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 UK TAX AND WEALTH MANAGEMENT

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UK Tax & Wealth Management
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UK Tax & Wealth Management

Information and background on Inheritance Tax, Investments, SIPPS, Non Doms & Tax.

 


UK Tax & Legal Advisers


Legal Advisers

If you find yourself with a legal problem it is important to know who you can turn to for advice. By law, only certain professionals can provide this advice and before you seek out a professional it can be helpful to know what your options are.

A solicitor is often the first port of call for legal advice. The can be found via an advice agency, a local law firm or the Citizens Advice Bureau. Solicitors can either advise you personally, pass you onto a legal executive at their law firm or instruct a barrister on your behalf to provide you with advice and even representation in court, if necessary.

Legal advisers typically specialise in certain areas of law, such as family or commercial for example. In many cases the adviser will be accredited by a scheme, for which he or she will have had to demonstrate a certain level of competency in that field of law. Again, an advice agency will be able to be able to direct you towards a legal adviser that specialises in a relevant field.

Once you have selected a legal adviser you must make an appointment, to which it is important to take all the relevant documents, information and a list of questions you have. You can expect the legal adviser to give you clear details of what information you will be expected to provide, how much you are expected to pay for the advice and exactly how your problem will be dealt with.

If you have been arrested and charged with an offence it is within your rights to obtain free legal advice, regardless of your financial circumstances. The arresting officer should give you details of how to make a request for this advice, but in the first instance it will be handed to the Defence Solicitor Call Centre. On the other hand you can select your own legal representative, who will not charge you a fee as long as they have a Criminal Defence Service contract.

Tax Advisers

Are you self-employed or do you pay tax outside of the HMRC's Paye-As-You-Earn (PAYE) system? Do you have a high income or a significant amount of savings? Have you inherited or are you inline to inherit a significant amount of money? Do you hold a portfolio of stocks and shares upon which you could be liable to pay Capital gains tax? Are you nearing retirement and are worried about your pension contributions and the amount of tax you are paying?

If you answered 'yes' to any of these questions then it is highly advisable that you seek the help of a tax adviser.

These situations are the most common in which UK tax payers over contribute to HMRC. Tax is a complicated area to understand, particularly if you have an unusual income, run a business or have a significant amount in savings. Fortunately, there are a many ways you can reduce your tax contributions by taking advantage of legitimate schemes and opportunities created by the UK government.

This is where tax advisers come into play.

A tax adviser can reduce your tax bill on savings by ensuring cash, stocks and shares are all stored in tax efficient ISAs. They can ensure you pay sufficiently into pensions for your retirement. They can help you reduce the amount of inheritance and capital gains tax you pay. They can ensure your business or limited company operates in a tax efficient manner, reducing your tax bill.

Tax and legal advisers

Hopefully, these will provide some useful background on the issue, and equip you to make informed decisions and choices in this most financially sensitive of areas.

If you would like further assistance or more information on this subject please contact us through this email link enquiries@taxworld.org

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