BUSINESS OWNERS

Through our relationship with our sister company Backhouse Insurance Brokers, we have extensive experience in working with business owners, both during their tenure in the business, and following exit. This involvement can cover a wide range of areas, all of which may make a substantial difference at various stages.

Self-Invested Pension Schemes and Family Pension Funds

Self-Invested Personal Pensions (SIPPs) are often used to purchase and own business premises, with the business then paying rent into the SIPP. Business premises can also be owned by a Small Self-Administered Scheme (SSAS), which has the additional feature of being able to make loans to the sponsoring employer. Both types of vehicle are useful in enabling money to be extracted from the company without corporation tax by way of company pension contributions.

Where a business is family owned, family pension schemes can be an ideal way of facilitating a smooth transition into retirement for the elder generation, by enabling them to draw an income from the fund, while the company can still make contributions for the future benefit of the younger generation taking the reins.

Exit Planning

Where a business is to be sold to a third party, we are on hand at every stage of the process. Lifetime cashflow planning helps us to quantify the sale price required, and we liaise with accountants on relevant issues such as Entreprenuers Relief. We act for many former business owners who are now happily retired, and who engage us to help them draw a sustainable and tax-efficient income from the proceeds.

Keyperson Cover and Shareholder Protection

We also help to put life assurance (and critical illness) arrangements in place to protect businesses and their owners. Keyperson cover serves to protect the trading position of a company in the event of the death or serious illness of a senior figure, whose absence would in some way affect its future success.

Shareholder protection arrangements are used to generate funds that can be used to buy out the shareholding of a deceased owner, ensuring that this is not sold to a third party who may destabilise the business.