With some incredible features for controlling directors of companies, or those in partnerships, a Small Self Administered Scheme (SSAS) can provide fantastic opportunities with some exclusive features.
Limited to a membership of 11 people, the SSAS is only available to suitable individuals. These are usually controlling directors of companies.
Taking advantage of these features, SSASs allow directors to mitigate against many business expenses, as well as look at ways of passing control of a company down through the generations in a very tax efficient manner.
Family operated companies can use a SSAS as an effective pension vehicle for long term planning and family protection, whilst also enjoying flexible investment options in the short term. There are also significant pre-retirement tax planning and savings opportunities.
In addition, the SSAS is outside of remit of the company, and as such is out of the clutches of any creditors. This can be an incredibly valuable feature for those entrepreneurs looking to lock away the value of the company they have worked so hard to build.
These kinds of features, as well as being able to invest in the company, borrow money from the SSAS and purchase your own premises with the pension, make these types of schemes extremely attractive to a certain, select group.
The establishment and administration of these scheme is not always easy, and ensuring you follow rules laid down by HMRC regarding the running of the scheme is fundamental. However, when done correctly, a SSAS can provide sensational benefits.
If you would like any further information, or have any questions, please use the 'contact us' feature, or call on 01727 734040 to discuss how a SSAS may help you.