Being a business owner, it’s likely that all your energy is expended on building a successful enterprise. You’ve provided for your family and created jobs, but have you protected your own future with a retirement plan? If the answer is no, now is the time to start.
Pension fund planning
Building a retirement fund through regular or one off pension contributions enables tax savings and inheritance tax advantages.
Business owners can benefit from pension schemes including small self-administered schemes (SSAS’s), which can be used to lend or invest in your business.
If selling your business is part of your long-term plan, making exceptional pension contributions from your company will save corporation tax while you own the company and reduce capital gains tax on the sale of the company.
You or your company may own the building it trades from, it is an option is to sell the trade and retain the property. This would immediately generate a lump sum and rental income over several years, providing long-term revenue.
Selling your business
If raising a retirement fund from the sale of your business is your intention, we recommend that your business is reviewed and tailored for sale to maximise the potential proceeds.
A family management buyout may provide a secure pension fund while providing future generations the opportunity to thrive.
The key to successful retirement is to start in good time and to ensure your advisors have the depth of experience to guide you through all the different aspects of planning.