Financial Planning for Business Owners

Typically business owners have the same sort of needs as our individual clients but in addition, they need to ensure that they have a plan in place for retirement and a clear plan for their eventual exit from their business.

Whilst some business owners take the view that ‘my business is my pension’ there is still a great deal of benefit and peace of mind to be gained by ensuring that there is a clear financial plan in place. It is wise for Business owners to ensure that protection is in place so the business can survive the loss of a key individual or shareholder. They should also consider if there are tax savings to be made utilising ‘Relevant Life Plans’ to provide life cover paid for by the business rather than from net income.

A profitable business should also consider the many advantages of pension planning for the Directors to reduce corporation tax whilst boosting pension assets. We work with a number of business owners that have subsequently invested in commercial property through their pensions. This not only provides a tax efficient boost to the pension by way of rental income received but can also provide a sustainable income well into retirement.

The Financial Conduct Authority does not regulate Tax advice, Wills, Trusts and estate planning.