FINANCIAL PLANNING FOR BUSINESS

As a business owner/manager, you are responsible for pretty much everything within your company.  We can provide expert advice on many financial fields which will undoubtedly impact most companies at some point. Areas such as pensions (employee and director), retirement and succession planning and the overall financial protection of your business need to be managed sooner rather than later.

Partner or shareholder protection
If a shareholder in a business dies unexpectedly, then the other shareholders are faced with the possibility of suddenly being in business with the beneficiaries of the deceased’s will. For many, this will be a decidedly unsatisfactory state of affairs. It can be solved relatively simply and inexpensively by using life assurance, trusts and cross-option agreements. This arrangement would allow either the deceased’s beneficiaries or the remaining shareholders to elect for the remaining shareholders to buy out the deceased’s share of the business using proceeds from the insurance policy.

Key man protection
If a key employee (including owners and directors) dies or contracts a dread disease, the company’s financial position may be seriously compromised. For example, if a shareholder guaranteeing an overdraft dies, this could make the bank extremely nervous about maintaining that facility. These risks can normally be insured, so that a lump sum insurance payout would supplement the company’s profits or bolster the balance sheet whilst a replacement member of staff is brought on board and made fully effective.

Pension Reform and Auto Enrolment
All companies will be required to meet their pension auto-enrolment obligations – although not at the same time. Larger companies will start from October 2012. The Pensions Regulator has recently confirmed the details for all companies, following a lengthy consultation for smaller companies. All existing employers will having to act by April 2017.

We have in place a comprehensive employer package including an independent pension audit, initial and on-going compliance advice, implementation software and assistance with the communication of these changes to your employees.