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So you run your own company and you know it inside out, but do you know about all of the other benefits available exclusively to you as a business owner? Running your own limited company gives you advantageous tax planning scope using tried and tested tax planning products.
Tax Relief on Life Cover
Non-business owners pay for life assurance from post tax income. As an employee of your own business you can set cover up through your company with tax relief for the company and no personal tax for you. In this way you can provide the same level of cover at less cost.
Pension Contributions – a good way of extracting your excess reserves
Non-business owners have a restricted pension contribution scope based on their earnings. As an employee of your own business, even if you do not pay yourself a salary the company can pay up to £40,000 per year into a pension and gain full corporation tax relief. So rather than building up excess reserves with all the tax consequences that brings why not release them to yourself through a pension arrangement?
Small Self Administered Schemes (SSAS) – a perfect pension for a family business
So you’ve built up solid reserves, you would like to get them working for you but you are nervous to tie them up. Have you considered a SSAS? You don’t have to lose control of your money, using a SSAS you can loan back to your business and it can hold commercial property (what about your business premises?) tax efficiently. Rent can be paid into the pension on top of any allowable pension contributions.
Married/Partner/Civil Partnership- Double it up!
If your spouse/partner is an employee then these same options are all available for them, and if they are not part of the business, then why not? Talk to us urgently if this is the case.
“A man must take advantage of any opportunity that comes along.”