Businesses that ignore the changes to pensions legislation that come into effect next year run the risk of incurring unnecessary costs.
That’s according to Simon Willcox, MD of Blanchards Bailey Financial Services, speaking at this month’s Green Friday business lunch club hosted by Mark Liddle LLP.
“A lot of businesses aren’t going to think about this until the last minute, but it could end up costing them a lot of money,” he said.
“We have been doing a lot of work with businesses in preparation for the new legislation which will force them to pay into pension schemes for their employees. We’ve been exploring salary sacrifice and ways of reclaiming the amount of National Insurance they pay.”
He also spoke about his company’s wealth management projects “for people who are not getting the right return from cash.”
The lunch club went on to hear from chartered accountant Graham Ball of Ward Goodman who explained how the firm is expanding its services to meet the needs of clients.
“We have brought together a range of specialists and try to focus on what the client needs rather than just deliver traditional accountancy services. So we now have HR, IT and marketing departments and have the strongest trusts and estates team in Dorset, if not further afield.”
Earlier, Stuart Anderson, a consultant from Bourse Group (UK) Ltd, shared some examples of how his company had found imaginative solutions to financial problems from inheritance tax issues to the generation of investment capital.
“We are here to support professionals in what they do and by thinking outside the square we are able to get results by coming at problems from another level,” he said.