Advisers should add up all the many tax-free allowances for different types of profits, organise their client's finances to use them all, and deliver them as much as £38,300 of income and gains without paying any tax, according to tax consultancy RSM UK.
The figure calculated by RSM UK included the £11,500 personal allowance, £11,300 for capital gains, £7,500 rent-a-room relief, £5,000 from dividends and £1,000 each from trading/hobby income, rental income and interest.
Gary Heynes, partner and head of private client at RSM UK, said: "While it may not be possible to have every type of income or gain, many individuals could go a long way to receiving a relatively significant sum of money from a variety of sources, before paying any tax at all."
Mr Heynes pointed out that the personal allowance of £11,500 is available in full to everyone with less than £100,000 of income and that the capital gains exemption can be offset on gains from shares, companies or buy-to-let properties.
The personal allowance was closely followed by the capital gains tax exemption of £11,300.
Mr Heynes said clearly this needed asset growth to utilise and while typically one might think of a share portfolio, more individuals are now holding personal wealth, including buy-to-let properties, through companies, which can allow for the capital gains tax exemption to be more easily utilised.
For those with share portfolios, Mr Heynes said there is still one more year of the £5,000 tax-free dividend allowance, which is available to all taxpayers whatever rate of tax they pay.
Another measure is the rent-a-room relief for those who take lodgers into their own home.
A tax-free allowance for the rental income means that up to £625 per month of rent can be received without paying any tax.
For those with small amounts of trading income and property income, Mr Heynes said there are two separate £1,000 allowances to exempt amounts of property and trading income under £1,000.
Finally, there is the tax-free interest allowance of £1,000 for those who pay tax at the basic rate and receive interest income from savings and investments.
Mr Heynes said: "While it may not be possible to have every type of income or gain, many individuals could go a long way to receiving a relatively significant sum of money from a variety of sources, before paying any tax at all."
Mr Heynes added that for couples, it may be possible to double these amounts to provide an even more generous tax-free income.
When asked what he thought of Mr Jeynes' advice, Mark Dunning, senior wealth planner at Denton's Wealth, commented that anyone who needed to rent out a room was unlikely to be sitting down with a financial adviser to discuss their pension and investments.
He said: "There is such a diverse range of reliefs and allowances that you can get, no one is going to max out on everything."