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Are you a Business Owner or Company Director?

The past two years have seen some of the most challenging and stressful times for business owners, giving rise to many events beyond boardroom control. However, as the blue skies of optimism start to appear, we are beginning to organise our regular Business Owner Breakfasts again, which aim to give you the time and the opportunity to explore and discuss the topics listed below.

These monthly events always include a senior solicitor and an accountant, as it is this combination of both company and personal financial advice coupled with the very necessary legal advice that guests find extremely useful, either round the table or in subsequent follow-up meetings.

There are many areas – some simple, some more complex – that should be discussed; but this article is more of a call to action to start the process. It is also worth bearing in mind that (much like tax rates) advice can change, depending upon the company or your own or your family circumstances. The recent budget and direction of tax travel is a perfect case in point.

In our discussions we focus on areas such as these:

Which do you take: salary/dividends/pension contributions? The answer varies in accordance with individual objectives and by year, depending upon the wider tax environment.

“A great family trust that sits outside your estate.” Pensions have become a complicated area and are too often overlooked or misunderstood. There are many things to consider such as funding levels and the annual and lifetime allowances, as well as the underlying strategy and use of your pension, which might include buying your business premises or another commercial building.

Life Cover
Premiums paid for by your company save you or your company tax whilst ensuring that your loved ones are well catered for should the unthinkable happen.

Key Person / Critical Illness Insurance
We often insure our buildings and cars because we have to – but it’s the people that really drive the business and profit.

Shareholder Protection / Cross Option Protection / Corporate Powers of Attorney
Don’t leave your loved ones or business partners in difficulty if you should die or suffer a critical illness.

Planning to Sell / Exit
How much do I need? Have you considered personal cashflow planning in advance of the sale? Clarity on what the future looks like. Could the share structure be more tax-efficient? Can I reduce the tax I need to pay?

Estate Planning / Inheritance Tax.
Companies have their own life cycle, growing from fledgling to maturity and maybe to exit or partial withdrawal. We cover these areas and either offer individual advice or refer you to our other trusted professional connections. Changing your assets from business ones to personal ones in the form of cash often increases your estate for Inheritance Tax; but with careful planning, this can be mitigated.

For an initial conversation or if you wish to attend one of our Business Owner Breakfasts, please contact Vince Hopkins on vh@brigroup.co.uk or 01676 523 550.

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