What trade can advise me?

LCK73

I want a professional to look at my mums money and advise on best way of getting a return, whilst minimising income tax exposure, and making use of possible investments in my name etc....

Which trade would do this? I asked a local IFA and he said he couldn't offer much advice over and above the tactics we had in place already; isa use, deposit accounts and pay income tax due. That doesn't seem like useful advice to me, so maybe I chose the wrong trade? My mum doesn't have a great amount of savings but they earn her a pitence and she just falls into paying income tax this year if I don't look at changing things. My dad died so she now has his savings in her name hence the new liability. She and he paid tax all their working life so I want to be sensible about limiting her future exposure if possible whilst making sure she can get a decent return.

innovate

You aren't saying where your mum's income comes from, how much she has in savings and how much she is spending, so it is impossible to comment really.

bryanb

Depending on your mum's income level, she will probably be able to avoid all tax on her savings next year.

rennai

Online share trading and currency online trading shall help you a lot of profits when you try investing your money in it..

Your_Hero

I would suggest you speak to another IFA. It also depends on the amounts of money involved. How much are we talking about here? More details would be beneficial.

dunstonh

Which trade would do this? I asked a local IFA and he said he couldn't offer much advice over and above the tactics we had in place already; isa use, deposit accounts and pay income tax due. That doesn't seem like useful advice to me, so maybe I chose the wrong trade? My mum doesn't have a great amount of savings but they earn her a pitence and she just falls into paying income tax this year if I don't look at changing things. My dad died so she now has his savings in her name hence the new liability. She and he paid tax all their working life so I want to be sensible about limiting her future exposure if possible whilst making sure she can get a decent return.

How much is involved here?
How old is she?

An IFA is the right choice but if the amount is not large or she is in her 70s+ with no history of previous investments or does not want investment risk then you will find the options limited and the use of an adviser would not likely be beneficial.

LCK73

She is 71, £140k in isa and deposit accounts. Needs the interest to live off but doesn't need to touch the capital.

Surely some trade can advise on gifts and so on.....

Your_Hero

LCK73 wrote: »

She is 71, £140k in isa and deposit accounts. Needs the interest to live off but doesn't need to touch the capital.

Surely some trade can advise on gifts and so on.....

Yes an IFA can. But as Dunstonh points out there are times when IFAs may not be able to advise. Speak to another IFA. If he says the same thing then there is probably a good reason.

xylophone

Can you give an indication of your mother's pension income?

Is it sufficient for her needs?

Her options for income are deposits and/ or investments.

If she has income, then she must pay the appropriate amount of tax - Her tax code is correct?

What is the likely situation with regard to IHT?

colsten

LCK73 wrote: »

She is 71, £140k in isa and deposit accounts. Needs the interest to live off but doesn't need to touch the capital.

Surely some trade can advise on gifts and so on.....

What is the objective - getting the best deal for your mum or figuring out ways to save tax? As you mention interest, it seems the money is held in cash ISAs - is this correct? IFAs would generally not be interested in advising about cash accounts. If your mum would be interested in investments, that might change the approach but a lot depends on whether your mum has prior experience with investments, and what here attitude to risk is.

You can read about inheritance tax on the HMRC website. As I am a newbie, I can't post links but it is www dot hmrc dot gov dot uk

colsten

xylophone wrote: »

If she has income, then she must pay the appropriate amount of tax - Her tax code is correct?

She would only have to pay any income tax if her income from pensions and savings is more than her allowance.