Running a business is challenging enough without having to worry about financial planning. At Truestep Financial Planning, we help you protect, grow, and plan for the future of your business. Our services include setting up tax-efficient director pensions, corporate investing, protecting your business and creating strategies for succession and inheritance tax planning. We become your trusted financial partner to support your business at every stage of growth.
Business Protection
Unexpected events can disrupt even the most successful businesses. Our Business Protection services help secure your company against the financial impact of losing key people. We offer tailored insurance solutions like Key Person Protection, Shareholder Protection, and Relevant Life plans, ensuring continuity and financial stability when it matters most.
Shareholder Protection
Shareholder Protection helps remaining business owners retain control if a partner or director dies or becomes critically ill. Without protection, ownership may pass to family members who may sell shares or become involved in the business. Our tailored plans provide the funds needed to buy out the affected party’s share, keeping your business stable and ownership aligned.
Key Person Protection
Certain individuals are critical to your company’s success. If a key employee becomes seriously ill or passes away, the financial consequences can be significant. Key Person Protection provides your business with a financial buffer to cover recruitment, lost revenue, or restructuring, helping you weather the storm and remain resilient.
Relevant Life Plan
Relevant Life Plans offer tax-efficient life cover for directors and employees in businesses too small for a group scheme. These plans provide a lump sum if the insured dies or becomes terminally ill while employed. Premiums are paid by the employer and are usually tax-deductible, making this a smart way to offer valuable benefits to key team members.
Director Pensions
Director Pensions are powerful tools for business owners seeking to build retirement wealth and reduce corporate tax. We specialise in SIPPs and SSASs, offering investment flexibility—including commercial property and loans back to the business. We’ll guide you through selecting the right scheme to align with your long-term goals.
Setting up a pension is crucial for self-employed individuals, ensuring you won’t have to rely solely on the state pension, which is often insufficient. By establishing your own pension, you can secure ample funds for retirement, allowing you to enjoy activities like cruises and other leisure pursuits.
Additionally, pension contributions can be highly tax-efficient for self-employed individuals. For instance, if you’re close to the basic taxpayer limit and risk moving into the higher tax bracket, making pension contributions can help keep you within the lower rate.
Planning for the future is crucial, especially for self-employed individuals who don’t have an employer contributing to their pension. Setting up a pension plan ensures you have a solid financial foundation for retirement.
The most suitable pension depends on your individual circumstances. We consider factors such as your attitude to risk, personal circumstances, and how much you wish to contribute. The pension plan is tailored specifically to you.
To set up a pension, speak with a financial advisor. We’ll review your current situation, existing arrangements, and income. We’ll explore how to make the pension work tax-efficiently for you and then set up the plan accordingly.
Generally, it doesn’t matter if you are a sole trader, a partner, or a limited company director. The pension plan is tailored to you as an individual. However, a limited company director might make monthly contributions as a deductible business expense for tax efficiency. It’s advisable to discuss with your accountant and financial advisor to optimize tax benefits.
HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
Business Investments
Truestep Financial Planning helps companies make informed investment decisions, whether you’re looking to grow retained profits or fund future expansion. We offer access to a wide range of investment options and help you assess risk, plan tax strategies, and ensure compliance. Our goal is to help you use your business capital efficiently and strategically.
The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.
