Personal accountants?

dirtychinchilla said:
I looked into that, and did call an FC at some point. I wasn't wealthy enough to make it viable. I ended up making a spreadsheet and using the salary calculator, just making adjustments in the calculator until the spreadsheet showed that I'd found the optimum. By optimum, I mean that I was getting the most in my pension and in my pocket.
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This is exactly what I want. Basically an annual review of my finances to make sure the gov isn't taking more than I want them to have. it'll be fine for the first time, but then things like promotions, payrises, government budgets and all the other noise can mean I lose out, and I'd rather not!

slinxy said:
Depending on what tax bracket you want to full under, say 20%... what I do is make sure my taxable income is less that 50k.

Taxable income includes..
Your salary
Taxable benefits from work.
Bonuses
interest from taxable saving account
dividends held in a taxable from stocks and shares account
any other income from onlyfans, ebay etc.

www.gov.uk

Income Tax rates and Personal Allowances

Personal Allowance, Income Tax rates, bands and thresholds.
www.gov.uk www.gov.uk

I basically cap my salary off at 48K and it gives me 2k head room for the other stuff.
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This is some excellent advice, thanks. I just need a list of all the items that aren't taxable so I can max them out.
 
Diddums said:
This is exactly what I want. Basically an annual review of my finances to make sure the gov isn't taking more than I want them to have. it'll be fine for the first time, but then things like promotions, payrises, government budgets and all the other noise can mean I lose out, and I'd rather not!



This is some excellent advice, thanks. I just need a list of all the items that aren't taxable so I can max them out.
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ISAs, premium bonds.. personal wise
work wise; pension, car, bike, travel card scheme at work and some share plans (time depentant). it's best to ask your payroll department what they offer that's tax exempted

All taxable income has their own allowances.. i.e. personal saving allowance has 1k, so if you go over 1k you may not fall foul of the 50K income tax bracket but the 1k PSA tax, which happens to be your base rate tax too.

also SIPPs, where you pay tax on the cash then the SIPP compay claims 20% tax back of the governement and you can claim the rest back, but to keep life simple just go with your company pension if it's a ok/good one.
 
Diddums said:
This is exactly what I want. Basically an annual review of my finances to make sure the gov isn't taking more than I want them to have. it'll be fine for the first time, but then things like promotions, payrises, government budgets and all the other noise can mean I lose out, and I'd rather not!
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Start by writing down what you have. If you don't have kids, rental property, investments or anything - you are so vanilla that I/many others here could give you a quick review.
 
Diddums said:
This is exactly what I want. Basically an annual review of my finances to make sure the gov isn't taking more than I want them to have. it'll be fine for the first time, but then things like promotions, payrises, government budgets and all the other noise can mean I lose out, and I'd rather not!



This is some excellent advice, thanks. I just need a list of all the items that aren't taxable so I can max them out.
Click to expand...

Put more into your pension, and max out your ISA allowance.

If you have surplus you'd open a taxable account and buy an accumulation ETF, after paying CGT the returns would surpass things like low coupon gilts or premium bonds, or VCT's
 
platinum87 said:
Put more into your pension, and max out your ISA allowance.

If you have surplus you'd open a taxable account and buy an accumulation ETF, after paying CGT the returns would surpass things like low coupon gilts or premium bonds, or VCT's
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Many find it easier to just use income funds rather than accumulation versions outside of wrappers.

monevator.com

Accumulation units – tax on reinvested dividends UK - Monevator

Accumulation units automatically roll up the income earned by its holdings into buying more shares. But you must still pay the tax due.
monevator.com monevator.com
 
If you're looking to avoid the obvious problems then a 'one and done' chat with a half decent FA will be cheap and painless. I'd actually take back my previous comments if you're not looking to develop anything further than that.

If you want a plan - goals, targets, timelines, the meaty stuff - then definitely do more scouting. We use a firm in Auckland which (1) is of no use to you and (2) isn't a competitor to OCUK but I won't name anyway but the take home is you'll spend some money and it'll be worth it.
 
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