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  • Want to save tax? 3 reasons to consider financial advice

    It’s not just an accountant that could help with tax planning. A financial adviser could save you time, hassle, and tax.

    Last Updated: 23 February 2024

    You might think that tax is something that only an accountant deals with. In fact, a financial adviser can help you save tax too through careful financial planning.

    An adviser won’t perform complex tax calculations or help with your tax return. But they can look at your overall finances and make sure they’re set up to save you money on tax. They can also show you how the money you save could help you reach your savings goals.

    You might be doing some of this yourself by using up your tax-efficient allowances every year. But before you commit to a DIY approach, why not find out if you could benefit from leaving the hard work to an expert?

    This article will show you why getting advice could save you more than tax. It can save you time and hassle too. Keep in mind that this article is not personal advice. You should ask for advice if you’re not sure whether something is right for you.

    1. An adviser can review your financial plans and goals

    Spending less money on tax is an important part of growing your wealth. But it isn’t everything. You also need to think about what you’re doing with the money you save and whether it’s working hard for you.

    That’s where an adviser can help. They’ll be able to show you how tax saved could help you reach your goals sooner. Plus, how it all fits into your wider planning.

    As well as saving tax now, an adviser can show you tax saving tricks you can use in the future too. Although you’ll have to keep an eye out as tax rules do change.

    Taking advice now could have a knock-on impact in future years, and the money you save can all add up. So, if you’ve never had an adviser take a look at your finances, perhaps now is the time.

    Learn about financial planning

    2. An adviser has up-to-date knowledge of complicated rules

    Tax rules can and do change, and their benefits depend on your circumstances. It might feel that you’ve got to do your research afresh each year to make sure you’re still in the know. With an adviser, you can rest assured they’ve got an up-to-date understanding of the rules and how they work.

    If your situation is more complicated, it’s worth getting a professional to help you. For example, if your pensions are likely to be affected by the tapered annual allowance, navigating the changes to the lifetime allowance and getting to grips with the new lump sum, lump sum & death benefit, and overseas transfer allowances coming into force in 2024/25 or if you’re thinking about inheritance tax planning.

    In cases like this, you're probably dealing with large amounts of money. An adviser will be able to help you navigate the rules, but also look at your wider financial planning. There might be other ways to structure your finances which could help grow your savings and save tax.

    3. An adviser could save you time and hassle

    Researching the different rules and products can take up an exhausting amount of time. In fact, financial advisers must complete 35 hours of continuing professional development every year just to demonstrate that their skills and knowledge remain up to date.

    So why not get an adviser to do the hard work for you?

    They’ve got the resources and knowledge of the rules to delve into your finances and get a plan together. Handing things over to an expert gives you time and headspace to focus on more important things.

    You might think that taking financial advice will still take up time. But much of it can be done over the phone, via videocall or somewhere in person that suits you. Time spent talking to an adviser is your time. So, you’ll get the chance to chat through things in detail and ask any questions.

    Find out if we could help you save tax

    To learn more, simply book a call with our advisory helpdesk. They’ll help you work out if advice could be of benefit to you and discuss the charges involved.

    You won’t get personal advice on the call and there’s no pressure to take advice. After speaking to our helpdesk, if you feel as though you would like to take advice, they’ll book your free initial call with one of our specialist advisers.

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