Business Financial Planning
Corporate financial planning is about far more than arranging employee benefits and pensions. It involves making certain you've taken all the right measures to be in the best position to achieve your business goals and the necessary steps to protect your business. It is your accountant that is usually best placed to advise on what you need to do in principle in these areas and we can then help by recommending specific solutions. With your permission we will work closely with accountants to help you.
Key Person Risks
If you own your own business you will need to consider what might happen if you or a key employee became ill and were unable to work? Or if you or a key employee died? Business protection can ensure your company can continue to operate no matter what eventualities may occur.
Looking after your employees will assist you in both recruiting and retaining high calibre members of staff. We invest time in getting to know your business goals in order to advise you on the most suitable employee benefits that will fit together with your business plans before we make a recommendation.
Solutions could include: Flexible benefits, pensions, death in service, group income protection insurance, group critical illness cover or group private medical insurance.
We would be happy to recommend suitable plans for you and your employees either for a range of benefits or focusing on one area.
Pensions remain one of the most tax-efficient ways for business owners and company directors to save for their retirement.
Any Company contributions will normally receive Corporation tax relief whilst you will receive tax relief at your highest marginal rate on any personal contributions (subject to certain limits).
A pension can be a way of extracting business profits tax-efficiently for the benefit of a director or business owner.
This will grow free from most taxation, provide a tax-free lump sum and an income afterwards, when you decide to retire or take the benefits.
We can advise companies on Auto enrolment.
Automatic enrolment is the new pension reform that has been introduced by the Government. Enrolment is phased depending on the size of your company, with all enrolled by February 2018.
It's a fairly new law which states that every employer must automatically enroll workers into a workplace pension scheme if they:
- are aged between 22 and State Pension age
- earn more than £10,000 a year
- work in the UK
This does mean you will need to offer a workplace pension to any employee who is aged between 22 and State pension age and with earnings above a lower limit. You will also be obliged to make pension contributions on their behalf.
We can advise whether any current schemes you have in place meet the new rules or must be altered. If you don't currently offer a pension, we can also recommend a suitable scheme.
The pensions regulator is the statutory regulator for workplace pensions. Auto Enrolment is not regulated by the Financial Conduct Authority.