IS YOUR BUSINESS PROTECTED?
Have you ever stopped to think about what might happen to your business if you lost one of your key members of staff? You might already have insured your premises, equipment and stock, but what about the people who play the biggest part in your organisation’s success? For example, if your best sales person became critically ill, how would the income they bring to your business be replaced? Does anyone else have the same expertise?
You might think “I’ll risk it” or “It will never happen to me”, but statistics show that there’s a 59% chance of one man in a group of four all aged 30 being diagnosed with a critical illness during his working life.
Is it time to review your current plan?
Perhaps you already have protection in place, but does it offer real value?
Is it really worth the risk?
Even a small amount of protection is better than having none at all. Without any business protection you could end up risking everything you’ve worked so hard to achieve.
Your Tax Shop can help you stay in control of your business…
Losing your business partner would be bad enough. But without the funds to buy their shares, you could find someone else in the driving seat. Not what you signed up for? Shareholder protection could give your business the money it needs to buy shares back if a partner falls critically ill or dies. So don’t get stuck in a jam – protect your business for whatever lies ahead!
Let the Tax man help pay your Life insurance…
Did you know that as a director of your own company, your life cover could provide tax benefits while giving you the peace of mind that your family would be provided for should the worst happen?
You can take advantage of the tax benefits available to larger companies by taking your life cover out through a ‘Relevant Life Policy’. These can be written on an individual basis so are available to all companies no matter how small, meaning you could also provide life cover for your employees – even if you only have a few.
Relevant life policy tax benefits are available to both the employers and employees:
- Tax relief on the premiums for the employer, providing a relative saving of 30-40% on the premium
- No tax assessment of premiums as a benefit in kind
- Premiums are not subject to National Insurance payments for employer or employee
- Benefits are usually payable tax free to the employee’s dependants
Protect what is important to you! To find out more about business taxes and how we can help, call Gary Hazelwood at one of Your Tax Shop’s offices in Tameside.
Ashton office – 0161 339 5689
Mossley office – 01457 837744