The accountant says: “My clients love me, I prepared a set of accounts for a sole trader and HMRC accepted them no questions asked and no balancing payment needed.” The lawyer says: “My clients love me, I prepared Wills for a couple the other day, they now know that when they die their estate will go to the people they want, they just need to pay the inheritance tax”.

The financial adviser looks at them and says: “That’s great, but could your clients love you more?” To the accountant he says: “If you had spoken to me, my advice would have made sure that your sole trader received a tax rebate.” To the lawyer: “If your couple had received my advice I could have helped them reduce or have no inheritance tax to pay when they die!”

I know it wasn’t much of a joke but it helps to highlight that accountants and lawyers are great professionals, the service they provide is very specific and often highly technical, but as with all professionals they don’t know everything. A good independent financial adviser can work with other professionals so that together they provide you with the complete package of advice to cover all areas.

So next time your accountant says that you have a tax charge or if your solicitor deals with your Will but you are likely to have a tax liability on death it would be worth asking: “Is there any way to reduce this?” If they don’t recommend speaking to an IFA make sure you find one – why pay more tax than is necessary?