Tax planning for school fees...

  • Thread starter Thread starter vkurup
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vkurup

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I believe education should be free or atleast tax neutral. Unfortunately in this country we can do the latter while the first one is a postcode lottery. A friend is looking to send his kid to a private school costing about 15k per year. They r not too wealthy, so were surprised to see a website that promised financial advice for school fees.
http://www.schoolfeesadvice.org/Default.aspx

Anyone an expert in this field?? (Or have used the services of similar agency)
 
Do the school not give a bursary for students of a certain income or try writing to charities that give assistance on paying for school fees.
 
Glanced at their website and its just the usual "we'll have a look at your financial situation and make recommendations on which products to invest in" then "review this annually", the first one will be free as they make their 'cut' from the sale (and it will be quite substantial) the second part is usually an annual fee to 'look after your interests'............

Personally I would suggest they speak with their own bank first for some 'free' advice as their need is so specific, then take a course of action from there, it's also worth contacting whatever school they might be interested in as they could have financial planning packages or recommend their 'chosen' broker which could help in any applications.
 
stevek1969 said:
Do the school not give a bursary for students of a certain income or try writing to charities that give assistance on paying for school fees.
Click to expand...

Different issue.. the issue is not about having the money, it is about how to use it more tax efficiently.
 
DarthVega said:
Glanced at their website and its just the usual "we'll have a look at your financial situation and make recommendations on which products to invest in" then "review this annually", the first one will be free as they make their 'cut' from the sale (and it will be quite substantial) the second part is usually an annual fee to 'look after your interests'............
Click to expand...

DV.. agree, I had a similar view, I think they are regular financial advisors with just a bit of spin around school fees.

BTW, never realised that the school could have a 'chosen' broker.. now why didnt I think of it before...
 
These type of school fees plan aren't new, Barclays were flogging them in the early 90's
Basically an endowment policy , as for tax efficiency , don't bother, you get screwed no matter what,
Best advice is to drip feed cash annually into an ISA starting about 20 years before the child is born

Been there, looked at it, sent them to the local grammar school, now getting stuffed with one at Uni
Bless em
 
I went to a normal school and I turned out fine...my friend went yo rossall school, turned into a pot head, speed taking lay about. Their parents didn't have much money either...
 
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