Plumbers need good Financial Plans – so do dentists, doctors, solicitors and barristers.
There are many good reasons for having a Financial Plan, with the latest HMRC campaign to crack down on tax evasion one of them.
HM Revenue & Customs has arrested five plumbers and is investigating six hundred more for failing to pay the correct amount of income tax.
This campaign to crack down on ‘ghost plumbers’ is part of wider action by HMRC to target different trades and professions with the aim of identifying those paying the wrong amounts of tax.
Members of the medical and legal professions are also on the HMRC radar.
Part of the construction of a Financial Plan involves analysing the tax liability of different sources of income.
This process can help individuals and families to understand how much tax they should be paying and will also ensure that their personal finances are structured effectively from a taxation perspective.
Photo credit: Flickr/J D Mack
