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Reconsidering your situation

While the New Year maybe a distant  memory it is traditionally a time for us all to reconsider our situations and, as individuals, we often resolve that this is the year we will lose weight, get fitter, stop smoking and sort our finances out.  Unfortunately only eight per cent of those who have made a resolution actually achieve their target (source: Forbes.com). For business owners the choice is often not so clear cut, as there are many competing requirements for your attention and the inevitable daily crises which are all part of the fun and joy of running a business today. We have

While the New Year maybe a distant  memory it is traditionally a time for us all to reconsider our situations and, as individuals, we often resolve that this is the year we will lose weight, get fitter, stop smoking and sort our finances out.  Unfortunately only eight per cent of those who have made a resolution actually achieve their target (source: Forbes.com). For business owners the choice is often not so clear cut, as there are many competing requirements for your attention and the inevitable daily crises which are all part of the fun and joy of running a business today. We have put together a list of some of the things you may wish to resolve this year: * Workplace pensions: This year sees a significant increase in the number of companies that will be required to establish a workplace pension on behalf of their employees each month (known as the staging date; estimated at 12,500 currently and rising to as much as 135,000 in 2016/2017, source: Bee-Mail).  Already some pension providers are being selective over the companies they will take on and will not consider anyone with less than six months to go before they stage.  While the government backed NEST scheme has a regulatory obligation to provide facilities to any employer who requires them, they do not manage the regulatory reporting processes and failure to comply could result in significant penalties.  * Employer pensions: While considering your employee pensions why not review your own arrangements. Are your existing pensions are invested into old highly charged contracts? Are you saving enough to meet your retirement needs? Do you even know what your retirement needs are? Do they offer the greater flexibility now available from newer arrangements * Protection: This can be both on personal basis and for business purposes. Do you have sufficient cover to repay debts and provide for your family if you die unexpectedly? What happens if you suffer a serious illness and unable to work for many months? What would happen to the business, and your employees, if this were to happen? Cave and Sons is ideally placed to help you consider these difficult questions and advise on the most suitable and affordable solutions.  All of our advisers are either chartered or certified, enabling us to offer high-quality financial planning advice for business owners. If you would like to arrange an appointment, contact Gregg Taffs at Cave & Sons on 01604 621421 for an initial no obligations meeting. And this year you may be one of the eight per cent.  Cave & Sons Ltd is authorised and regulated by the Financial Conduct Authority. FCA number 143715

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