TTF Tackles the Money Monster under your bed

There has been a lot of discussion in our home recently about facing your fears and the importance of tackling problems in their formative stages before they have the chance to grow. My teen seemed to grasp the point I was making and nodded in all the right places but then it led me to thinking about how this advice holds just as much importance when you’re young and finding your way in the world as it does when you become an adult.

The analogy I use when thinking about facing such difficult situations is ‘the monster under your bed’. As adults (and particularly when we become parents), societal norms dictate that we become the confident protector-we’re the ones checking under the bed for monsters and scaring them away when needed. But I’m certain that all of us, regardless of age and experience, have monsters under our bed…specific fears or challenges that arise during our lives that we feel we can’t face and so they remain gathering dust ‘under our bed’, out of sight but certainly not out of mind. Family, health, work…money.

We explained to our son that while keeping quiet about his worries might conceal them for a while, without acknowledging them, worries take on a life of their own. Often, they grow exponentially and uncontrollably until they are often unrecognisable from the worry that started the whole thing. They grow claws, horns and teeth as well as a whole host of hideous add-ons, just like the monster under the bed.

Lately, we’ve had many clients contact us in a similar situation-finding it incredibly difficult to face tax issues that in some cases have been ‘lurking’ in the dark for years. In such cases we always make it immediately clear to them that they have undertaken the first significant and possibly most challenging first step by seeking our advice and support… acknowledgement that the ‘monster’ or issue exists.

By acknowledging that the fear is there in the first place, you give yourself the ability to shed light on it and begin to find solutions.

Those solutions may not be easy or quick to find but at least they put you back in the driving seat.

And so, in acknowledgement of all those ‘money monsters’ that lurk under our beds, we have decided to write a series of regular blogs with the intention of trying to shed some light on some of the worries that people face regarding their tax issues with accompanying guidance on how best to tackle those challenges head-on.

We hope that you find them useful and as always welcome your input. If you have any questions relating to your tax circumstances that you would like us to answer, please send us an e-mail at info@thetaxfaculty.co.uk.

Capital Gains Tax Expertise: The Tax Faculty LLP Managing Partner Charles Tateson Named UK Capital Gains Tax Advisor of the Year 2023

The Finance Monthly Taxation Awards recognises the achievements of tax professionals from around the globe.

Winning such an award is no small feat. It is a reflection of hard work, extensive knowledge, and an ability to navigate the intricacies of the UK tax system.

Read more about Charles and the award here.

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