Growing Your Business
Growing Your Business
Your business forms an integral part of your finances. For most people it forms such an important part that business financial planning sits right at the heart or their overall financial plans.
For many of our clients, their business is the principle source of income generation and capital production. This can be a very rewarding but high risk approach. We can work with you to help identify how important your business is to your financial goals, what threats there are to achieving these goals and what opportunities it presents. We can then put in place a range of solutions to deal with these risks, maximise your opportunities and make sure your goals are achieved.
We know you want to be focused on growing your business, not administering workplace pension (auto-enrolment) schemes. We can help put in place the best strategy for your business to ensure you are meeting these responsibilities, freeing up your time to grow your business without worrying about fines or censures.
We can also help with a range of business planning strategies including investment management, business protection, directors’ pensions, directors’ remuneration strategies and staff benefit packages.
For business owners looking to exit their company, we can help with implementing a successful strategy. This covers succession planning, preparing your business for sale, minimising tax on sale and maximising sale values. Whatever you require, we can help you draw up a tax-efficient, comprehensive exit strategy.
We understand that your business forms an integral part of your finances and we’re here to help you make the most of it.
Some of the Questions We Can Help Address
We can help answer any questions you may have in relation to growing your business. Questions such as:
How do I set up a pension scheme for my employees?
What do I need to know about auto-enrolling people into a company pension scheme?
How do I best raise additional finance for my business?
How do I protect my business from the death of a partner or shareholder?
Can my company pay for my life insurance?
How do I plan to exit my business in the most efficient way possible?
How do I manage the finances of the business and my own financial affairs in harmony?
What kind of employee benefits can I offer my employees?
How do I protect my business from losing key staff?
How can I provide an attractive package of benefits to my staff?
How can I set up a company pension for myself?
What is the most tax efficient way to take money out of my business?
Did you know… your business can be fined up to £10,000 per day for failing to properly auto enrol your staff into a pension scheme
All employers now have responsibilities to ensure their eligible staff are automatically enrolled into a workplace pension scheme. The Government is very tough on ensuring compliance with this directive and every day, many businesses are fined for failing to comply with auto enrolment pension legislation. The rules on qualifying schemes, payroll dates, qualifying members and staging dates can be complex, leaving many employers liable to be fined. These fines can range from a few hundred pounds up to £10,000 per day that the employer is in breach of the rules.
Business and Workplace Services
Workplace Pensions and Auto-enrolment
All employers have to automatically enrol their staff into an occupational scheme. In our experience, many employers find that selecting the best scheme and handling the administrative burden of ongoing management difficult. We can help ease this burden by providing straight through turnkey solutions that help employers of all sizes set up and run a great scheme for their employees. We offer a range of workplace pension options to suit all requirements and budgets.
Many business owners and company directors understand that pensions can be one of the most tax-efficient ways to save for retirement and want a high quality pension scheme in which to invest. Where the company pays the contributions, no employer or employee National Insurance is payable making them advantageous in many situations. In addition to this, contributions paid by the employer are also a deductable business expenses when calculating corporation tax. The are also remuneration opportunities as directors’ pensions enable business owners to transfer wealth out of their company with no immediate tax liability.
Shareholder and Partnership Protection
It may be important to keep control of your business if a shareholder or business partner dies or suffers a serious illness. If this were to happen, their shares will usually pass to their beneficiaries. To regain full control of the business, the surviving shareholders will need to buy the shares back. But they might not have the available capital to do this. Shareholder and Partnership Protection will provide a lump sum if a shareholder or a business partner dies. This helps to cover the cost of buying their shares – so you can keep control of your business.
Key Person Protection
Many businesses find that certain key individuals are responsible for a large part of their profits. Losing such an individual can have a dramatic impact on the health of the business. Key Person Cover will allow you to keep the impact of their absence or loss to a minimum, protecting your profits. If the key person were to die or suffer from a severe illness, the policy pays a lump sum to make up for any loss in revenue or profits, helping to keep the business on track.
Relevant Life Policies
A relevant life policy can be a great way for an employer to set up life insurance for an employee in a tax efficient manner. It is primarily designed for employees of small companies and high earning individuals (including salaried directors). Relevant Life Policies need to be written in trust and will then pay a tax-free lump sum to the beneficiaries or dependants if the person covered was to die or was diagnosed with a terminal illness whilst employed during the term of the plan.
Quality companies always require quality staff. Attracting and retaining the best people can be challenging for many firms and the market for talent is increasingly competitive. An attractive staff benefits package can be a significant factor for potential employees. We help our clients put together great staff benefit packages and provide literature to help explain the features of these packages to their employees. Staff benefit packages often include things like Private Medical Insurance, Income protection, Critical illness insurance, Pensions and Life Insurance.
Our remuneration strategies cover both directors and employees. Directors typically have a number of ways to be remunerated through their company. Making the right decisions and having the best remuneration strategy can often have a significant impact. When it comes to employee remuneration, we have seen how effective remuneration strategies can create a vibrant and motivated workforce. It is crucial to have an established remuneration strategy that fits into the overall aims and strategic direction of your business to ensure you can compete for and retain high quality staff.
Exit Strategy Planning
The majority of business owners gave little consideration when starting their company to how they may one day leave it. However, it is never too early to start thinking about what will happen when that time comes. Aside from the commercial and legal complexities of exiting a business, consideration must also be given to minimising your tax liabilities and maximising your financial gains. Our business exit strategy planning covers succession planning, preparing your business for sale, minimising tax on sale, maximising sale values and management . Whether you have just started a business or are considering leaving it, we can help you draw up a tax-efficient, comprehensive exit strategy.
Business Investment Management
Successful companies often have retained earning within the business. Rather than keeping significant sums sat in bank accounts, we can help invest this money for the long-term benefits of the company. We use the same investment process that we employ for individual investors, providing broadly diversified portfolios that deliver great long-term growth. All our investment portfolios have low charges and can be monitored 24/7 via the client portal.
Business Financial Planning
Running a business can be highly rewarding, both personally and financially, but it can also be really challenging at times. We understand that for many small business owners, the finances of their business and their personal finances are often intertwined. We are on hand to help you simplify your overall financial position and make the best decisions for you and your business in harmony. A long-term business financial plan will be key to ensuring the continuing success of your company. Your plan will show you the financial areas to address to ensure your company remains highly profitable and protected should the worst happen. This will allow you to reap the fruits of your work and get the maximum from your business.
The Key Benefits
Our business services will help you grow and protect your business. Here are just a few of the main benefits you will enjoy: