Expertise is needed to plan around corporate tax requirements and any implications that arise. Companies have many specialist needs including auto-enrolment pension planning, partnership/shareholder protection and key person life assurance.
Auto-Enrolment Pension Planning
Every employer in the UK will need to provide an auto-enrolment compliant Pension scheme for their employees by 2018 (starting date dependent on company size). Those Employers who do not comply with the new rules will face large fines and even court action!
As it can take nearly a year for setup of a new compliant auto-enrolment scheme we recommend Businesses start planning as soon as possible.
Many small yet successful businesses operate as a partnership of one, two or more individuals, you and your colleagues rely on your business to provide you with income.
What action have you taken to ensure that an unexpected event doesn’t endanger both your business itself and the income you receive from it?
Key Person Life Assurance plugs the financial gap created by the death or serious illness of designated key individuals on whom the revenue or profits of the business depends, enabling it to continue without them.
If a shareholding Director or business Partner dies, their business interests usually pass onto their estate. Shareholder or partnership protection provides funds that can be used, by the surviving Directors/Partners, to purchase these interests from the estate. This allows a business to continue, after a Director or Partner’s death, without the financial strain of raising significant funds for the purchase. It also ensures that the deceased’s family are not left with an unwanted share in the business.