Lighthouse Financial Advice

Financial planning for businesses

Our customers range from partnerships and small owner-managed businesses to larger companies.
It is important to understand the financial consequences were the business to lose a key person through illness or death as well planning an exit strategy for the directors/owners. Does your organisation have a business will ?
Employers have long understood the crucial link between the benefits they offer and the recruitment and retention of staff. However putting together the right package requires sound knowledge and good purchasing skills.
We have extensive experience in advising the special needs of business and of designing, implementing and administering appropriate employee benefits packages.

Business protection

You and your colleagues rely on your business to provide you with income. What action have you taken to ensure that an unforeseen event doesn't jeopardise both your business itself and the income partners/shareholders, directors and other people derive from it?

• - Key person insurance: in our view this is as important as insuring your stock, equipment, building or any other business asset. It plugs the financial gap created by the death or serious illness of designated key individuals on whom the revenue or profits of the business depends, enabling it to continue without them.
• - Partnership/shareholder protection: if a main shareholder should die could the remaining shareholders afford to buy their shares from the estate? If not, the situation could prove difficult, both for the new shareholders and the business.
• - Wealth creation and retention: we can advise business owners and senior managers on strategies that can help you reduce your income and capital gains tax liabilities, business transition and succession planning so more wealth can cascade down the generations.

Employee benefits

As an employer you will want any benefits you offer employees to be valued by them, to be as tax-efficient as possible for both parties and cost-effective for you. You also need to make sure your fulfil your statutory obligations.

• - Pensions: we can recommend the most tax-efficient arrangements for high earners (including directors) and low and medium earners.
• - Are you aware of the recent pension reforms ?
• - Death-in-service benefits (also known as group life assurance): it is relatively cheap to offer and easy to set up and administer, although prices vary considerably.
• - Relevant life policies can be established for one director/employee tax efficiently.
• - Critical illness cover: this provides a lump sum payment to an employee should they suffer a serious illness, such as heart attack, stroke or cancer.
• - Income protection: this enables an employer to continue paying an employee's salary if he or she is unable to work due to illness for an extended period.
• - Flexible benefits: giving employees a degree of choice over the benefits they receive greatly increases the value they place on the benefits they select.
• - Salary exchange: this is also known as salary sacrifice. It enables employees to pay for certain benefits by a direct deduction from their salary and can increase the already generous tax breaks available for pension contributions, subject to meeting HMRC criteria.

Employee benefits and business protection for professional practices (consultants, dentists, vets, accountants, solicitors etc)

If you are in general or private practice, commercial financial planning issues are also likely to be high on your agenda. We have the expert knowledge required to explain your options and make informed recommendations on issues including:

• - employee benefits that help you attract, motivate and retain good people and are cost-effective for your practice
• - commercial finance, for instance to buy equipment
• - buying premises - buying premises through your pension scheme can be both a good investment and tax-efficient
• - protecting the finances of the practice and the families of key people through partnership, shareholder and key-man insurance
• - business succession and transition planning.
• - exit planning.

Contact Us

For further information about any of the services we provide, or if you have any questions, call today using any of the details provided on the sidebar above. Alternatively, email us directly using the query form provided on the Contact Us page of this website. We look forward to working with you.