Financial Planning for Businesses

Whether you are a sole trader, partnership or a limited company, Innes Reid provide solid financial advice to protect your business against risks and to safeguard the health and well-being of your employees.

We provide impartial advice on key financial aspects such as

  • Business protection
  • Employee benefits
  • Workplace pensions
  • Tax Liabilities

We can also help with arranging formal financial plans for the management of your income when you retire, ensuring that you and your family benefit from all your hard work.

How can we help?

Business Protection

A death or serious illness can have serious consequences for a small to medium-size enterprise, such as:

  • loss of profits
  • the calling in of company overdrafts and the disruption of lines of credit
  • unwanted changes in the balance of shareholder control within a company
  • the dissolution of a partnership,
  • difficulties and conflicts in realising fair value for inherited shareholdings and partnership shares

We the expertise to guide you through the right protection for you and your business.

Key Person Insurance

If a key employee (or employees) of a business die or become seriously ill, it can be a major blow to even the most successful and well-established business.

Key person insurance provides a lump sum to the firm in the event of the death or serious illness of that individual, which the firm can use to recruit a replacement and/or sustain the business during any downturn in trade following the event.

Employee Benefits

A first-class employee benefits package is an important consideration for businesses wishing to attract high-caliber, skilled employees. It is also a well-known fact that such benefits packages assist employee retention, which is far more cost-effective for a business than recruitment.

Innes Reid has a wealth of experience in setting up such packages and can provide expert advice on the design and implementation of a bespoke package to suit your needs.

Pensions

Contributing to an approved pension plan is the most tax effective way of providing income in retirement. It is also arguably the most important employee benefit that can be offered by an employer.

Innes Reid has extensive experience in advising, planning and implementing pension arrangements to match individual and company circumstances, including:

  • Auto Enrolment Schemes
  • Group Personal Pension Plans
  • Group Stakeholder Plans
  • Executive Pension Plans
  • Small Self-Administered Schemes (SSAS)
  • Unapproved top up pension schemes
  • Self-Invested Personal Pensions (SIPPS)
  • Income Drawdown and phased retirement

We will review existing arrangements and recommend changes where necessary.

Directors / Partners / Senior Employee Pension Arrangements

Arrangements for these people need to be tailored to individual circumstances as well as being tax-effective and flexible.

  • Self-invested Personal Pensions (SIPPS)
  • Income Drawdown and phased retirement

In view of the many changes in pensions legislation, Directors/Partners /Sole Traders already making provision for retirement should be aware of the implications these may have had on their existing arrangements. In addition to providing pension arrangements, many employers provide some security before retirement in the event of death or long-term disability and private medical care.

Our team of Financial Advisers can provide tailored advice for your needs, ensuring you have the right advice and arrangements in place for your senior employees.

Group Life Assurance

Group Life Assurance is relatively inexpensive to provide. Depending on the number in the Scheme. It is possible to have all employees of the company covered irrespective of their state of health. Death benefits can be paid as a tax-free cash sum plus pensions for dependents.

We will walk you through the full details of Group Life Assurance without the jargon, keeping it clear and simple for your business.

Group Critical Illness Cover

Group Critical Illness is a valuable, law-free addition to any benefits package and provides lump sum benefit to employees diagnosed with a specified critical illness. It can provide cover anywhere in the world. In addition to temporary absence cover for those employees who are taking a break from work.

Speak to our team about how Group Critical Illness Cover can become park of your benefits package.

Income Protection

Income Protection (IP) cover will replace part of a person’s income if sickness or disability prevents a person from earning, and payments are tax free. Adopting IP cover within any benefits package you offer employees goes a long way to acknowledging their value, showing your people you recognise their worth.

In the event of an employee unable to work, IP cover enables you to protect pension and National Insurance Contributions, and helps your business to meet its obligations under the Disability Discrimination Act. Like pensions contributions, premiums for IP cover are an allowable cost against Corporation Tax.

Providing employees with access to Independent Advice

In times of change, employees genuinely need independent financial advice and often find it difficult to know where to turn.

Many employers now see the provision of independent financial advice to staff as a major benefit, especially in the event of early retirement and redundancy.

Innes Reid offer the very best financial planning service for businesses. We become part of your team, helping you to maximise your success in growing and protecting your organisation whilst keeping costs and investments in check.

Contact our team today to arrange a financial planning consultation for your business. Call 01244 347 583 or Contact us by completing your details in the form provided and we will contact you directly.

business financial planning

Innes Reid profile
The Financial Ombudsman Service (FOS) is an agency for arbitrating of unresolved complaints
between regulated firms and their clients. Further details of the FOS can be found on its website:
www.financial-ombudsman.org.uk