Business Planning

If you run your own business you'll know just how important it is to have the right financial planning in place.

At TSL we are well aware of the issues and have developed a wide range of services that can help you and your business. We have specialist advisers who have extensive knowledge and experience in the following areas: -

• Key Person, Partnership and Shareholder Protection
• Group Pension Schemes
• Group Life Cover, Income Protection & Private Medical Insurance schemes

It is important to review each of these areas within your business on a regular basis.

Providing a competitive range of employee benefits can help attract high calibre staff and help you retain your key employees.

While you may have identified the importance of a strong benefits package, have you considered the impact on your business in the event of the following:-?

• The effect on profits of the loss of a key person
• How this may affect the availability of business loans
• Losing control of the business after the loss of a partner or shareholder

Over the years TSL has developed the expertise and knowledge to protect your business against such scenarios. This includes an in depth knowledge of the tax implications of Keyman, Partnership and Shareholder protection along with how best to set up the correct solutions and establish the appropriate trust(s) to ensure that any cover is paid to the company or individual in the most tax efficient way.

In summary

• Key Person Cover protects the company against loss of profits and covers the cost of replacing a key person.
• Business Loan Cover protects the company against the effects of the loss of a key person on its loans.
• Partnership or Shareholder Protection is for the remaining partners/shareholders to provide sufficient funds to buy the capital account/shares from the deceased partners/shareholders. This will allow the remaining partners/shareholders to retain control of the company while providing the deceased partners/shareholders family with financial security.

The key areas identified above are applicable to both large and small companies.

We are now finding that more and more of our clients are coming to rely on the strategies and policies that we have put in place for them and they are making it a central part of their business planning and financial strategy.