Driving their business forward has taken extreme focus. That often means the personal finances of the business owners we work with have become neglected.

Business owners usually approach us following a conversation with their accountant, or a friend who is already a Cactus Financial Planning client, and often want to talk about bringing forward allowances or the tax advantages of pensions.

Typically, although not always, they are in their 40s 50s and based in Cheltenham, Bristol, or elsewhere in the South West area.

“The value of an idea lies in the using of it.” Thomas Edison

How do we help?

Perhaps the most important part of our job is to temporarily take you out of your business, and force you to focus on your own financial affairs. Facilitating open and honest conversations which you can’t have with anyone else. We often find that we become a sounding board for your ideas and how best to implement them.

Of course, it’s impossible to divorce your personal and business finances; the two go hand in glove. But, we provide the space to understand how they dovetail, ideas and plans to help meet your objectives, followed by, crucially, the implementation.

Practically speaking we will:

  • Understand your objectives; what do you want to achieve personally and in your business? When do you want to retire?
  • Listen to how your business and personal finances interact
  • Understand the role your business has to play in your retirement plans
  • Calculate the amount of capital you need to achieve your future objectives
  • Review existing pensions, savings and investments to understand the amount of any shortfall
  • Explain the tax advantages of making company pension contributions and how these could reduce your Corporation Tax bill while securing your financial future
  • Consider the effect that a significant change, for example a downturn in business, serious illness, or even death, would have on your ability to meet your objectives

We often find this process also triggers a conversation about the likely future value of the business, how that will help you meet your retirement objectives and succession planning. How will you extract the value from your business?

  • Sell it?
  • Pass it on?
  • Facilitate a management buy-out?

We will then build a financial plan, often working closely with your other professional advisers, to meet your objectives. The plan will be flexible enough to cope with future changes to your business; allowing you to reign back in difficult times and aggressively make provision for the future in the good times.

As a business owner, you need joined up thinking and consistency from your professional advisers. We will therefore work closely with your accountant and solicitor to ensure we are all pulling in the same direction for your benefit.

Your capital is at risk. The value of your investments (and any income from them) can go down as well as up and you may not get back your full investment amount.

The Financial Conduct Authority does not regulate tax planning.

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