Manchester Corporate Retirement Planning
When a business owner thinks about their Manchester retirement planning, the first thing that comes to mind, should not be a workplace pension for their employees. It should be a way of extracting business profits from their business in a tax efficient manner. This Manchester corporate retirement planning review should then be used to provide an income when they sell the business.
Most business owners have not used all the available tax planning opportunities available to them and are potentially missing out on increasing their retirement funds each year.
When the business owns assets such as a building, it may make sense to have a pension scheme own these instead for the tax benefits.
Setting up a Self-invested Personal Pension (SIPP) allows you to hold lots of different types of assets. You can hold company property, shares, bonds and cash.
This type of solution is a good choice for those companies who wish to purchase the premises from which they trade and make rental payments to the SIPP on behalf of the company.
Self-Administered Scheme (SASS), this is similar to a SIPP but with the added ability to loan money (up to 50% of the value of the SASS) to the company to help with financing.
Business property relief (BPR)
Your retirement may well be funded by the sale of your business and assessing if you can claim BPR on the sale could be key to a successful retirement.
There are lots of other available schemes to consider when planning your retirement from your business. Tax, cash flow and attitude to risk are all very important things to consider.
Having a member of our Manchester corporate retirement planning team talk through your business and retirement plans will help you to put the right plans in place.