Corporate Retirement Planning West Kirby
Understanding West Kirby corporate retirement planning and the implications for you the owner of the business, is extremely important if you want to get it right.
First of all you must prepare for your employees retirement planning in the form of a workplace pension scheme that will suit the needs of them all. There are new rules making it the responsibility of you the employer to ensure a works pension is in set-up at your staging date. The company then has to contribute into the scheme for every employee that is eligible, you also have to keep records of the payments and hold them forever. You need to speak with our West Kirby IFA and West Kirby corporate financial adviser for more information.
West Kirby Corporate Retirement Planning for Directors and Shareholders
In respect of directors and shareholders with regards to West Kirby corporate retirement planning there are various paths that can be followed to ensure a properly funded retirement that would also lower any corporation tax that may be due. These are outlined blow:
Self-invested Personal Pension (SIPP)
The assets you are allowed to hold are varied. You can hold shares, property, cash, bonds and a number of others things that relate to the company. One great option is for the businesses property you work out of to be bought, then to make payments for rent to the SIPP on behalf of the company.
The SIPP can purchase unquoted shares of non-related companies as well, you can therefore invest in another business with your pension savings. It is essential to get professional advise as these rules are very complex.
Self Administered Scheme (SASS)
This is very much like a SIPP however, you can make a loan (up to 50% of the value of the SASS) to the company to aid financing within your business.
Business property relief (BPR)
Selling your business is another way to finance your retirement. A successful BPR claim can lower tax due on the sale and inheritance tax can be mitigated in two years.