12 13 5 Tax Your Financial Planner should fulfil the role of coach and mentor. You deserve and need guidance to make the most sensible choices for your circumstances. Paying taxes comes back to the principle of integrity. We have to accept our responsibility for giving something back, As I said before, I don’t think tax is bad, but I encourage paying our way in society and ensuring that goods andyou to use the allowances, exemptions and various services are paid for. strategies that are legally available to you, without taking risks that are not consistent with how much risk you are Whenever you’re dealing with tax, it’s very important towilling, able and need to take. understand the distinction between tax evasion and tax avoidance. Tax evasion is illegal, however, legally there are things that y ou can do to reduce your tax liabilities. There’s a balance and new ways to avoid tax are emerging all the time. You have to be careful about what strategies you choose to implement and make sure you’re aware of the risks so you can determine whether these are risks worth taking. One main issue is most people aren’t aware of their annual tax allowances and exemptions. These allowances are all perfectly legal and, when used correctly, can help you reduce your current and potential tax liabilities. Often, these are things that people don’t even consider until they sit down with a Financial Planner. People are increasingly seeking Financial Planners to make wise financial decisions, rather than relying on tools or apps – they want to make smart decisions in all areas of their financial life. 21 Jonathan M. Gibson CFP™, Chartered Fellow (Financial Planning)Jonathan M. Gibson CFP™, Chartered Fellow (Financial Planning) www.wellsgibson.uk www.wellsgibson.uk
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