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Work and Business

The main source of income for most of us is our work or our business. It also plays a large part in our lives for the time it takes, the effort we put in and our sense of achievement.

It is important that effort is not wasted by dissipating the rewards we receive. Directors and executives are frequently part or full owners of the company and will be involved in balancing salary and bonuses with company profitability, cash-flow and re-investment.

Companies take professional advice about technology, law and accountancy but often not about their directors and staff. Directors may be so pre-occupied in day-to-day management that longer-term issues of pensions and benefits seem less pressing, especially in smaller companies where the daily urgencies seem keenest.

A company director can be paid through salary, pension contributions, bonuses, dividends and benefits in kind, such as a company car. Each has different tax implications. Dividends, for example, can save both the employer and employee National Insurance contributions.

Or instead of an increased salary, money could be paid into a pension by the company on the director’s behalf, reducing both their tax bills.

Finesco can help companies to devise employee or director benefits packages to suit their budgets and timescales, minimising the management time involved. We can advise on pension schemes which can fund business projects rather than being just an overhead, helping to fund commercial property, making an already tax-efficient scheme even more attractive.

These require careful analysis of the company, its directors, its objectives and business needs. Finesco will undertake that study and report on the scheme which best fits those needs and budget.

Most companies will insure the business’s material assets – buildings and plant - but few consider insuring the people they depend upon. Key directors and staff can be insured for death, serious illness or injury to mitigate the impact of the loss of a key individual.

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