To be, or to be seen as such.?
Choices for wealthy clients are typically dictated by others who have something to gain. Usually, folk who want to sell them something
Since the mid-eighties, rich people have used ‘consultants’ and ‘experts’ who often used complicated solutions when something simple may achieve the same outcome
Professionals’ fondness for complicated solutions is driven by training and position. Their reward is for perception, not for results. Sure, complexity helps justify big fees, and big firms do have huge overheads, but it’s not always necessary
Clients just want results. To cure your headache, you could start with brain surgery, or pills might do the job.? Consultants don’t always get that
Our overly-complicated tax system requires client and advisor to focus on planning and tax-efficiencies. What matters isn’t what a person has, or doesn’t have, it’s what she’s afraid of losing
There’s no such thing as certainty in tax planning. There are risks. Some historical tax planning failed subsequent court appearances, but likely was within the ‘rules’ at the time
Most ‘old-time’ tax planning arrived with clients either directly from their accountant, or by way of referral from their accountant
Now, some of the loudest anti-planning voices are those same professionals who made the most money on the other side of the planning fence, before pursuing new careers in virtue merchandising..
The real problem is the entire tax system is broken
HMRC’s run by Jim Harra, but sometimes it feels like Jimmy Hoffa’s at the helm! We’ll never fully convince him it’s wrong, only reality can. Let’s hope the next Jim takes a different approach
If it’s time to talk about tax, then arrange your FREE power-hour discussion HERE. You’re free to accept, or refuse, and there’s no obligation whatsoever
All tax advice is provided, in writing, by a Chartered Tax Advisor
Toodles