Entrepreneurs tend to need significant and ongoing financial planning because their situation is regularly changing, creating opportunities and indeed threats. In addition, they do not have the "comfort factor" which many individuals enjoy in say the Public Sector, with occupational pensions, sick pay schemes etc. As such, entrepreneurs need to create and provide their own support structure to combat circumstances beyond their control e.g. financial impact of the premature death of a fellow shareholder; serious illness of a key employee; succession planning.

We provide services to a number of successful Northern Ireland businesses, and are pleased to provide further details of our services on request.

We outline below just one possible scenario for an entrepreneur.

Broad Facts:

• Successful family business
• Increased profitability leading to high tax bills
• Issues regarding the current business property, which is rented
• Rental payment is increasingly regarded by client as poor use of funds
• Considering purchasing new business property
• Looking for tax efficient purchase strategy
• Wanting to retain cash funds for further expansion of business

Possible Solution:

• Use family members involved in management of business, to pool together pension funds from existing and previous employments for business property purchase via new company pension scheme
• Borrow (via new company pension scheme) additional funds to complete property purchase
• Property now owned by collective pensions of Board members
• Company then rents new property from Board members' pension fund, such rent being tax deductable from business profits, whilst such funds are lodged into pension funds for repayment of pension scheme borrowings
• When property is eventually sold by company pension scheme, no Capital Gains Tax on sale and Board members use funds from sale for retirement planning.