Kirk Newsholme Financial Planning are well placed to help company founders and directors deal with the many financial planning issues that arise during the life of a business. For many years, we’ve worked with businesses of all sizes and helped the people who run them to achieve their personal and business objectives.
Like most people, you probably hope to enjoy a similar standard of living in retirement as you do during your working life – but achieving this means that you need to plan in advance.
We work in conjunction with the tax team at Kirk Newsholme to help directors to reduce your tax bills and draw the level of income you need as tax efficiently as possible.
Good financial planning recognises the value of business restructuring as part of an exit strategy as well as ensuring that the relevant business-exiting tax reliefs are maximised. We can work hand-in-hand with accountants and tax partners whose expertise compliments our own.
Research has shown that relatively few businesses have fully considered the effect that the death or serious illness of a key individual would have on their ability to both trade and continue to make profits. A survey by the Institute of Directors has found that 39% of small businesses would fold within 18 months of such an occurrence. We are able to advise on solutions to produce a capital injection at the appropriate time to help your business through such a difficult period.
Over 50% of businesses have no formal arrangement in place to establish what would happen in the event of the death or critical illness of a business owner. This can result in problems ensuring continued control for the remaining owners, particularly where the deceased owner’s shares are inherited by a family member. We can provide advice on suitable protection arrangements to provide capital when it is needed most.
Limited companies have a great deal of flexibility in terms of making pension contributions. For business owners this can represent a very tax efficient way of extracting profits from a business. The flexibility of modern pension schemes makes this even more appealing, and we can explore the options open to you.