Lower Your Tax Bill With A Qualified IFA

Recent research by Unbiased has shown that most of us in Britain bury our heads in the sand when it comes to our taxes. Even though we know we pay it, and we’re not always too pleased about it, we don’t take any action to reduce the amount that we pay.

But by seeing an independent financial adviser – an IFA – we could potentially save some money each year. In fact Unbiased’s research suggests that as much as 13.5 billion could be being lost each year through unnecessary tax payments and missed opportunities to cut our tax bills.

You don’t need to be a financial genius to understand the basic principles of tax planning in this country, but if you find an IFA they can help you to understand in more detail how all the rules and regulations apply to you as an individual. For example, they could help you to understand how to mitigate an expensive inheritance tax bill for your heirs, or perhaps advise you on whether life insurance would be a tax-efficient way of saving for the future for you personally.

An IFA could also give you direction about what kind of pension plan would benefit you from a tax-saving point of view, or help you select the right kind of Individual Savings Account (ISA) to save your money more tax-efficiently.

In the current economic climate, most of us are already tightening our belts and the idea that so much money could be wasted as a result of making mistakes with our personal finances is galling. Yet 88% of us admit that they have done nothing in the last 12 months to reduce the amount of tax we pay. It is time that we take some tax action as a nation, seek some financial advice and save some money by being tax-efficient.

John Lansons has many years of experience in the Finance sector and is considered an expert in providing finance advice. Find out how to get advice on how to find an IFA near you, mortgage advice, building a pension plan, and opening a new savings account.