Director Pensions
Directors pensions are also a way of extracting business profits in a tax efficient way, depending on the types of pension vehicles used, those being a Self- Invested Personal Pension (SIPP) or Small Self- Administered Scheme (SSAS). These pensions can invest in business assets and have the ability to make loans back to the company. Contributions that have been paid by the business into the Director’s pension scheme are classed a deductible business expense.
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Corporate Investments
Savings can be accumulated in business accounts and often you may want to consider additional investments other than bank deposit savings accounts.
Corporate Investments can allow the cash to remain with the business but invested in line with your appetite towards investment risk to achieve greater capital growth.
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Death in Service
Death in service is usually provided by your employer as part of a benefits package. It pays a lump sum if you die whilst employed by that employer. It is important to note that if you use your death in service as a way of protecting your family, your family could be at risk if you left the company as you may not have any alternate cover in place. Death in service is usually x3 or x4 your salary and therefore may not be sufficient for your needs to help towards protecting your family.
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Private Medical Insurance
Private Medical Insurance is a policy that you can take out to cover the cost of Private Medical Care. There are usually three key benefits of having this policy; shorter waiting times, quicker diagnosis and better facilities. The insurance will cover you for the cost towards receiving medical treatment which can include scans and any procedures which are surgical and admitted to hospital.
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Auto Enrolment
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. This is called ‘automatic enrolment’. If you employ at least one person you are an employer and you have certain legal duties.
Automatic enrolment was introduced in stages since 2012. The largest employers started first, followed by medium-sized and then small employers. All employers, including new employers, should now be part of automatic enrolment. If you haven’t yet been enrolled in a scheme or haven’t been offered one, talk to your employer to find out why.
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Group Pensions
Group personal pensions (GPPs) are a type of defined contribution pension which some employers offer to their workers. As with other types of defined-contribution schemes, members in a GPP build up a personal pension pot, which they then convert into an income at retirement.
In a group personal pension, the scheme is run by a pension provider that your employer chooses, but your pension is an individual contract between you and the provider. The provider claims tax relief at the basic rate on your contributions and adds it to your fund. Your pension pot builds up using your contributions, any contributions your employer makes, investment returns and tax relief.
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Key Man Cover
Key Person Protection (also known as key man insurance or key person insurance) is a business insuring itself against the financial loss it would suffer if a key person in their business died or was diagnosed with a specified critical illness if chosen, during the length of the policy. Key Person Protection is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any pay-out is payable to the employer.
When a key person in a business dies it can have a devastating financial effect. You can help safeguard your business against the death, terminal or critical illness of a key person with key person protection.
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Shareholder Protection
Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.
In the event of a business owner dying or being diagnosed with a terminal or specified critical illness, share protection can provide a lump sum to the remaining business owners. This means that in the event of a valid claim being made during the length of the policy, the lump sum could be used to help purchase the deceased partners/shareholding directors/members interest in the business.
BOOK A CONSULTATION
Director Pensions
Directors pensions are also a way of extracting business profits in a tax efficient way, depending on the types of pension vehicles used, those being a Self- Invested Personal Pension (SIPP) or Small Self- Administered Scheme (SSAS). These pensions can invest in business assets and have the ability to make loans back to the company. Contributions that have been paid by the business into the Director’s pension scheme are classed a deductible business expense.
BOOK A CONSULTATION
Corporate Investments
Savings can be accumulated in business accounts and often you may want to consider additional investments other than bank deposit savings accounts.
Corporate Investments can allow the cash to remain with the business but invested in line with your appetite towards investment risk to achieve greater capital growth.
BOOK A CONSULTATION
Death in Service
Death in service is usually provided by your employer as part of a benefits package. It pays a lump sum if you die whilst employed by that employer. It is important to note that if you use your death in service as a way of protecting your family, your family could be at risk if you left the company as you may not have any alternate cover in place. Death in service is usually x3 or x4 your salary and therefore may not be sufficient for your needs to help towards protecting your family.
BOOK A CONSULTATION
Private Medical Insurance
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BOOK A CONSULTATION
Auto Enrolment
Under the Pensions Act 2008, every employer in the UK must put certain staff into a workplace pension scheme and contribute towards it. This is called ‘automatic enrolment’. If you employ at least one person you are an employer and you have certain legal duties.
Automatic enrolment was introduced in stages since 2012. The largest employers started first, followed by medium-sized and then small employers. All employers, including new employers, should now be part of automatic enrolment. If you haven’t yet been enrolled in a scheme or haven’t been offered one, talk to your employer to find out why.
BOOK A CONSULTATION
Group Pensions
Group personal pensions (GPPs) are a type of defined contribution pension which some employers offer to their workers. As with other types of defined-contribution schemes, members in a GPP build up a personal pension pot, which they then convert into an income at retirement.
In a group personal pension, the scheme is run by a pension provider that your employer chooses, but your pension is an individual contract between you and the provider. The provider claims tax relief at the basic rate on your contributions and adds it to your fund. Your pension pot builds up using your contributions, any contributions your employer makes, investment returns and tax relief.
BOOK A CONSULTATION
Key Man Cover
Key Person Protection (also known as key man insurance or key person insurance) is a business insuring itself against the financial loss it would suffer if a key person in their business died or was diagnosed with a specified critical illness if chosen, during the length of the policy. Key Person Protection is a life assurance or life assurance and critical illness cover policy taken out to cover the life of a key person within your business. The policy is owned and paid for by the employer, so any pay-out is payable to the employer.
When a key person in a business dies it can have a devastating financial effect. You can help safeguard your business against the death, terminal or critical illness of a key person with key person protection.
BOOK A CONSULTATION
Shareholder Protection
Share Protection allows the remaining partners, shareholding directors or members to remain in control of the business following the death of a business owner.
In the event of a business owner dying or being diagnosed with a terminal or specified critical illness, share protection can provide a lump sum to the remaining business owners. This means that in the event of a valid claim being made during the length of the policy, the lump sum could be used to help purchase the deceased partners/shareholding directors/members interest in the business.
BOOK A CONSULTATION
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