{"id":6648,"date":"2020-10-26T18:12:02","date_gmt":"2020-10-26T18:12:02","guid":{"rendered":"https:\/\/thebusinessculture.co.uk\/hey\/pension-advice-for-business-owners\/"},"modified":"2020-10-26T18:51:04","modified_gmt":"2020-10-26T18:51:04","slug":"pension-advice-for-business-owners","status":"publish","type":"know-how","link":"https:\/\/thebusinessculture.co.uk\/hey\/know-how\/pension-advice-for-business-owners\/","title":{"rendered":"Pension Advice for Business Owners"},"content":{"rendered":"<div>If you own a business, there are an awful lot of things to keep on top of in order to stay in control and turn a profit. As a result, organising your pension may have been on your to-do list for quite a while and you never seem to get round to it, which simply doesn\u2019t have to be the case.<\/div>\n<div><\/div>\n<div>The team here at <a href=\"https:\/\/www.treybridge.co.uk\/\">TreyBridge Accountants<\/a> can help you to set up your own pension quickly, easily and with zero stress, which comes with multiple benefits.<\/div>\n<div><\/div>\n<h2>Who can take out a pension?<\/h2>\n<div>All types of business owners can have their own pension, including sole traders, directors of limited companies and those who are involved in a partnership. In other words, no matter what you do and how you work, there\u2019s a pension designed around your individual circumstances and goals.<\/div>\n<div><\/div>\n<h2>What are the different types of pension?<\/h2>\n<div>\n<div>This is where it can get a bit tricky, as there\u2019s a variety of pensions to choose from:<\/div>\n<ul>\n<li class=\"dl\">Standard Personal Pension<\/li>\n<li class=\"dl\">Stakeholder Pension Scheme<\/li>\n<li class=\"dl\">Self-Invested Personal Pension (SIPP)<\/li>\n<li class=\"dl\">National Employment Savings Trust (NEST)<\/li>\n<li class=\"dl\">Small Self-Administered Scheme (SSAS)<\/li>\n<li class=\"dl\">Occupational Pension<\/li>\n<li class=\"dl\">Sharia-compliant Pension, which works under Sharia law and prevents the investing of funds into companies that produce alcohol<\/li>\n<\/ul>\n<div class=\"\">Each of these comes with its own pros and cons, and the best way to choose which will best suit your objectives is to give us a call on 01482 223575 for some free advice.We also have a useful document <span class=\"\">e<\/span><span class=\"\">x<\/span><span class=\"\">p<\/span><span class=\"\">l<\/span><span class=\"\">a<\/span><span class=\"\">i<\/span><span class=\"\">n<\/span><span class=\"\">i<\/span><span class=\"\">n<\/span><span class=\"\">g<\/span> <span class=\"\">h<\/span><span class=\"\">o<\/span><span class=\"\">w<\/span> tax relief <span class=\"\">w<\/span><span class=\"\">o<\/span><span class=\"\">r<\/span><span class=\"\">k<\/span><span class=\"\">s<\/span> on pension contributions <span class=\"\">-<\/span> <strong><span class=\"bon\">i<\/span><span class=\"bon\">f<\/span> <span class=\"bon\">y<\/span><span class=\"bon\">o<\/span><span class=\"bon\">u<\/span><span class=\"bon\">'<\/span><span class=\"bon\">d<\/span> <span class=\"bon\">l<\/span><span class=\"bon\">i<\/span><span class=\"bon\">k<\/span><span class=\"bon\">e<\/span> <span class=\"bon\">t<\/span><span class=\"bon\">h<\/span><span class=\"bon\">i<\/span><span class=\"bon\">s<\/span> <span class=\"bon\">f<\/span><span class=\"bon\">o<\/span><span class=\"bon\">r<\/span> <span class=\"bon\">f<\/span><span class=\"bon\">r<\/span><span class=\"bon\">e<\/span><span class=\"bon\">e<\/span><span class=\"bon\">,<\/span> <span class=\"bon\">p<\/span><span class=\"bon\">l<\/span><span class=\"bon\">e<\/span><span class=\"bon\">a<\/span><span class=\"bon\">s<\/span><span class=\"bon\">e<\/span> <span class=\"bon\">e<\/span><span class=\"bon\">m<\/span><span class=\"bon\">a<\/span><span class=\"bon\">i<\/span><span class=\"bon\">l <\/span><a href=\"mailto:clientcare@treybridge.co.uk\"><span class=\"bon\">c<\/span><span class=\"bon\">l<\/span><span class=\"bon\">i<\/span><span class=\"bon\">e<\/span><span class=\"bon\">n<\/span><span class=\"bon\">t<\/span><span class=\"bon\">c<\/span><span class=\"bon\">a<\/span><span class=\"bon\">r<\/span><span class=\"bon\">e<\/span><span class=\"bon\">@<\/span><span class=\"bon\">t<\/span><span class=\"bon\">r<\/span><span class=\"bon\">e<\/span><span class=\"bon\">y<\/span><span class=\"bon\">b<\/span><span class=\"bon\">r<\/span><span class=\"bon\">i<\/span><span class=\"bon\">d<\/span><span class=\"bon\">g<\/span><span class=\"bon\">e<\/span><span class=\"bon\">.<\/span><span class=\"bon\">c<\/span><span class=\"bon\">o<\/span><span class=\"bon\">.<\/span><span class=\"bon\">u<\/span><span class=\"bon\">k<\/span><\/a><\/strong><\/div>\n<div><\/div>\n<div><span class=\"\">M<\/span><span class=\"\">e<\/span><span class=\"\">a<\/span><span class=\"\">n<\/span><span class=\"\">w<\/span><span class=\"\">h<\/span><span class=\"\">i<\/span><span class=\"\">l<\/span><span class=\"\">e<\/span><span class=\"\">,<\/span> <span class=\"\">a<\/span><span class=\"\">l<\/span><span class=\"\">l<\/span> <span class=\"\">o<\/span><span class=\"\">f<\/span> <span class=\"\">t<\/span><span class=\"\">h<\/span><span class=\"\">e<\/span><span class=\"\">s<\/span><span class=\"\">e<\/span> <span class=\"\">p<\/span><span class=\"\">e<\/span><span class=\"\">n<\/span><span class=\"\">s<\/span><span class=\"\">i<\/span><span class=\"\">o<\/span><span class=\"\">n<\/span><span class=\"\">s<\/span> \u200bcome with <span class=\"\">c<\/span><span class=\"\">o<\/span><span class=\"\">m<\/span><span class=\"\">m<\/span><span class=\"\">o<\/span><span class=\"\">n<\/span> benefits<span class=\"\">:<\/span><\/div>\n<ul>\n<li class=\"dl\">In the case of limited companies, employer contributions (including those into your own pension) are considered a business expense and offset against your corporation tax.<\/li>\n<li class=\"dl\">Sole traders and partners also receive tax relief from their pension contributions, making them financially efficient.<\/li>\n<li class=\"dl\">All personal pension contributions are exempt from Income Tax charges.<\/li>\n<li class=\"dl\">From the age of 55 you can withdraw up to 25% of your existing pension pot as a tax-free lump sum. The remaining 75% can also be taken out whenever you wish and in any quantity, although this will be liable to Income Tax.<\/li>\n<li class=\"dl\">You can choose which type(s) of pension(s) you take out, which can range from a simple savings account to a portfolio of well-informed investments.<\/li>\n<li class=\"dl\">When it eventually comes to selling your business, you can take advantage of pension allowances and reduce the amount of Capital Gains Tax that will apply.<\/li>\n<\/ul>\n<div>The main point to take away is that having a pension isn\u2019t just a wise move, it\u2019s a crucial one. Each year that goes by without a pension in place is a tax-efficient opportunity wasted, so don\u2019t put it off any longer than you need to. The sooner you start saving properly, the faster your nest egg will grow.<\/div>\n<div><\/div>\n<\/div>\n<h2>Get some free advice<\/h2>\n<div>Want some personalised guidance on how to select the most effective pension? Call our Northern office on 01482 235575 or our London office on 0207 885 0605<span class=\"\">,<\/span> <span class=\"\">o<\/span><span class=\"\">r<\/span> fill in our <span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">c<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">o<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">n<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">t<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">a<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">c<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">t<\/span> <span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">f<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">o<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">r<\/span><span class=\"lon a002f0063006f006e0074006100630074002d00750073002f woff\">m<\/span><span class=\"\">.<\/span><\/div>\n<div><\/div>\n<div>Published by <a href=\"https:\/\/www.linkedin.com\/in\/aarongilmore\/\">Aaron Gilmore<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>If you own a business, there are an awful lot of things to keep on top of in order to stay in control and turn a profit. As a result, organising your pension may have been on","protected":false},"author":12312793,"featured_media":6647,"template":"","know_how_category":[],"class_list":["post-6648","know-how","type-know-how","status-publish","has-post-thumbnail","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/6648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how"}],"about":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/types\/know-how"}],"author":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/users\/12312793"}],"version-history":[{"count":4,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/6648\/revisions"}],"predecessor-version":[{"id":6652,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know-how\/6648\/revisions\/6652"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media\/6647"}],"wp:attachment":[{"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/media?parent=6648"}],"wp:term":[{"taxonomy":"know_how_category","embeddable":true,"href":"https:\/\/thebusinessculture.co.uk\/hey\/wp-json\/wp\/v2\/know_how_category?post=6648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}