Every year, millions of Brits overpay on their taxes. It happens mainly because they don’t know enough about their options when it comes to how they invest or manage their taxable income. A great tax specialist can help you plan how to make best use of your income and savings, without letting them get eaten up by the HMRS.
So the question is, do you really need a tax specialist to help you optimise your tax payments and strategy?
In some cases the answer is clear cut. E.g. if you own rental property or any other form of income generating property, receive return from investments, have multiple or changing income streams, or your savings/wealth exceed a level where the HMRS are taking out too big a chunk of it each year.
However, you do not need to be rich, in any common sense of the word, to be able to gain a lot from a more efficient tax strategy. Average middle class households can benefit a lot from a better tax strategy. If you fall within this category, you have options, such as applying investment strategies or asset trusts to fall into a lower tax bracket. This is difficult, though not always impossible for higher income individuals.
The easiest way to figure out whether you need to have a professional go over your tax strategy — or craft one for you — is to ask a tax specialist in Manchester near you. A skilled advisor will be able to take a look at your situation and fairly quickly figure out if they are able to save you money or not. Remember, you should be sure that you will be saving more money on your taxes than you spend on your tax advisor, otherwise it isn’t worth it. If you feel like the tax specialist you talk to isn’t confident he or she can get you results, then find someone who is.
That brings us to the next important question; How do you find the top tax specialist in Manchester UK?
There will be plenty of seemingly qualified tax professionals to choose from. So start by checking their qualifications; do the person you are looking at hold a degree in tax law or are they simply accountants? This is important because accounting focuses primarily on your previous earnings, whereas tax planning looks ahead at your future income year and how to get the most out of what you earn going forward. Tax planning requires in-depth knowledge of the tax laws and regulations to get your money to work for you within the rules of the law.
Issac Qureshi holds a degree in International and Trust Law from the University College London. His insight into UK and international tax law has allowed him to help his clients realise their financial goals and lower their tax bills considerably.
To learn more about how you can avoid overstaying on your tax bill, contact Issac Qureshi, Manchester tax specialist.