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With the end of the tax year on the horizon, now is the perfect time to refresh your company’s finance plans and maximise the available tax- saving opportunities. This will not only allow you to extract profit while keeping one eye on tax efficiency, but will also improve your retirement prospects – and that of your employees!

There are several ways to take profit or income from your business while reducing your company’s liability to Corporation Tax, Income Tax and National Insurance contributions (NICs) – for example, diverting your company’s pre-tax profits into a personal pension. You could also consider taking dividend income instead of salary to avoid NICs (plus, the first £2,000 is Income-Tax-free!). Many directors take an income from a combination of salary and dividends, supplemented by pension contributions – a financial adviser can help you find the right balance.

On a personal level, you could also take advantage of unused tax allowances from previous years. Even if you’ve used up your annual allowance, you may have an opportunity to invest more by April 5th, by making the most of unused annual allowances from the previous three tax years. This could, for example, allow you to make a significantly larger pension contribution in a single tax year.

We often hear that women are at a disadvantage financially, with the gender pay gap and pensions gap working against us. But another key issue is the fact that many women are still failing to view – and, therefore, protect – themselves as key earners. According to a survey from Canada Life, women are far less likely to prioritise protection insurance (for example, life insurance or critical illness cover), with more than half of all women aged between 25-45 not having insurance that could help to protect them against loss of earnings.

Neglecting protection insurance might be down to affordability or a belief that ‘it won’t happen to me’, but doing so is vital in protecting you, your business and your loved ones. International Women’s Day is just around the corner and I want to see more women protecting their financial interests!

Wherever you are on your business journey, it is important that you’re getting the right advice on planning for a financially secure future. If you have a question about tax efficiency or income protection, or would like more information about my services, please contact me today! Sources:

1,, March 2018

The value of an investment with St. James’s Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.

The levels and bases of taxation, and reliefs from taxation, can change at any time. The value of any tax relief depends on individual circumstances.

St. James’s Place guarantees the suitability of advice offered by Wellesley Wealth Advisory when recommending any of the services and products available from companies in the Group. More details of the Guarantee are set out on the Group’s website

Wellesley Wealth Advisory is a trading name of Wellesley Investment Management Ltd. The Partner Practice is an Appointed

Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website place/our-business/our-products- and services.

The ‘St. James’s Place partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives. Wellesley Investment Management Ltd: Registered Office: 44 The Pantiles, Tunbridge Wells, Kent, England TN2 5TN. Registered in England & Wales, Company No. 06530147.

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