Running a company comes with a myriad of rewards. Control, flexibility, and opportunity build a valuable legacy. But those benefits come with added financial complexity which requires careful, considered planning.
Whether you’re looking to extract profits early, plan for retirement or invest in the future of your business, working alongside a financial adviser may alleviate many of the pressures faced through trusted support and guidance.
The Benefits of Financial Advice for Company Owners
Wealth Management isn’t just about investing. It’s about creating a comprehensive, holistic financial strategy that helps you manage your finances in line with your business objectives and personal circumstances.
From drawing a director’s salary, taking dividends or leaving profit in the business to support future growth, the right advice can help to structure your income in a tax-efficient manner.
A financial adviser can help to support limited company owners across several areas, including:
Tax-Efficient Remuneration Planning
How you pay yourself as a company owner can have a major impact on your tax liabilities, both personally and as a business owner.
Working with a financial adviser can help you to determine the most effective combination of salary, dividends and employer pension contributions, while ensuring you understand the tax implications of different remuneration options and how they align with your objectives.
Pension Planning
As a company owner, you have the unique opportunity to use your limited company to fund your pension which may offer different tax treatment depending on your circumstances.
A qualified financial adviser can guide you through pension contributions made via your business, which are typically treated as an allowable business expense and may reduce Corporation Tax liability, subject to prevailing legislation and individual circumstances.
Over time, these contributions could contribute towards long-term retirement planning, giving you peace of mind for your long-term future while improving the financial efficiency of your business.
*Pension investments can fall as well as rise in value. The value of tax relief depends on individual circumstances and may change in the future.
Business Protection
Your business is a key part of your financial plan, but are you prepared should the unexpected occur?
A financial adviser can help assess what protection may be appropriate for your company, helping to mitigate the financial impact of unexpected events and protect the key people responsible for running it. This can include:
- Shareholder protection policies
- Key personal insurance
- Business loan protection
Each of the above policies are designed to help support business continuity and protect the security of your loved ones in the event of serious illness or untimely death.
Our holistic approach means that we will also review your personal and family protection needs, offering you greater confidence that your financial arrangements have been reviewed comprehensively.
Exit and Succession Planning
Many people put a lot of thought into building their business, but few truly consider what comes next.
Whether you plan to sell your business, hand it down to the next generation, or simply step back over time, it’s essential to plan your exit early.
Working with a financial adviser can help you to develop a structured, complete exit strategy that aligns with your personal and financial goals, takes potential tax implications into account, and considers the needs of any successors or business partners.
The earlier you begin the process, the more control you’ll have over the outcome. Our goal is to help you prepare financially for the next chapter of your life, whether that’s retirement or starting a new venture.
How can Cooper Associates Wealth Management Help You?
At Cooper Associates Wealth Management, we understand the importance of holistic and complete financial advice. We offer advice tailored to your unique circumstances which places your financial goals and needs at the centre.
Our approach is long-term, and relationship driven. We work alongside you to gain a full understanding of your goals, assess your current position, and build a bespoke financial strategy that evolves alongside your growing business and developing personal circumstances.
If you would like to explore how Cooper Associates Wealth Management can help you, get in touch today for a consultation with one of our independent advisers.
*The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
*The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.
*Exit Strategies may include the referral to a service that is separate and distinct to those offered by Cooper Associates Wealth Management and St. James’s Place.
SJP Approved xx/xx/xxxx
