Obtaining Tax Advice

mcgin · 27 March 2013 at 5:36PM

I've been managing my own tax affairs up until now as they have been fairly straightforward, however I'm about to move into a new job that complicates my situation considerably (I get stock options and need to set up a SIPP) and I think I'm starting to get out of my depth. I wish to seek some professional adivce to see what options I have so I don't end up ppaying ridiculous amounts in tax. I've done some digging around and I can't find any information on how to find a good tax advisor, or even what I should be looking for if I do find somebody. If anybody has any advice on how to find someone who can provide good advice employees and their options when it comes to tax I would appreciate it.

mcgin · 27 March 2013 at 5:46PM

Worth noting that the stock options are an unapproved scheme as far as I am aware

dan.date66 · 27 March 2013 at 6:09PM

Hi,

For setting up a SIPP, you are most likely going to need an IFA rather than a tax advisor (although some accountancy practices are also authorised by the FSA to give investment advice).

Word of mouth is often best - do you know of an accountant personally, or do you have friends who can recommend one? Most practices will give a free initial appointment - they won't give you any advice in that time, but you will get an inkling if they know what they are talking about, how much they are going to charge etc.

Small practices that specialise in personal tax are probably going to be your best bet rather than a bigger one that specialises in corporations - more in the fact that you will get a more personal service at a reasonable price.

I'm sure others will come in with more advice, but trust your instincts, and don't be afraid to say no!

Happy hunting.

mcgin · 27 March 2013 at 7:55PM

Thanks Dan, I guess it's more the stock options I'm worried about, the SIPP I can probably handle. As the stock options are unapproved I believe I stand to pay a huge amount of income tax on them when/if I purchase them and go on to sell them. I'm just wondering if there is any way to avoid that e.g. through ISA's or something like that.