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Gary - I had a client visit me last week for his regular review (on a two yearly review cycle) who comes down from Maidstone. He is a long standing client who was retired on medical grounds. He and his wife have 'funds under advice' of about £20,000 from life savings prior to disability plus some money in bank accounts, that's all and an income made up mostly of benefits.
The simple fact is that I do have clients who have never invested a penny through me though investment advice is my primary role. I have some who join my basic service once they get a job to start with a little saving to build it up and to progress through my advice levels. I have had people in this way go from having nothing to six figure amounts invested. There are many things that I do for clients, much of which is not tax or investment related. You are right, if someone is long-standing on benefits and have absolutely no savings then there is little I can do for them and I cannot justify my fees. But anyone in work and even on what you refer to as a 'basic wage' can and should save and invest for their future while also protecting their families and this is where I come in. None of my clients who have a 'change of health' will be left without any savings and/or protection providing more for them than state benefits. You would be very surprised, Gary, at who get advice from me and how they are able to improve their lot through good planning - it is the very hard working people to whom you refer.
Clients with a family income of £41,000 or less (gross) do get Child Tax credits at least - remember though it has been reduced recently the level was around £50,000. Everybody can take advantage of the tax rules to minimise the tax they pay. From using ISAs and Pensions, to putting savings in a non-earning spouse's name and yes, that includes many with a family income of under £41,000. You talk about 'legal loopholes' and avoid paying 'all due tax'. I am not talking about that, I talk about using allowances and thresholds along with appropriate tax wrappers to minimise tax. As I have said before everyone can organise their affairs so they only pay the tax they really have to pay.
