31 December 2012

Financial Planning Ideas for Business Owners - 3

A final group of ideas - mostly applicable to limited companies...

Get More Benefit from your Pension Scheme
Some pension schemes will support loans to the business or could be used to purchase business premises, for example.

Reducing Tax on Business Sale
Capital Gains Tax (CGT) and Inheritance Tax (IHT) may be applicable when a business is sold. Planning ahead can reduce these liabilities. This might include an EIS scheme to defer CGT, or a Business Property Relief scheme to reduce an IHT liability.

Will and Lasting Power of Attorney
... but that’s not a financial planning idea! Actually it is; defining what happens if you die or are unable to make your own decisions could make a big difference to your financial future and that of your family.

Review your Defined Benefit / Small Self-Administered (SSAS) Pension Scheme
Older pension schemes may be in serious need of a review. This could cover:
- Investments - is there a better approach?
- Scheme liabilities
- Checking whether the trustees are fulfilling their legal obligations

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