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Using Your Pension Fund Leaflet (Part 1) HANDSCOMBE
FINANCIAL PLANNING LTD USING YOUR PENSION FUND Small Self Administered Scheme (SSAS) |
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The use of company profits may often present a problem for the Director of a small limited company. Should these profits be retained in the company for the benefit of the business or should they go towards the Director’s private retirement fund? Retirement funding has become increasingly important but such provision need not be at the expense of the expansion of your business. Using a pension scheme can be an essential part of your corporate planning strategy. A SSAS provides you with the opportunity to invest for your retirement while still controlling and using company profits for your business. The SSAS investment options are wide-ranging allowing scheme assets to be accessed during the lifetime of the scheme for commercial property purchase, loans to the company or purchase of the company shares to stimulate business growth. The facility allows your scheme assets to purchase your own business premises so that you will effectively be renting the property from yourself via the pension scheme. Furthermore, the rent can be offset against corporation tax and paid back into the scheme where it will grow in a tax advantageous environment.The property will become part of your scheme assets. Subject to certain restrictions, a SSAS may loan money to your company or may borrow money from an authorised lender to facilitate property purchase where the property is valued in excess of the pension fund. Consequently, a SSAS can provide you with a source of finance for a number of business ventures whilst taking advantage of the tax breaks offered by a pension scheme. continued > > >
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Handscombes is the trading name of Handscombe Financial Planning Limited, |
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