Taxing time for clients?….Financial Planning Thoughts Triggered by the Pandemic

Presented by

Kirsty Anderson, Pension Business Development Manager, Prudential

About this talk

We all know too well the impact the pandemic has had – on individuals and businesses alike. There’s no arguing whatsoever that these have been some tough times. And for many, that’s meant hardship and cutting back, particularly for the younger generations. For some however, particularly the older generation, they’ve continued to save and in some cases have increased their wealth. This session will look at how both your clients and your business have been affected in recent months. But more importantly we’ll remind ourselves of the key principles of tax planning and why, for some, it’s more important than ever to get this right. It’s likely you’ll find yourself with some clients who have dialled down drawdown income and are accessing income from other assets. You may have clients who find themselves in a situation of helping other family members – for example perhaps by encashing a bond earlier than planned. Is this an opportunity for more holistic tax planning – can you help them to mitigate or remove any tax liability by making a pension contribution or assessing these tax wrappers? Following the session you will be able to demonstrate an understanding of: • The environmental impact the pandemic has had on clients and businesses alike • Tax relief principles and how they work • How making a pension contribution can mitigate or remove a client’s tax liability.
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