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Where Can I Get Independent Tax Advice?
Independent Tax Advisor

Where Can I Get Independent Tax Advice?

Have you ever heard the saying, “in this world nothing can be said to be certain, except death and taxes”? As we all know, it is a universal truth that some form of taxation is inevitable. Knowing we can’t get around it does not mean navigating the complex web of UK tax laws and liabilities gets any easier. In the latest Tax Owed To You blog, we explore why seeking independent personal tax advice is crucial and where you can turn for help.

In doing so, we are however not sharing specific advice or detailed information about taxes or your liabilities. The below is intended for your information only. It should not be considered instruction or formal guidance. However, we have listed the main benefits of getting further independent tax advice below.

Tax Laws Are Complex

The UK tax system is intricate with numerous laws and regulations that govern personal taxes such as capital gains tax, inheritance tax, property taxes and more. Independent tax advisors specialise in deciphering the rules and regulations ensuring that you’re aware of your tax obligations and entitlements without being an expert.

Don’t Pay Too Much Tax

Whether it is through providing advice on inheritance tax or free advice on capital gains tax, independent tax advisors are well-versed in identifying legal opportunities to minimise your tax liability. They can help you apply available reliefs, allowances and exemptions to pay the tax you owe, staying compliant with the law.

Changes in Tax Legislation

Tax advice on UK laws is subject to constant change. It can be challenging for individuals to keep up with these updates. Independent tax advisors stay informed about the latest developments, ensuring you receive advice based on current information and regulations.

Personalised Tax Guidance

Every individual’s financial situation is unique. Independent tax advisors should take the time to understand your specific circumstances, allowing them to provide tailored ad

Where to Find Independent Tax Advice

Now that we have shared the importance of independent tax advice, we can take you through the various places you can get it from.

Chartered Accountants

Accountants chartered through the Institute of Chartered Accountants in England and Wales or the Institute of Chartered Accountants of Scotland are qualified professionals with expertise in accounting and taxation. Many accountancy firms offer services tailored to individuals, including tax planning and compliance. Always look for a chartered accountant with experience in handling the specific tax issues relevant to your situation.

Tax Specialists and Financial Advisors

You do not have to be a Chartered Accountant to give tax advice. The “Chartered Tax Adviser” (CTA) certification demonstrates appropriate expertise to advise on taxation matters. These professionals often have in-depth knowledge of specific tax areas and can provide comprehensive guidance on income tax, capital gains tax and other taxes affecting UK residents.

General financial advisors, authorised by the Financial Conduct Authority, may also offer tax planning as part of their wider advice. They can help you align your investment strategies, retirement planning and estate planning with your tax objectives. Look for advisors who are particularly knowledgeable about the UK tax system.

Online Platforms and Resources

Numerous online platforms and resources provide information on UK taxation. There are also online communities, such as Facebook Groups, whose members offer advice. It is important to recognise the limitations of such advice. Online resources may not be qualified or provide personalised advice for your specific situation so it pays to use them with caution.

Tax Consultancy & Advisory Firms

Rather than speak to a specific individual tax advisor, consultancy and advisory firms might offer more corporate services. These firms frequently employ specialists who stay informed on specific facets of tax developments, ensuring that you receive accurate and up-to-date advice. They can, however, be costly sources of advice.

HMRC Tax Advice Line

For simple queries, you can contact HM Revenue and Customs (HMRC) directly either on the phone or through online chat. You should contact them directly if you can’t pay your tax bill on time, disagree with a tax decision or have additional needs through disability for example. HMRC can provide information, however, cannot advise you to take any particular course of action. You may still find yourself in need of further help.

Free Tax Advice From UK Charities

You may need help with tax advice but cannot spend on professional advice. In such cases, it may be worth turning to charities. Two main organisations specialise in providing tax support; TaxAid and Tax Help for Older People. Both provide online advice and information about the UK tax system. If you are on a low income, you might be able to get free help from a tax advisor.

If you’re working or self-employed, TaxAid can give you advice. Tax Help For Older People helps people who are 60 or over.

Tax Advice Next Steps

In summary, by engaging with qualified professionals such as chartered accountants, tax specialists, financial advisors and tax charities, you can feel more confident as you navigate the complexities of the tax system. Remember, you must meet your tax obligations. Ignorance is not a valid defence in the event of non-payment. This doesn’t mean you shouldn’t optimise your financial position within the framework of the law. So, take the proactive step of seeking independent tax advice to secure your financial future.

The good news is, if you are an employee, a higher-rate taxpayer and a relief at source pension scheme holder, the Tax Owed To You team might be able to help you earn some of your tax back. Start by filling out the form on our website.