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Press ReleaseMay 2006: Planning for the futurePlanning for future retirement should be high on the list of priorities for owners of small businesses says Wingfield Slater, one of Sheffield's top five independent accountancy practices In its latest Financial Monitor newsletter, Wingfield Slater advises on various retirement and pensions issues that should be considered by business owners. The Financial Monitor is emailed to Wingfield Slater clients and is also available for anyone to download from its website, www.wingfieldslater.co.uk . The recent volatility of UK share prices has cast doubt on the wisdom of investing in equities. However Wingfield Slater points out that the FTSE 100 Stock Exchange index stands at around 5,600 compared to a low of 3,700 a few years ago. Using ISAs to make limited investments in equities could be an attractive proposition given the tax benefits offered by ISAs, says Wingfield Slater. Wingfield Slater's Financial Monitor points out that no pension ever performs badly - it is the investments that are contained within the pension wrapper that could perform poorly. Said Wingfield Slater tax partner Peter Newsam: "A private pension is not a product, it is a tax wrapper and it is quite clear that as the State is unlikely to give sufficient funds to provide an enjoyable retirement then individuals will need to make their own personal pension provision. “Contributions to pension schemes enjoy tax relief and it is perfectly acceptable for pension funds to invest in a safe savings account. The returns will not be dramatic but they will be enhanced by the initial tax relief and ongoing tax free income within the pension scheme, particularly for a higher rate taxpayer.” Other advice and information offered in Wingfield Slater’s Financial Monitor newsletter include details on employers’ contributions towards childcare vouchers, fathers’ paternity leave, new national minimum wage rates, employment of children and car fuel tax for company car users. |
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