The UK is overwhelmingly a nation of small businesses, with SMEs accounting for over 99% of the business population. Many of these businesses are owner managed companies, and may overlook two tax efficient ways of providing increased financial security for themselves and their families.
Two types of policy which are often paid for by individuals out of their taxed income can instead be paid for by the company and be deductible for corporation tax purposes.
Executive Income Protection Insurance allows a company to provide an income protection benefit in the event of illness to a single employee or business owner.
Relevant Life Insurance provides life cover for a director or employee where the owner of the plan is the company and the life-insured the employee or director.
For those who run their own small business, perhaps as a one-person professional services contractor, Executive Income Protection can offer a tax efficient way of arranging income protection cover. If the policy is covering a business owner, income paid to a spouse or partner can be covered as well, as long as that individual is not actually responsible for generating company revenue and hasn't insured those earnings elsewhere. The policy can also cover NI and/or employer pension contributions.
For more informat on on this please speak to your financial adviser, or contact us and we will be pleased to introduce you to one of the trusted advisers we work with.
Our broad client base includes technology start-ups, business owners, international groups and non-profit making organisations. Whether you're an entrepreneur who needs advice with a new venture, an established business looking to make some changes, or a not-for-profit organisation seeking a more engaged accountant, we are here for you.
We see ourselves as an integral part of the businesses and larger communities which we serve, playing our part in a responsible and ethical way. This community ethos is woven into the fabric of Corrigan – ours is a small team of skilled and motivated accountants, building relationships at the regional, national and global level.
We're passionate about what we do. You'll find that we are as driven as you when it comes to striving for the best. Every service is tailored to meet your needs, offering you innovative and pragmatic solutions to whatever challenges you face.
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