Planning your financial future is about more than just keeping track of your money – it’s also about understanding how factors like tax can affect your finances over time. That’s where a personal tax advisor can help.

These are professionals who can help you to understand your personal tax position and plan around it, making you aware of the tax you might have to pay and identifying ways of becoming more tax-efficient.

Whether you’re a business owner, a diligent professional, or an astute investor, our personal tax advisors are here to help you make a plan that matches your goals.

What does a personal tax advisor do?

A personal tax advisor is someone who specialises in giving tailored advice on personal tax planning.

Often, this service will be offered in a range of ways by an accountancy firm. For example, our personal tax services at Thomas Barrie include:

  • personal tax planning
  • estate planning
  • residency
  • retirement planning
  • self-assessment tax returns
  • tax investigations

Benefits of working with a personal tax advisor

Expertise and knowledge

Personal tax advisors are experienced in their field, and trained to understand the implications of different personal taxes and how they play into major life events like retirement, moving house or selling a business.

By working with someone who has this level of specialist knowledge, you’ll get an informed view of the way tax affects your financial position in the long term. They’ll be able to help you make informed decisions about your money so you can navigate these significant milestones with confidence.

Tailored financial strategies

A good advisor will work with you to create a plan for your finances that’s based on your individual goals. They’ll get to know your aims for the short-term and long-term, so that every financial decision contributes to your success.

This might include supporting your plans for retirement. A personal tax advisor can help you create a comprehensive retirement strategy that takes into account tax-efficient investment options, withdrawal strategies, and potential tax implications on your retirement income.

If you’re a business owner, a personal tax advisor can also help you to tie this plan in with the sale or transfer of your business.

Other strategies might focus on changes in location, and the residency considerations they bring up. Or you might be thinking about how you’ll pass on your wealth to your loved ones in the future as part of your estate planning strategy.

Most importantly, a personal tax advisor will take all of these tax considerations and view them as a whole, developing a strategy with you that meets your priorities.

Tax optimisation

Finally, an advisor can offer valuable guidance when it comes to understanding and minimising your tax liabilities.

For example, they can help you to make the most of any reliefs, expenses and allowances you’re eligible for, and claim them as part of your self-assessment tax return.

They can offer advice close to the end of the tax year about key financial considerations and savings options you can make the most of.

And they can guide you through important changes like sales or transfers of assets, to make sure you don’t pay any more tax than you need to.

Talk to us

At Thomas Barrie, we’re here to offer our expertise and help you navigate the complexities of personal tax.

Get in touch to talk to a personal tax advisor about your financial journey today.