Accountant or financial advisor?
Discussion
I am going to end up with a massive extra tax bill next year on my (non-contributory, defined benefit, military) pension scheme.
No carry forward allowance left, pension input amount likely to be 70k next year, threshold income over 110k and adjusted income approaching 200k.
I need advice on some big decisions; reduce my tax liability, work less, stay in the Army or leave.
Who would be best to talk to? An accountant or a Financial advisor?
Any recommendations?
No carry forward allowance left, pension input amount likely to be 70k next year, threshold income over 110k and adjusted income approaching 200k.
I need advice on some big decisions; reduce my tax liability, work less, stay in the Army or leave.
Who would be best to talk to? An accountant or a Financial advisor?
Any recommendations?
As this is in essence a tax issue I would most certainly be talking to an accountant rather than financial adviser.
If it becomes apparent more technical pension information is required your accountant will raise this and you could then look at bringing in an adviser for this element alone.
If it becomes apparent more technical pension information is required your accountant will raise this and you could then look at bringing in an adviser for this element alone.
JulianPH said:
As this is in essence a tax issue
[knk]reduce my tax liability, work less, stay in the Army or leave.
All these questions (and lots more) would need to be addressed (IMO) to understand what the OP's objectives were and how he saw his future. This for me would have to take place before addressing the tax issue.
Derek Chevalier said:
JulianPH said:
As this is in essence a tax issue
[knk]reduce my tax liability, work less, stay in the Army or leave.
All these questions (and lots more) would need to be addressed (IMO) to understand what the OP's objectives were and how he saw his future. This for me would have to take place before addressing the tax issue.
An accountant is better placed to deal with the tax implications.
The wider picture cannot be covered be an accountant or financial adviser. I understand your point regarding the wider picture, but you are not providing the OP with any direction on either issue.
No disrespect intended!
JulianPH said:
Derek Chevalier said:
JulianPH said:
As this is in essence a tax issue
[knk]reduce my tax liability, work less, stay in the Army or leave.
All these questions (and lots more) would need to be addressed (IMO) to understand what the OP's objectives were and how he saw his future. This for me would have to take place before addressing the tax issue.
An accountant is better placed to deal with the tax implications.
The wider picture cannot be covered be an accountant or financial adviser. I understand your point regarding the wider picture, but you are not providing the OP with any direction on either issue.
No disrespect intended!
Thanks for your replies.
The tax and financial issues are what I need advice on, and tax is most pressing. The wider stuff will be for me to work out and you are very right, are really important considerations.
Real first world problem; paid too much, have a job where I could work anywhere, temp or perm (a GP). Have done all I wanted to do in uniform, but quite happy to keep doing the same if it works out for life and family for the meantime.
The real galling aspect is the marginal gain made from working full-time, compared to 4d/wk or 3d/wk makes it difficult to chose to continue to work full-time and not spend my time doing something else I may enjoy. The pension aspects are a crunch. I could have a 40k/yr pension now (at 45) if I leave. If I stay I will be taxed punitively on my notional contributions, and will hit the LTA in a year or perhaps 2 so will have an even harder cut taken.
JulianPH said:
The wider picture cannot be covered be an accountant or financial adviser. I understand your point regarding the wider picture, but you are not providing the OP with any direction on either issue.
Fair point re no direction. I think the usual applies, speak to a few local advisers, find one that you like that doesn't waffle about solutions in the first meeting but really finds out what you want.I don't know Brian personally but he's ex-forces and don't think is too far from you
https://www.joneshill.co.uk/meet-the-team/brian-hi...
Re the wider picture, I feel this is where a decent planner adds massive value - evaluating the feasibility from financial POV of different options the client is considering.
knk said:
Real first world problem; paid too much, have a job where I could work anywhere, temp or perm (a GP). Have done all I wanted to do in uniform, but quite happy to keep doing the same if it works out for life and family for the meantime.
The real galling aspect is the marginal gain made from working full-time, compared to 4d/wk or 3d/wk makes it difficult to chose to continue to work full-time and not spend my time doing something else I may enjoy. The pension aspects are a crunch. I could have a 40k/yr pension now (at 45) if I leave. If I stay I will be taxed punitively on my notional contributions, and will hit the LTA in a year or perhaps 2 so will have an even harder cut taken.
Best of luck with whatever you chooseThe real galling aspect is the marginal gain made from working full-time, compared to 4d/wk or 3d/wk makes it difficult to chose to continue to work full-time and not spend my time doing something else I may enjoy. The pension aspects are a crunch. I could have a 40k/yr pension now (at 45) if I leave. If I stay I will be taxed punitively on my notional contributions, and will hit the LTA in a year or perhaps 2 so will have an even harder cut taken.
Derek Chevalier said:
JulianPH said:
The wider picture cannot be covered be an accountant or financial adviser. I understand your point regarding the wider picture, but you are not providing the OP with any direction on either issue.
Fair point re no direction. I think the usual applies, speak to a few local advisers, find one that you like that doesn't waffle about solutions in the first meeting but really finds out what you want.I don't know Brian personally but he's ex-forces and don't think is too far from you
https://www.joneshill.co.uk/meet-the-team/brian-hi...
Re the wider picture, I feel this is where a decent planner adds massive value - evaluating the feasibility from financial POV of different options the client is considering.
A 'decent' financial adviser is the obvious moot point. Most are not decent and it ruins things for those who are. Most sell products (under the old contingent charging model). The good ones sell their time based upon providing advice and planning linked to their experience and qualifications).
I have no issue with the later, only the former.
Most of my face to face practice revolves around looking after mil clients. I’m seeing lots of anxiety about this from defence medical services. I understand Glasgow has, essentially, passed the responsibility completely into your shoulders after a period of suggesting it would address it, instead. If you are medical services, you’ll have a tapering issue. Most of my defence medical services clients have now used up unused precious allowance. My gut instinct, if you are aircrew or med, you’ll need a longer term plan. That takes you beyond a tax adviser.
Just read down - Med. We probably know the same people. I’m not taking on clients at the moment, but if I can help with a steer, drop me a line. If you’re like all the other mil med services specialists I know right now, totally p*ssed off, you have the next twenty years to anticipate.
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