Business Intestacy Risk
While many people appreciate the value of a personal will, many businesses fail to realise how important it is to take similar decisions regarding the future of the business in the event of death or critical illness. If you have no share succession arrangements in place, the result could be ‘business intestacy’, meaning that the state will decide what happens to your shares. We will help you consider your business’s succession arrangements, and make the right choices for you, your family and fellow shareholders.
Shareholders
Automatically passing shares to a beneficiary in the event of your death may not be the best decision for the long-term health of the business. Can you be sure that your beneficiaries would share the same business goals as your current shareholders? Do they necessarily share the same passions?
We’ll help you consider what’s best for you, your beneficiaries and the business, discussing potential solutions that could allow fellow shareholders to buy your shares, and give your beneficiaries the opportunity to realise their market value. The suitability and effectiveness of any arrangement will depend on the circumstances of the business, the shareholders involved and future market conditions.
You may have already made such arrangements, but we can still review them and conduct a useful business intestacy risk check. This will help you decide whether existing arrangements are adequate, or whether further attention is required.
Key Person Cover
Most businesses have key directors or employees whose expertise, skills or knowledge are fundamental to the business’s wellbeing. If they should fall seriously ill or die, the personal tragedy could be compounded by the business’s subsequent decline.
We will help you arrange important cover for key people within the business, ensuring that in the event that they are no longer able to contribute for whatever reason, the business will benefit from invaluable protection. The level of protection available will depend on the cover selected and the terms of the policy, and may not fully offset the financial impact on the business.
Easing the Tax Burden
Although the details of income tax thresholds and burdens are subject to regular change, it’s always the case that consideration of effective methods of easing tax liabilities remains important. We’ll help you look at your overall tax burden, calculate whether you’re making the best use of your ISA and Capital Gains Tax allowances, and take a look at the planning of your lifelong cashflow requirements. The benefits of any tax planning will depend on your individual circumstances and the tax rules and allowances in force at the time, which may change in the future.
Auto enrolment is not regulated by the Financial Conduct Authority.