Financial Planning Tax Mitigation Strategies

Article Written By: Kathryn Dawson

The tax office receives billions each year in over paid taxes simply because businesses maintain poor record keeping and financial planning is inadequate. Finding out for yourself as much about the tax game as you can is an opportune and useful tactic, it can save you money and reduce your tax liability.

If you are running a business then you either do the accounts yourself, or have an accountant to do them for you. Your accountant will prepare your accounts and advise you on various aspects of tax planning. Your financial advisor can add a new dimension, by investigating tax efficient structures for your investments and by suggesting areas where your tax planning could be improved.

A specialist financial advisor will be able to help out in all areas of your financial affairs, from investment advice and tax mitigation strategies to retirement and estate planning. Their role is to optimize your tax efficiency, minimise your liability and risk, and manage your wealth. A knowledgeable advisor will be able to show you how to best structure your ISAs, pensions and offshore bonds, as well as other trusts and investment schemes.

Tax mitigation is an on-going process that takes a lot of skill and expertise to get right. It needs constant modifying as legislation is constantly changing. Using tax mitigation strategies will give you a big advantage as it can reduce your tax liabilities greatly.

Good tax planning can benefit business owners, investors, and entrepreneurs but many might be unaware of the best approach. Working with your lawyer and accountant, a financial advisor can provide some very useful advice.

An important element of financial services is smart tax planning advice. The less income and capital gains tax paid on investments the greater the after tax return, so you might be able to realize your financial goals earlier. Advisors are not there to do your tax returns for you, but they will help you think about a tax efficient approach to investment.

An advisor will keep you focused on your long term objectives and goals, and help you plan on how to pay for your children's education, consider whether you have adequate insurance cover, your retirement plans, pensions, estate planning, and investment advice.

To really benefit from a financial advisor, opt for a personal and individual service. They should offer you an initial meeting, at no charge, where you can discuss your current financial position and long term aims and objectives. Then you will get a proposal outlining the best way forward in developing your personalised financial plan.

About the Author

Kathryn Dawson writes for a company providing Financial Services and investment advice.

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