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What to ask? Where to start? Tax Planning pensions and IFA
Posting because I would like to know what questions I should ask of an IFA to make sure they are a good fit for me.
Background: I used an IFA to open my Retirement Account with Scottish Widows many years ago. Firm no longer in existence and on reflection I did not make good use of the service or really research what could be done so I would like to get this right by getting clear and almost interviewing potential IFAS to get the right one for me at this time.
I've money in my limited company that I would like to extract in the most tax efficient way and I want to look at pension planning for the future as want to retire ASAP
What questions should I be asking for at the outset? Where do I start? Hoping replies will help me work out what to do next.
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
Comments
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Do you have an accountant? They should be able to help you with getting your money out of the Ltd Co.
🐻 A little FIRE lights the cigar0 -
The IFA will need to know ALL your personal and financial details and what your long term objectives are. ( less so for the initial chat ). So as well as obviously all the facts and figures, you need to have a reasonably clear idea of what you are trying to achieve. Early retirement? sell the company in 5 years? leave a big legacy? Move abroad etc etc
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Second that. Given your desire to retire ASAP, having your accountant work out a tax efficient Ltd Co withdrawal / closedown strategy first is essential before you engage an IFA.
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@Storcko14 and @ali_bear Yes already discussed with accountant. His ideas including maxing pension contributions and then selling the company to release capital in one lump in advantageous way.
The company is not that easy to sell, really specialised and last night in a meeting my supplier indicated they would prefer to keep me in the game rather than approve any sale ….. so that is now unlikely to be an option.
Owing to an (unmarried) separation a few years ago I had left money in the company to avoid coercive (have court injunction, do not use this term lightly) ex touching the money.
Obviously will involve accountant in future plans but think there might be other ideas and am willing to explore.
Made it to mortgage free but what a muddle that became
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!0 -
make sure to find a financial planner/adviser (independent) who uses cash flow models.
I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.1 -
The company is not that easy to sell, really specialised and last night in a meeting my supplier indicated they would prefer to keep me in the game rather than approve any sale ….. so that is now unlikely to be an option.
Owing to an (unmarried) separation a few years ago I had left money in the company to avoid coercive (have court injunction, do not use this term lightly) ex touching the money.
You were clearly pushed around by your ex, and now you're letting your supplier do the same? Why, when your opening post said:
I've money in my limited company that I would like to extract in the most tax efficient way and I want to look at pension planning for the future as want to retire ASAP
The supplier isn't going to change their position while they know that you'll just knuckle under to their demands, so maybe you need to consider whether now might be the time to call their bluff (or get new blood into your existing company with succession planning in mind which would be acceptable to the supplier). Any other course of action is going to see you in the same position in x years time - but even keener to retire…
Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
bit negative there Macon. Supplier could take the UK market direct if I’m not here LOL
They like me. I do good business but they don’t have to supply anyone else. I’m not being pushed around. I’m just figuring out how to get the best from a financial advisor
Made it to mortgage free but what a muddle that became
In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!0 -
Sounds like some kind of distribution/agency business, where you are the customer contact ?
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