Financial planning for business owners
Quality group benefits for your employees can have positive knock on effects for your business. We can help you understand and implement a range of group benefits, including private medical insurance, income protection, death in service and key person cover, as well as auto enrolment, directors’ pension schemes and corporate finance, to name but a few.
The value of pensions and the income they produce can fall as well as rise.
EIS’s, Business Property Relief and VCT’s invest in assets that are high risk and can be difficult to sell such as shares in unlisted companies. The value of the investment and the income from it can fall as well as rise and investors may not get back what they originally invested, even taking into account the tax benefits.
Directors Pension Schemes
These are pension schemes set-up purely for the benefit of a company management and shareholders. There are many benefits to setting up a Directors pension scheme.
Group Pension Schemes
A group pensions scheme is simply a pension scheme that has been set-up for the benefit of a company’s employees. The employer contributes to the pension and the employee has the option to contribute also.
Shareholder protection is a cover that ensures that a business has the funds to ‘buy back’ shares from the deceased directors estate. It ensures that the deceased or critically ill shareholder’s family receives funds and that the business
Group Critical Illness
This is a Group cover set-up by an employer which cover’s it’s employees in the event of critical illness.
Group Death in Service Cover
This is a Group cover set-up by an employer which cover’s it’s employee’s families in the event of death.
Group Private Medical Insurance
This is a Group cover set-up by an employer which cover’s it’s employees and their families in the event of acute illnesses.
Group Income Protection
This is a Group cover set-up by an employer which cover’s it’s employees in the event that they can’t do their own job.
Business Tax Planning
Tax planning which all business should be doing to optimise profits, income and legally reduce tax.
Key Person Cover
Key person cover is an insurance which every growing business should have. If there is one or more key people in the business that you can’t afford to lose, you need to take out key person cover.
Automatic Enrolment is a government driven legislation. The idea is that by making it mandatory for businesses to have a compliant pension scheme this will in turn help ensure that employees and employers contribute to their pension.
A Relevant Life Plan is a life insurance policy that is paid for by the business to cover directors or employees. It offers specific advantages, most notably tax efficiency, and cost efficiency. While it is the family and not the business that receives the pay-out if the insured person dies, the policy may count as a business expense, so it’s tax deductible and does not count towards annual or lifetime pension allowances.
BPR, EIS & VCT
Have you sold a business in the last 3 years? If yes, you may be able to retain IHT exemption on some or all of the proceeds by way of Business Property Relief (BPR). Are you paying too much Income tax? If yes, you may be able to reduce your tax liability by investing in VCTs or EIS schemes.