Financial adviser

[FSM with Cheddar]

Thanks for everyone's input on this thread.

[blacjac]

never been a secret, I've always tried to provide information (information is different to advice) when i can and assist if possible - nothing more, just trying to help. i know there are bad IFAs out there, don't think I'd be sticking my neck out too much if i said there's probably bad IT contractors too.

Surely you know by now that one of the rules at CUK is that if you stick your head above the parapet you're gonna get your hat shot off.

Wasn't having a go, I'm actually one of your customers Glash.......

[Alan @ BroomeAffinity]

never been a secret, I've always tried to provide information (information is different to advice) when i can and assist if possible - nothing more, just trying to help. i know there are bad IFAs out there, don't think I'd be sticking my neck out too much if i said there's probably bad IT contractors too.

Surely you know by now that one of the rules at CUK is that if you stick your head above the parapet you're gonna get your hat shot off.

[glashIFA@Paramount]

The CUK collective brain includes financial advisors, one has posted on this thread.

See if you can guess who it was....

never been a secret, I've always tried to provide information (information is different to advice) when i can and assist if possible - nothing more, just trying to help. i know there are bad IFAs out there, don't think I'd be sticking my neck out too much if i said there's probably bad IT contractors too.

[FSM with Cheddar]

See if you can guess who it was....

Yeah I get it. I said collective all posts have contributed towards a better opinion than an individual IFA.

[blacjac]

So, the only thing they are going to tell me is that I can put lots of money in a pension to reduce my CT.

Think I can work that bit out myself.

I thought perhaps they can do lots of clever stuff, which we wouldn't understand.

Looks like the CUK collective brain is better than a financial adviser.

The CUK collective brain includes financial advisors, one has posted on this thread.

See if you can guess who it was....

[Alan @ BroomeAffinity]

You have to question what business an IFA has advising of Corporation Tax anyway.

[ASB]

So, the only thing they are going to tell me is that I can put lots of money in a pension to reduce my CT.

Think I can work that bit out myself.

I thought perhaps they can do lots of clever stuff, which we wouldn't understand.

Looks like the CUK collective brain is better than a financial adviser.

Ultimately in order to reduce CT you have to reduce the profit. Pay all income into pension and profit and consequently CT = nil. But there are other areas in which an adviser (though not necessarily an IFA) may be able to help.

Certain types of trust may help for example; the overall ownership of your company. Establishing yourself in certain physical locations and use of enterprise zone allowances may help. Establishing an offshore holding which happens to own the UK arm which pays a licence fee may help may moving revenue offshore.

However some clever tricks an adviser comes up with are often loopholes. They often get closed. Often a number of them are of such a cost to put in place they this make them non cost effective. The nature of the normal contracting business also considerably reduce the scope to exploit things like transfer pricing.

[FSM with Cheddar]

So, the only thing they are going to tell me is that I can put lots of money in a pension to reduce my CT.

Think I can work that bit out myself.

I thought perhaps they can do lots of clever stuff, which we wouldn't understand.

Looks like the CUK collective brain is better than a financial adviser.

[Crossroads]

unless of course you found a financial advisor who worked on a fee basis (like your accountant does) and doesn't take any commission.

And for a fee they will tell you how you can avoid paying any CT by paying all your profits into a pension. :-)

[glashIFA@Paramount]

You don;t need a financial adviser to tell you that if you pay all yuor profits into a pension yuo'll pay no tax. That's obvious. You'll need a financial adviser with quite amagic wand to tell you how to survive on the minimal income you'd have left after lining his pockets with pensions commissions.

unless of course you found a financial advisor who worked on a fee basis (like your accountant does) and doesn't take any commission.

[Alan @ BroomeAffinity]

You don;t need a financial adviser to tell you that if you pay all yuor profits into a pension yuo'll pay no tax. That's obvious. You'll need a financial adviser with quite amagic wand to tell you how to survive on the minimal income you'd have left after lining his pockets with pensions commissions.

[FSM with Cheddar]

I was talking to a retired financial adviser last night who said that a decent adviser could reduce my ltd companies corp tax liability to virtually nothing through various techniques such as paying into pension etc. I said I have an accountant, and he said they only look at the past and don't plan for the future.

Does anyone else have a financial adviser for the ltd company? Are they worth it?

Cheers