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Accountant or Ifa

(6 Posts)
MrsRobinson79 Wed 17-Aug-16 10:01:39

Or both??

We’re about to make some big financial decisions and thinking we probably need a bit of help but not sure if an IFA or accountant would be the best? Can anyone advise:

Our situation

· Own a house which we rent out (since Nov 14) will soon be selling to fund new house purchase.
· DH going to be made director and offered shares in his company (not sure yet what scheme his company are using and how this affects his tax liabilities – prob need advice around this). He will also be getting a pay rise which means we would no longer be eligible for child benefit. However he does not have a pension, which he needs – so need advice re pensions/salary sacrifice/SIPPS options etc
· Also just general advise re financial matters. We will be needing a mortgage to fund new house purchase, with our current mortgage I have always overpaid as much as I can each month (even though the interest rate is very low) as to me that’s a tangible thing that I can see. However I’m aware this probably isn’t the best use of the money esp since DH will now be paying higher tax so we would probably be better paying into his pension/investments (and getting the tax benefit) rather than paying off a mortgage on a low rate.
· We also currently employ a nanny through an agency but will shortly be taking her on directly, I was going to use a nanny payment agency or would that be something we could use the accountant for anyway?

I do have a bit mistrust on pension providers due to all the scandals and how much they levy in charges (I have my own, but public sector and extremely lucky to still have final salary even though they are dumbing it down as much as possible), so ideally would be looking for DH to be able to invest in some tracker funds through pension wrapper to minimise charges although I realise I am a bit clueless really with investments so am willing to take on advice…

BTW my DH is financially clueless lol so this is generally left to me. Hopefully someone can point me in the right direction smile

imsorryiasked Wed 17-Aug-16 10:33:13

An accountant who specialises in personal tax rather than a general accountant.

Sunseed Wed 17-Aug-16 10:49:20

Accountant for personal tax and payroll matters. IFA for products and investment advice, so for mortgage, pension and appropriate funds.

Your accountant should be able to recommend/refer you to a trusted IFA, or else ask around for personal recommendations.

whattheactualflump Wed 17-Aug-16 10:49:59

There are Accountants who specialise in business/personal tax affairs and investment (i.e do a lot more than number crunch but really are just offering advice as part of the service) and will have less interest in pushing you towards the money making (for them) products that even independant IFA's sell IMO.

I know a brilliant all rounder in the South-West (you're welcome to PM me if that's of any interest), otherwise I reckon 'local' forums for personal recommendations of similar are a good idea - way too many sharks out there! Sounds like you're being really sensible though - good luck with it.

MrsRobinson79 Wed 17-Aug-16 11:20:17

Whattheactualflump one of those sounds great! Unfortunately I'm in the north west area otherwise would definitely liked a recommendation. Will try some local forums to see if anyone can recommend one thanks.

TaIkinPeace Wed 17-Aug-16 16:59:55

I would always say
tax accountant
and
IFA
as their emphasis will be different and then you can compare the advice and see what is best for you

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