Make smarter financial moves

The business environment is steadily improving since the dark days of 2020-22 but its never east to run your own business if you are a self employed sole trader, a contractor or a director of your own limited company Apart from carrying out your chosen trade or profession, there are so many other unrelated matters to keep on top of. Having an IFA in your corner is just one way to lighten the load.

You might have to source your own pension plan or establish one for your employees. Large companies often provide death-in service benefits but who provides that if you employ yourself? Have you thought about how your loved ones will pay the bills if you’re no longer around or if you can’t work due to illness?

Many of our clients are keen to structure their income in a way that is tax efficient so they keep more of what they earn. You probably know that tax deductible expenses have to be ‘wholly and exclusively’ for the purposes of the trade. But did you know that can include pension contributions and life assurance premiums?

Others are considering the most suitable way to exit their business. That might mean selling up and living off the proceeds or it might be a managed transition to younger colleagues. Most business assets qualify for relief from inheritance tax but if you sell-up and put the cash in the bank, that exemption can easily be lost.

In many cases we find that a private pension plan has multiple uses beyond simply saving for retirement. The upfront tax relief is very attractive, as is the ability to pass on your accumulated fund value to your beneficiaries in the event of your death. Pension funds are usually not subject to inheritance tax, and they can also be protected from creditors if you have to fi le for bankruptcy or liquidate your company.

If you aspire to trade from your own business premises, there are ways that a healthy pension fund can help you get there quicker. Perhaps you already own a commercial property that could be held in a more tax efficient environment.

We are here to help you to plan a robust and construct a robust financial future that so that you can concentrate on what you do best. Take a look at our website to find a Talis IFA near you.