Corporate Business Owners

Corporate Business Owners need to consider their personal and business finances as well. Both are closely aligned. If one goes well, so will the other. Running your own business often brings with it greater risk, stress and pressure. However, the rewards, both financial and personal, can be tremendous.

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Our team understand that your personal financial future is linked to the success of your business. We therefore need to consider the two together.

We have the specialist knowledge to be able to do that. Also, we have experience of working with other professional advisers. Such as lawyers and accountants, to ensure you get truly joined up thinking.

By choosing Choice, your business and personal financial futures are in safe hands.

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Your Business Finances

• Tax:
  How can you minimise the Corporation Tax your business pays?

• Building long-term value:
  How can you build value in to your business? One day it will be part of your retirement plan.

• Employee benefits:
  What steps do you have to take to stay on the right side of legislation? What do you need to do to comply with Auto Enrolment legislation?

• Rewarding your staff:
  How can you put in place a financial and benefits package to reward and ultimately help you retain staff?

• Business partners & shareholders:
  What happens if one of them dies or falls ill? Will the business be able to afford to pay them? How would it affect the financial stability of the business?

• Exit planning:
  How can you sell the business tax-efficiently?

Your Personal Finances

• Tax:
  What is the most tax-efficient way to withdraw money from your business?

• Buying a home:
  Getting a mortgage isn’t always straightforward for business owners and company directors. Our team of specialists are experienced and know how to work with lenders.

• The ‘what if’:
  If you or your spouse fell ill or died, how would this affect the financial stability of your family?

• Children:
  How can you plan for the future capital needs of your children? For example higher education or buying a house.

• Planning for retirement:
  What steps do you need to take to ensure you get the retirement you hoped for?

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Access to Financial Ombudsman Service and Financial Services Compensation Scheme

Whether or not a client has access to the Financial Ombudsman Service or the Financial Services Compensation Scheme depends on whether they meet the eligibility criteria to claim. This could be a Corporate Business Owner or an employee. In summary, these are as follows:

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Financial Ombudsman Service

Eligible complainants:
i.e. clients that can refer complaints to the Financial Ombudsman Service for resolution.

• Consumers (essentially individuals).

• Micro enterprises (enterprises with less than ten employees and annual turnover or balance sheet of less than €2m).

• A charity which has an annual income of less than £1 million.

• A trustee of a trust which has a net asset value of less than £1 million.

All of the above valuations are taken at the time the complaint is referred to the firm.

Financial Services Compensation Scheme

The definition of eligible claimants is lengthy and is stated in the negative.
i.e. clients that can claim compensation in the event of a claim being unable to be met by a firm in default

Financial Services Compensation Scheme’s definition of an eligible claimant differs from the Financial Ombudsman Scheme’s definition. In summary, eligible claimants are individuals and enterprises that are not defined as large companies.

A large company in this context is one with at least two of the following three characteristics:

• Turnover of more than £6.5m.

• A total balance sheet of more than £3.26m.

• More than 50 employees.