do FINANCE: er ing t t business be Looking deeper into the world of business finance WORDS BY KERRY SMITH
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inancial services make up one of the economy’s most important and influential sectors. In 2020, the financial services sector contributed £164.8 billion to the UK economy – 8.6% of total economic output, according to the House of Commons Library. Financial advice is one of the most sought-after services in today’s world. One of the simplest reasons for this in business is that most organisations need consistent and regular advice to survive and protect their business. Individuals also need advice on their personal finances to save effectively and plan for their families’ futures. A professional can help you understand the often complex financial world, so in this issue we talk to the professionals, the insurance brokers, mortgage advisors, accountants,
investors, and tax specialists, to showcase the services many might not know exist, and to educate on the fact that financial advice doesn’t always have to be complicated or expensive.
Employee benefits
Here’s an overview of what’s in this issue’s finance section.
The difference between traditional financial advice and life planning, and how the two distinctions might inform which one you currently need.
Tax advice on Employee Ownership Trusts
Why trimming workers’ benefits to save money may compromise your position on the job market.
Life planning
The governance issues, complex tax aspects, and HMRC clearances involved in EOTs when transferring control of your business to your employees.
Commercial finance services
Payments on account
Positivity around pensions
How HMRC will expect you to pay if your tax bill is more than £1000, how payments can be reduced and when you might be charged interest.
Last year, this particular finance company placed just over £35m of borrowing for their clients despite being in a global pandemic. Modern pension solutions and how these can benefit employers as well as employees plus how to make your pension work for you. NICHE | 21
