And to be honest, there’s no reason your financial advisor shouldn’t help you with financial and tax planning. Even if they aren’t a tax professional, your financial adviser has every opportunity to guide you into financial & investment decisions that can keep your taxes low. And if they can, the only question left is, “Why don’t they?”

Why do people want to change their financial advisor?

If you want to change your financial advisor, you’re certainly not alone. According to research company Spectrem Group, nearly 60% of investors have switched advisors over their lifetime. Top reasons for dumping an advisor include lack of contact, poor stock market performance, and bad advice and ideas. 1

Why is the government looking to amend tax laws?

The proposed law changes again effectively proved to be another move from the government to get their hands on retirement funds. Please note that for the purpose of this article retirement funds include, pension preservation, provident preservation, and retirement annuities.

When does the new tax law come into effect?

The proposed changes according to the TLAB, are looking to come into effect at the start of the next tax year, which is March 1 2021. As per the February 2020 budget, it was announced that foreign-earned income above R1.25 million will now be taxable.

What kind of person is a tax advisor?

Tax advisors can include Certified Public Accounts (CPAs), tax attorneys, enrolled agents, and some financial advisors. A tax advisor may also be known as a tax consultant.

When is it time to hire a tax advisor?

A taxpayer who has experienced a major life event, such as the death of a spouse, marriage, divorce, the birth or adoption of a child, the purchase of a new home, the loss of a job, inheritances, and more, would be smart to hire the services of a tax advisor.

What can tax Mazars Group do for You?

Our professionals have deep experience in all areas of tax, providing businesses at all stages of their life cycle with specialist advice, ranging from corporate and employment tax, to transfer pricing and corporate structuring, to national and international transactions, to ensuring tax compliance when setting up new operations overseas.

Do you know the right questions to ask a financial adviser?

Knowing everything about the financial adviser would help you to make an informed decision. But for that, you need to know the right questions to ask a financial adviser. Because whether or not the financial adviser is good for you would only be known after you ask them a few questions.

Why is it important to have a financial advisor?

Tax planning can help you become more tax efficient. If your financial advisor is also acting as your tax planner, then you’re in the best possible position to make tax-efficient financial decisions.

When is the best time to see a financial advisor?

All they can do is caution you to avoid mistakes and invite you in for tax planning later in the year, when they don’t have 100 tax returns to file before the deadline. Your advisor already sees more of the financial picture. And your advisor already is better positioned to help you make financial decisions as they come up.

How can I talk to someone about my income tax?

If you would like to speak to someone regarding your Income tax, the PAYE system, Self Assessment or anything else, simply contact HMRC on the phone number above. An advisor will be able to talk you through the process and answer any questions you may have. If you receive certain state benefits then you may be required to pay Income tax on these.

How to contact HMRC for personal tax advice?

Personal tax is regulated by HMRC and as such, if you have any questions or would like to speak to someone for help or advice, call the telephone number above to speak to an advisor. Phone HMRC to discuss your personal tax and get your questions answered. Call the connection service on:

Can you talk to a CPA on TurboTax live?

Get started with TurboTax Live and connect with tax experts or CPAs on-demand for help and advice. At any time, you can hand off your taxes to a tax expert who’ll prepare, sign, and file your return for an additional fee.