For many business owners, their retirement plan is to raise sufficient capital from the sale of their business, to secure a comfortable life for themselves and their immediate family.
For others, this may not be the case.
However, with appropriate planning, you can gradually reduce your financial dependence on your business.
Whether you’re confident in the ongoing success of your business or not, there is a process you can put in place to help you remain in the best possible situation.
This process involves taking sensible policy toward extracting profits from your business and investing them in a tax-efficient investment environment.
One part of this strategy could be the use of pension plans. This will help for many reasons:
This strategy will not be suitable for everyone, so it is important that a full discussion of your circumstances takes place.
We find that many business owners who take the time to consider their future conclude that creating financial independence from their business, using tax efficient savings products, is a strategy well worth investigating.
The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount initially invested.
The levels and bases of taxation and reliefs from taxation can change at any time and are dependent on individual circumstances.