Benjamin Franklin apparently uttered the words “In this world nothing can be said to be certain, except death and taxes.” and whilst science has not yet solved the former, there are many steps that can be taken to minimise the latter.
Financial planning is not just about aiming to satisfy a client’s objectives – it is also concerned with minimising tax along the way. We all have tax allowances and therefore taking advantage of these can help keep more of a client’s assets in their own pocket.
Planning ahead and having an exit strategy usually helps ensure that tax is minimised. However sometimes unexpected situations arise – in which case having a diverse tax strategy can often help avoid large tax bills.
For some, tax planning is an afterthought however for us, it forms an important part of a client’s financial planning strategy.