Auto Enrolment & Corporate
If you run a business, we can help you understand the different types of corporate options available to you, saving you time to concentrate on what you do well – running your business.
Automatic Enrolment Pensions
In 2012, the Government introduced reforms that required all employers to offer their employees, who meet certain criteria, automatic enrolment into a workplace pension. Employers are also required to contribute a minimum of 3% of salary. Employees are required to make a personal gross contribution of 4% with tax relief of 1%.
There are different ways of calculating the pension contributions as well as various mandatory communications you need to send to your employees at different key points. We can help you get to grips with this to make the whole process simple and straightforward.
Business Protection – Key Person/Shareholder/Partnership Protection
Businesses may want to protect key employees within their firm – perhaps the key salesperson, or the IT manager without whom the business will not function properly. This protection can provide a fixed sum for the firm should the individual be unable to work, or even die.
It’s designed to cover the firm’s resulting expenses and the interests of fellow shareholders. We are happy to talk you through all you need to know about putting this protection in place for your business.
Tax Mitigation on Business Disposal
Selling a business or removing surplus capital from a business can result in certain taxes being levied, or change the way the proceeds will be taxed in the future. Options are available that will remove or defer the need of paying these taxes now or at a later date. We can talk through these options with you and explain exactly what they mean for your business.
If you’re looking to purchase a property to run your business from you’ll need a commercial mortgage. These are different from a residential mortgages and the repayments will be tax deductible from the business. See our Mortgages section for further details on our mortgage advice services.
How can Compass help me and my business?
Your business needs may change over future years of trading and we’re here to help at every stage. Whether a new premises is required, you want to protect your key people or you are planning the disposal of the business, we can explain all the ins and outs so that you always know where you stand. Contact us today to find out how we can help your business.