Tom and Laura, both in their 40s with two young children, run their own successful business and each own investment properties separately. As higher-rate taxpayers with busy lives, they sought professional help to bring clarity and structure to their finances.
What they wanted to achieve:
- A clear financial plan to provide structure around their finances and support confident decision making.
- Tax efficiency for their finances, including how best to extract money from their business in a sensible way.
- How to save enough to fund the lifestyle they want in retirement, ideally looking to retire at age 60.
How we helped:
- Advised them to make employer pension contributions from the business to build a separate pot they can use in retirement. The business also saved some corporation tax by making these contributions.
- Transferred Laura’s pension plan to a new provider, which saves her £900 per annum in charges.
- Advised on life insurance planning – although the mortgages were covered through insurance, Laura may struggle to cover the families general spending, if Tom were to die unexpectedly.
- Helped them to complete death nomination forms on their pensions, covering multiple scenarios.
- Recommended drafting Lasting Powers of Attorney, giving peace of mind that their affairs could be managed if either became incapacitated.
- Redirected surplus income over expenditure to better align with their goals and future plans.
Tom and Laura now feel more in control of their financial future—confident that their money is working harder for their family’s long-term security.
