Meeting the costs of school fees is a very expensive undertaking.
Approximately 80% of parents pay school fees directly from income. Whether this strategy is affordable or not, it is unlikely to be the most efficient way to meet these costs.
Private education is costly, with school fees typically rising at twice the rate of inflation, so it is essential that plans are made early. This now applies equally to university education.
We recognise that personal circumstances do not always make planning easy 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; short term cash flow resolution, tax efficient wealth generation and finally the 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.