IFA & "Tax Efficiency" - hrmmm

Narj · 20 May 2010 at 10:59

Hrm, I had a cold call to my work number (which isn't generally given out so apparently must have been obtained by referral or other public info) and spoke to an IFA group/consultancy firm today and am highly suspicious as the guy I had a conversation with seems to think that they could assist with reducing taxation on higher rate PAYE by way of claiming certain allowances etc.

Has anyone else had calls or dealings with people like this, as, like I say, I'm highly dubious about the whole thing and am wondering if it's some sort of scam or plan to get personal/bank details from people?

Greebo · 20 May 2010 at 11:05

Probable not a scam but they will overcharge for what they do. There is a awful lot of things people could claim for to reduce their tax burden expecially if a higher rate tax payer but most people never bother or are not aware of them.

Narj · 20 May 2010 at 11:10

Greebo said:
Probable not a scam but they will overcharge for what they do. There is a awful lot of things people could claim for to reduce their tax burden expecially if a higher rate tax payer but most people never bother or are not aware of them.

I get the idea that if it's legit, it's probably targeted more at those earning 6 figures. At least it's got me thinking, although I don't see what I could really claim for as I'm not married with kids or anything... :confused:

Participant · 20 May 2010 at 11:25

Wife got one of these through the post the other day. They wanted 40p in the pound in fees :eek:

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Greebo · 20 May 2010 at 11:30

PianoBasher said:
I get the idea that if it's legit, it's probably targeted more at those earning 6 figures. At least it's got me thinking, although I don't see what I could really claim for as I'm not married with kids or anything...

Trust me, there are a million things you could claim for or have your savings, investments etc in the most tax efficient way.

My gf earns 6 figures yet her tax bill is only around 24% of her earnings. I;m not saying that could be the same for everybody as I have done things like she has her own car and claims the maximimum tax free allowance from work etc but there is always scope for improvement except for the rarest of cases.

Even professional membership fees are allowable against your tax which is what most people never claim for.

If you think there's some merit, it's worth going to see an accountant and paying a flat fee for them to look at your tax affairs rather than the fees they charge.