Retirement planning for small business owners can be a challenge. Many employers don’t offer pensions, or the ones that do may not be sufficient for the needs of their employees. What’s more, self-employed individuals have to consider their own retirement plans, which can be difficult if they don’t have access to an employer-sponsored pension plan.
Fortunately, UK Tax Accountants can help with this process by providing guidance on retirement planning options for small business owners, including self-employed pension schemes and other options.
Self-employed pension schemes are one option for those who wish to set aside funds for retirement but don’t have access to an employer-sponsored pension plan. As part of the process, you’ll work with UK Tax Accountants to determine how much money should be contributed to your savings account each month (or year), as well as when you would like it withdrawn in the future.
Once a self-employed pension scheme is set up, it’s important that you continue contributing funds regularly into your savings account. This will ensure that your fund grows steadily over time and enables you to withdraw funds upon reaching retirement age without incurring penalties from HMRC (Her Majesty’s Revenue & Customs).
