Corporate Planning
Managing any business comes with its own specific challenges, risks and time pressures on the business owners and management team every day. We will help give the company the sure-footing required regarding any planning it needs, so that you can focus on what you do best, driving your business forward.
Corporate planning involves a number of facets. We will help businesses to ensure they have the right protection in place should the unimaginable happen to a shareholder, or keyperson. Other areas include working alongside other professionals to help reduce your corporation tax liabilities where possible, plus the ability to create a competitive benefits package that can attract and retain the best people.
We should all review our personal assets at least once a year as part of a financial health check, but sometimes company planning gets left unchecked for several years.
Here are a few of the areas to consider as part of any corporate planning;
Employee Benefits
You’re only as good as the team around you, so making sure your company has the right benefits packages in place for its employees, can assist with attracting the best talent and retaining the trusted team you already have.
We can help create a tailored package that ensures your employees and colleagues have the right benefits in place, whilst helping mitigate business risk for you.
Business Protection
This corporate planning area is of vital importance to every business and covers a variety of different risks businesses face. You have worked hard to get your business to where it is now, we can help keep what you have built and grow it further.
Areas that need to be reviewed regularly include:
Shareholder Protection
This type of planning ensures that business and other shareholders retain control of the company should the worst happen to an existing shareholder.
Implementing this is critical where a number of shareholders exist, as the death of one could impact whom the deceased shares will pass to.
Without this cover, the company ownership could be destabilised, with long term management issues arising and the ability to make business decisions being compromised.
Keyperson Cover
In the unfortunate event a key person in the business were to suffer a critical illness or die, what would happen to your business?
Do they have an area of expertise that would be hard to replace, would their loss affect profitability, leave a gap in the management team and potential loss of confidence from suppliers and customers, how much will it cost to replace that person?
As you can see losing a keyperson can have a serious impact on any business, as well as potentially harming cash flow and profitability over the short and long term. It is therefore important to ensure the business has the right level of cover to protect itself.
Business Loan Protection
Debt can help drive businesses forward and create the growth owners are looking for. However, this debt creates a risk and it is wise for a business to protect itself against this.
Without suitable cover in place, The death of a primary shareholder / keyperson would leave the debt outstanding to be serviced, at a time when the business could have been left without the leadership, knowledge and skills it requires to drive the business forward along its existing growth plan.
This can have a detrimental effect on the businesses cash flow, reserves and underlying value of the business. As such, business loan protection serves a very important role in helping grow and protect any business.
Relevant Life Plans (RLP)
As an employer, you can tailor any benefits packages to certain employees. A Relevant Life Plan gives the employer the ability to give higher levels of life cover tax efficiently to key employees or business owners, in addition to any Group Death In Service Benefits they may already have.
Unlike some Group Death in Service schemes (DIS), Relevant Life Plans are not registered under pension legislation, so the benefits do not count towards an individuals pension lifetime allowance, which can be a significant benefit.
Workplace Savings / Auto Enrolment
If you are a new business, or have started taking on employees, this is an area you will need to pay attention to. We will guide you through the best solutions to meet your individual business needs.
If you already have your workplace pension in place, are you getting the service you require?
