is at our cost and without obligation. Why not contact us today to see how we can help you?

call back logo for financial planningWe have offices located at-

  • Kettering, Northamptonshire
  • Stamford, Lincolnshire
  • Towcester, Northamptonshire
  • London, Greater London

Additionally, our financial planners live at-

  • Northampton
  • Bedford
  • Market Harborough
  • Wellingborough

Due to the present government guidelines regarding COVID-19 (coronavirus) and social distancing we are making full use of video conferencing facilities such as-

  • Zoom
  • Microsoft Teams
  • Skype
  • Facetime

We can also arrange a conference telephone call. The choice is yours. There is no need to visit an office as all work can be handled remotely. So, the meeting can be arranged at a time that is convenient for you.

If you have any thoughts on this article, “How financial planning could keep you out of jail?”, then we would love to hear from you.

Financial Conduct AuthorityFinally, the information contained in this article is for information purposes only and does not constitute financial advice. Anstee & Co. is authorised and regulated by the Financial Conduct Authority (FCA).