Midas Independent Financial Planning Logo

"Caring about You and Your Money"

tel: 01427 811777

Tax Consultant, Planning and Advice

Image of Steve Tait - Tax Consultant in Lincolnshire standing behind three wooden blocks spelling the word "tax"

As a tax consultant, Midas IFP have considerable expertise, understanding and knowledge of current tax law and legislation. Our aim is to minimise the effect of taxation for our clients whilst of course remaining compliant within a complicated financial framework.

The effect of taxation can have a huge impact on your wealth and income, not only can it reduce the financial returns during your lifetime but it can have a significant effect on your finances, upon your death.

Helping you to understand these complex areas of taxation is a key service that we provide to our existing clients and can offer to those prospective clients as part of our financial planning service. This will include, where necessary, an annual “Tax Pac” which will assist you in providing  the information required for completion of the tax returns to HMRC.

Key Areas of Personal Tax Advice

Income Tax

Are you claiming all your individual personal income tax allowances?

Each investment product is taxed differently, by structuring an investment portfolio using alternative products you can minimise the taxation.

The reduction in taxation will, of course, result in improved returns.

Capital Gains Tax

Some invested assets are subject to Capital Gains Tax when sold.  Every individual has an annual allowance that is often unused.  Restructuring investments within a portfolio by using this annual allowance can create tax-free returns, an extremely useful option which should not be overlooked.

image of small section of Monopoly board showing the square which has "Income Tax Pay £200" on it to highlight the key areas of personal tax advice that Midas IFP can offer

Inheritance Tax

To ensure your dependents or family benefit from your wealth upon your death, passing your assets in a structured and tax efficient way is essential if this tax is to be minimised.  Although this tax is one of the easiest to avoid, compromises will have to be considered to reach the best solution.  Individual family circumstances will determine how this plan is structured.  Utilising all the available allowances, the use of gifting and Trusts will be explained and considered in devising your financial plan.

Tax Avoidance

There are numerous tax avoidance schemes available but many are usually complex, risky and difficult to understand. Some are also illegal!

However there are a number of opportunities to ensure that all the available tax allowances are utilised when recommending individual financial plans.

These include selecting tax efficient funds ie Individual Savings Accounts (ISA), where income and growth is tax free or investing in a Self-Invested Personal Pension (SIPP) where tax relief is earned at the outset together with offering a wider choice of funds.

There are also more speculative funds which offer tax benefits. These Venture Capital Trusts (VCTs) receive various tax exemptions but they can be volatile and have special conditions attached to them.

Our experience and knowledge of this often complex and ever changing legislation forms a key part of our advice process.

"Taxation can seriously damage your wealth"