WE all have that goal and dream of becoming financially independent, but how many of us really know what that journey looks like and whereabouts we are on that journey today?
Forecasting what the future may look like, understanding key milestones and planning for both the expected and the unexpected, is something many of us have failed to do. It is this extra layer of detail and focus, to truly understand when that financial independence is achievable, that is so vital. The saying goes that ‘time is money’, which in this case is very true. Taking the time to plan your money is an investment well spent.
Plotting out income required over your lifetime, including life events such as children’s weddings or a holiday home, in addition to your own retirement needs, enables you to understand any income gap and hurdles – and gives you to time to plan around these.
The Tax Landscape
With the tax landscape constantly changing, at Haines Watts we advise our clients to have a tax strategy, looking at how they can optimise their cashflow and mitigate the impact of legislative changes.
Having a plan that outlines your future personal and business goals and the tax triggers along the way gives families a clear understanding of what tax liabilities to expect and importantly sufficient time to plan for them – and ultimately provide ‘peace of mind’.
Tax and personal finance advice should always be taken holistically.
As many of us work towards financial independence, we achieve to seek greater financial returns on investments, bonds, shares and pension funds.
However, as we approach retirement we will also be faced with planning for the dreaded Inheritance Tax, and looking to protect our hard-earned cash. On the one hand we seek financial advice to help grow our investments and the other tax planning advice to reduce loss to our estate. Naturally the two separate conversations can feel quite conflicting and by not looking at everything holistically bad decisions can be made.
Ensuring that the network of professionals around you work together is therefore crucial. Ensuring your investments increase in value whilst falling outside of your estate for Inheritance Tax purposes can be achieved by having the right people working together with you. By failing to do this you could miss out on opportunities through a lack of understanding of the full picture.
At Haines Watts having strong relationships with our clients and their wider networks enables us to provide this holistic approach to tax and personal finance support. For more information please contact Jennie Brown on 07554 553844 or via email at
