Services for Business Owners
Managing, growing, organising and marketing – a few of the words that describe what you do as the owner of a small to medium sized business – all day, every day.
Juggling tasks and decisions and wondering whether today should be spent in the business or on the business – is a seemingly endless cycle. Time is precious, we understand that, and time is money, we understand that too. It is because we too are business owners that we understand the pressures, the excitement, the worries and the challenges, and importantly, it’s why we believe we can help you.
In our experience, many owners are concerned about growing their business, being more efficient, becoming more profitable, retaining and attracting key staff and clients as well as ensuring new and existing clients are offered the most appropriate services and products. As business owners this leaves very little time to think about the wider financial aspects of our businesses and even our own personal finances. We, at Future Start, don’t have a magic wand, but what we do have is the experience to help you plan financially.
How can we add value to your business?
- work with your Accountants and Solicitors to ensure all financial advice works in harmony and contributes to an agreed goal
- look at ways to help you maximise business and personal tax opportunities
- help you protect your business, key staff and your family should something happen to you or your key team members
- develop financial solutions that makes your business cash work harder for you
- help you attract and retain staff through developing appropriate employee benefit strategies
- provide long term advice spanning the different generations of your business, your employees and your family
- develop and plan your business exit strategy
How do we do this?
- offer a range of services appropriate to the complexity of your needs
- provide transparent costs across all areas of advice
- access market leading technology to ensure the plans we put in place today are flexible enough to adapt for any changes tomorrow
Your business and personal financial plan needs to be individual, flexible, dynamic and reviewed – just like your business.
Auto enrolment is currently being phased in for all UK Employers.
Unlike much previous Government legislative changes the new rules apply to all UK employers regardless of their size, as such all businesses will be affected at some point leading up to April 2017.
For some, this will be sooner rather than later!
A report prepared by Leeds University found that small to medium sized enterprises will have to commit up to 20 working days to deal with the paperwork created by auto enrolment and a further 4.5 hours of administration every time they pay their staff. We help employers of any size ensure that their set up and ongoing costs are minimised whilst securing a good quality pension scheme for their employees.
Can you ignore it?
As with any new legislation, you can choose to ignore it – but it is not advisable.
Non-compliance brings with it significant potential fines.
Click here for details of fines for non-compliance.
If you have an existing scheme, do I need to do anything?
Yes, unfortunately, there is still work that will need to be done by you to comply with the new rules. You also need to review employees who are not members of any scheme you may have in place.
So, even if your scheme is auto enrolment compliant you will need to take action.
Depending on your own situation there could still be a considerable amount of things you need to do or put in place.
WHAT ARE THE NEXT STEPS?
To find out your staging date click here
Being able to choose the best solution for your business is likely to be challenging if you leave it too late; worse still you may not be able to meet the deadlines which could result in your business being fined.
The employer contributions you are required to pay increase as we get closer to April 2019 by which time they are around 3% of an employees pay. The time cost associated with auto enrolment will vary depending on how you meet your requirements and whether you decide to undertake a lot of the work internally or find an outsourced solution.
If you were to undertake the task internally it should be noted that it would be necessary to work through and more importantly understand over 250 pages of guidance that the Pensions Regulator has issued.
Each category has different entitlements under auto enrolment rules. This is a critical part of the process and one that continues every time you run your payroll after you have past your staging date.
The only way to successfully achieve this is to ensure you have the appropriate systems in place that take care of all of this for you in an automated way. This is a far bigger consideration than setting up the pension scheme itself.
Nominating a dedicated auto enrolment “champion” within the business is best practice. This could be the HR Manager or one of the Directors of the business. However you should ask yourself, can you afford to lose a valuable member of your team for 20 days?
As auto enrolment specialists we can help you with a clear implementation plan, roll out the communications to the team, set-up the scheme and sort out the ongoing systems.
Good financial planning can help determine the success or failure of running a business. To help ensure the survival of your business it’s important that the business has suitable protection in place.
The solution could be business protection.
Business protection is a way of helping to protect against possible financial losses in the event of the death or critical illness of a business owner or key individual, during the length of the policy. Some policies also pay out if you are terminally ill and meet their definition, except usually in the last 12 months of the policy.
It can help ensure that your business survives and continues trading during difficult circumstances.
To help ensure the long term financial security of your business in the event of losing key people to death, terminal or a specified critical illness, speak to us today to find out how we can help.
If a business owner dies or is suffering a severe illness, lenders may have the right to demand that any outstanding loans are paid back. These could be difficult to pay off at short notice. Loan Protection provides a lump sum to cover business loans. If a business owner lends money to their own business, creating a Director’s or Partner’s loan account, this may also need to be repaid on death. Some business loans may also have personal guarantees which mean that if the business fails due to the death or illness of an owner or key employee and the business doesn’t have the funds to repay the loan, the guarantee could be used by the bank and put personal assets, including the owner’s home, at risk.
Relevant life insurance is a tax-efficient and cost-effective alternative and is available to companies of all sizes on an individual basis. Offering nearly 50% in tax savings, it is a tax deductible business expense and attracts no National Insurance contributions.