If you are an accountant this could be great fit for you and your clients, if you have life insurance why not place that cost on company expenses. Either way anyone who pays for life cover out of their own account can now benefit if they are LTD company Director. Life is full of examples of people buying exactly the same thing but for very different reasons. A Relevant Life Plan is no different. We took a moment to ask a few of our clients why they chose to go with a Relevant Life Plan. A few of their responses are below:
- “I am a business owner and heard a shocking statistic that businesses in the UK are terrible at putting in place adequate business continuity plans. The result is that of those without plans, 70% will go out of business within two years if they were to lose a key person.
- I didn’t want my business to be one of the 70%, so I took out a tax-efficient Relevant Life Plan to ensure if the worst ever did happen, there would be the funds to support the business and its employees through a difficult time.”
- “Now we have kids, I was conscious how financially vulnerable my family would be if I was to die. I’m an IT contractor and the sole source of income for the family. We enjoy a very comfortable lifestyle now and I wanted to help secure the financial security of the family if something were to happen to me. A Relevant Life Plan was an incredibly tax-efficient way for me to achieve this.”
- “I am an employer running a small business. It is often difficult for us to compete with larger employers on salary and benefits to attract the best staff. When I heard about Relevant Life Plans and how tax-efficient they were, for both the business and employee, I immediately recognised here was an affordable opportunity for me to be able to offer our staff a benefit akin to the bigger companies.It was a no-brainer to help retain and attract the best people.”
- “As a business owner, I am always looking to save tax.When a client mentioned their Relevant Life Plan and how it allowed them to put their life insurance through their business, with no need to put it on their P11D, I couldn’t believe it. Not only did it save them personally tax and NI, it was also a fully tax-deductable business expense, thereby reducing the business’ Corporation Tax liability too. When I heard that it was all HMRC-approved I didn’t hesitate to get a policy in place for myself.”
You can see from the small sample of responses above the array of reasons that someone takes out a Relevant Life Policy. What they all had in common was the tax-efficient nature of the plan.
Whatever your motivation is for looking into a Relevant Life Plan, we can assure you that you’ll be as delighted as the 1000s of other people that have taken out a tax-efficient Relevant Life Policy already.
For more information on relevant life plans please contact Tom Hitchcock at Broadbench on 01202 978663.