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2 questions about tax

Journalist: Carmen Reichman, FTAdviser

ended 14. April 2025

Dear advisers

I have two questions about tax planning/tax advice.

The first is, how concerned are you about IHT planning these days? Research from Downing suggests advisers are increasingly looking for support on IHT planning, many of you are already working with specialist advisers, accountants or lawyers. Others have in house expertise.

Does any of this apply to you? Are you worried about IHT or tax planning in general, how do you tend to handle it? Do you outsource or do you think it pays to have the capacity in house?

Second, a US-based adviser has spoken about how onerous it is to offer tax advice in house, so she doesn't offer it anymore.

But she stressed the ‘low hanging fruit’ that is working with your clients' tax advisers, importing information from your clients' tax returns into your CRM and offering value add services around tax planning, scheduling (ie reminding them when tax payments are due), and looking at how you might be able to help reduce tax liabilities.

How do you work with your clients' accountants? Do you get to see/go through your clients' tax returns? Do you think there could be crossovers that would allow you to offer extra services? 

Please let me know your thoughts for FT Adviser.

Thank you!

Carmen

carmen.reichman@ft.com

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Editor
Ross Lacey
Director & Independent Financial Adviser at Fairview Financial Management
We work closely with tax advisers to ensure our clients benefit from an optimal strategy for their tax planning that aligns with their overall financial plan.

There's a lot of complimentary work financial planners can do with tax advisers and solicitors to add tremendous value to the outcomes clients get.

We schedule time with clients' tax advisers and accountants each year, prior to tax returns being submitted, in order to work together on any opportunities to mitigate tax. This proactive approach always goes down well with clients who in the past may have been used to being presented with a tax bill after the horse has bolted.