Rachael has been gathering contributions from specialists in their own areas of running a business so today I’m honored to have been asked to discuss your money.

Having worked for the nasty banks for 15 years I now run a business myself. I specialise in helping business owners to plan their money in a way that allows them to have the business they want, and life outside of their business that they dream of.

Specific considerations for business owners to address break down to 7 important areas. Clearly I’d need to write a book to discuss them all in any detail (actually I am doing that too…. I know I’m such a boring fella); so, for the purpose of today’s blog I’ll outline them all very briefly and would be happy to provide more detailed discussions on other areas at a future date. Also, anyone who needs more information can get in touch with me and I’d be happy to meet up for a free chat to discuss further – I’m nice like that.

1) Pension Reform - your obligations

Auto enrolment has already started and you must ensure your business complies with the new rules by this year. Some key questions to ask yourself are:    

- Are you paying into a pension for yourself?

- Could you be paying money to the taxman that you should be keeping in your pension?

- Are you meeting your legal obligations by having a scheme for your employees?

2) Corporate Planning

The death or serious illness of a key director or employee can have far-reaching or even disastrous consequences for a business. We remember to protect our businesses against many liabilities but often to forget to protect the most important asset – ourselves. Would your business continue to be profitable if you, or a key member of staff were ill or unable to work?

3) Shareholders

We offer specialist advice to Shareholders to ensure your business is protected in the unfortunate event of your death. Not a seductive subject I know but it doesn’t mean we should ignore it.

4) Employee Benefits

Benefits packages will help you to retain and recruit the best employees. Furthermore, they ensure you receive the kind of healthcare provision and corporate perks that you may usually associate with working for large employer like Google or BP. Death in Service benefits and world class Private Medical Insurance are listed as top priorities for employees when selecting their employer and we can provide them for any company with 2 or more people……Plus being a good boss might avoid you being visited by three ghosts on Christmas Eve – think on!

5) Corporate Pensions

If you are running a successful business, find out how you can use it to generate financial security in retirement.

6) Tax Mitigation

There are simple steps a company owner can take to reduce their corporation tax liability. Nobody wants to pay any more tax than they need to. There are simple steps a company owner can take to reduce their corporation tax liability which are acceptable tax mitigation and not illegal tax evasion.

7) Exit Strategy

Proper consideration of how you exit your business is just as important as how you build it. Many business owners put in a lifetime of hard work building their business only to throw away some of the rewards by failing to consider properly how they will exit from the business – both financially and as a manager.

The long and short of it is that as business owners we cannot succeed without the help of others. We stick to things we are excellent at when running our businesses and ask for help from others when we need it. So if you’d like any assistance with anything related to your company finances please don’t hesitate to contact me on 07496652426 or email me.

Scott Kerr

Tarn Wealth Management

Tel: 01697 73679 | Mobile: 07496 652426

LinkedIn: www.linkedin.com/in/tarnwealthmanagement

Website: www.tarnwealthmanagement.co.uk