One of the common mistakes we’ve found throughout our clients’ portfolios has been neglecting, misunderstanding or missing potential within their pension. Due to changing laws and guidelines around pensions, many business owners let them fall by the wayside and leave them to the bottom of their financial priorities. Additionally, we’ve found that the advice our clients have been given in the past suggests that this is the best approach.
However, at Murphy Wealth, we believe in creative solutions to financial complexities and have found that one of the best approaches is to work with what you already have. Think about what you already have in your pension pot. What could you do with the cash you have accrued? With the right planning, investment and implementation, you could make your pension work for your business.
For example, you can borrow against your pension to 50% of the value of your business property, and lease it back to your business. This approach gives you and your business more opportunity for business development, growth and expansion. Additionally, the lease cost would go directly back into your pension, ensuring that there is no risk and you benefit from the inherent added value.
What could this added value do for you? With the right model, your business could see a high revenue increase, a sustainable tax-efficient approach ensuring you’re not met with a large Capital Gains Tax bill. With a little time, and a creative approach, you could have a better control of finances and a brighter future for you and your business.
Are you looking to become more tax-efficient? Are you hoping to find new avenues? Speak to Murphy Wealth today and find out how to make your pension work for you now.