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Business response to General Election on 8 June
In response to the announcement of a General Election on 8 June Carolyn Fairbairn, CBI Director-General, said:Read more >
9 May 2017
Changes to the PAYE Tax system using Real Time Information
HMRC have announced that from the end of May 2017 they will be using Real Time Information (RTI) to make adjustments to employee tax codes i...Read more >
7 May 2017
Class 4 National insurance u-turn
One of the significant announcements Chancellor Philip Hammond made on Budget Day was the proposed increases to the main rate of Class 4 Nat...Read more >
14 Apr 2017
Solihull Chamber survey surprises
Last week Kevin Johns, Prime’s Managing Director and President of the Solihull Chamber, hosted the Solihull Chamber Breakfast. The eve...Read more >
17 May 2017
What business can learn from sport
There are many correlations between Sport and Business, the planning and discipline that goes into being a successful athlete are equally ap...Read more >
8 Dec 2016
Be prepared, the National Minimum Wage rises on October 1st 2016
As of 1st October 2016 the National Minimum Wage rates for apprentices and different age bands will increase. Last year HMRC investigated mo...Read more >
28 Sep 2016
Contact Prime Today
To discuss the types of Company Protection Prime can offer you, please contact us for a free initial meeting.Please Email Us >
Any business, large or small, is likely to face the unexpected at some time but you can reduce this risk by planning ahead, giving your company protection for the future. Whether your business is an LLP, sole trader, partnership or limited company, Prime’s Company Protection schemes provide you with complete peace of mind and are designed to match your business and personal requirements:
If you or another of your company’s shareholders were to die, who would the resultant shares be allocated to?
In many cases, the shares would be left to the deceased’s family as part of your estate. However if your spouse, or other family members, do not want the responsibility of running your business after your death, they may decide to sell your share of the business. This could result in a loss of control for the surviving shareholders if they weren’t in a position to purchase your shares.
Prime’s Shareholder Protection can ensure that, on the death of a shareholder, the remaining directors have the funds and agreement in place to purchase the deceased’s shares. This can enable a swift settlement to the estate and retain control of the company with the shareholders.
Further planning can be implemented that ensures Inheritance Tax is not paid unnecessarily on either the share value or the proceeds of sale of the shares.
As a business partner, member or sole trader, have you considered how your business or partnership loan repayments would be met if you were taken critically ill or died? Prime Chartered Accountants can provide Loan Protection to suit your company’s structure and type of loan, ensuring that your obligations are met.
Key Person Protection
If your business relies on one or two key employees have you asked yourself what the cost to your business would be if they were to die or become critically ill? Many companies would list their business partners as their key people. However, it is worth considering the following questions to identify whose absence would have a significant impact on your company’s survival:
- How easily could the business replace their expertise?
- Would business growth or ongoing projects be affected?
- Would you lose customer orders?
- Are any loans or overdrafts dependent upon them?
Through Key Person Protection, Prime can help to minimise the impact on your business if your key people become ill or die. Contact us to discuss which type of cover would be appropriate to protect your company.
Call Prime Today - we're here to help
For an initial free consultation about Shareholder Protection and Shareholder Agreements or other types of Company Protection offered by Prime, please contact us today.
Coventry - 024 7651 8555 or Solihull - 0121 711 2468