For those parents looking to offer their children the best possible education, it is often important to look beyond the local state schools.
With approximately 80% of parents paying school fees directly from income, whether they are affordable or not, this strategy is unlikely to be the most efficient way to meet these costs.
Private education is expensive, with school fees typically rising at twice the rate of inflation and so, it is essential that plans are made early. This now applies equally to your children’s university education.
We recognise that personal circumstances do not always allow for a clear strategy and we will therefore help identify the most effective strategy for you and your family, taking account of your personal circumstances, approach to risk and the most suitable tax efficient structures available, to suit your budget and requirements.
School fees planning solutions normally comprise three major elements; these are short term cash flow resolution, tax efficient wealth generation and assurance of continuous education.
Options may include:
- Taking advantage of tax breaks
- Looking into inheritance tax advantages for grandparents
- Trust fund options
- Discounts, scholarships and bursaries
We work with each client to establish what is required and will look at a range of strategies that can help meet the cost of private education.