I attended Barnett Waddingham’s SSAS Update workshop on 7th March. As always their technical content was accurate and up to date.
The main “take-away” for me was a reminder that business bank borrowing remains both difficult and expensive and that a director’s pension plan (SSAS) may well be able to support the business by:
- Leasebacks – purchasing property from the company and leasing it back
- Loanbacks – lending some of the pension fund back to the company on commercial terms
- Income replacement strategies for directors over the age of 55
One word of warning! You need to get this right if you are to avoid severe tax penalties. If you are at all unsure about the competancy of your adviser email me and I will give you some cracking questions to ask yourself; the answers to which will tell you if you need a better adviser.
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