Back to (Financial) Basics - Taxes
In the ninth episode of the Free Like Me podcast from FLM Wealth Management, Rob Griffiths, Tax Director, and James Palmer, Qualified Tax Adviser and Financial Planner, join host Caitlin Lambert, Senior Adviser. In this episode, the trio discuss the basics of taxes and all of the important things that you may be missing. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.
Caitlin kicks off the episode with introductions before turning the talk to taxes. The three then talk about the usual reaction of clients and acquaintances alike when it comes to taxes. They agree that typical feelings involve both confusion and dread as people begin to look for ways of mitigating their exposure to tax.
Caitlin continues, asking our guests to answer some of the common questions that arise around taxes. Together, they discuss the difference between a tax return and a tax refund, what happens when there is an issue with your taxes, and the types of tax relief that often get overlooked.
This leads them to discuss some of the more complicated questions that apply to different life situations. The tax experts share important dates throughout the tax year, issues you may come across in the move from regular employment to self-employment, what happens if you don’t have the money to pay your taxes, and the points at which you need to start filing a tax return.
From there, the trio share their thoughts on seeking tax advice, both when it is most prudent to do so and what the benefits of having advice really are.
Rob and James round up the episode by giving their advice for listeners who are just starting their tax planning journey. Overwhelmingly, their advice is to start as soon as possible. In the words of James Palmer, “The sooner you do it, the better the outcome will be.”
If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.
Intro 0.00 - 1.10
Introduction to Rob and James
What clients think about taxes
The importance of gaining knowledge and understanding of taxes
The difference between tax returns and tax refunds
What happens if there’s an issue with your taxes
Tax relief that people often don’t take advantage of
Key dates to keep in mind
Moving from employed to self-employed
Options for paying tax when you don’t have available funds
When you need to start filing a tax return
The benefits of seeking advice
Tips for those just starting out on their tax journey