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Key protection against the risk of financial consequences to your business

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Partnership Protection

What is Partnership Protection Insurance? A partnership is defined as “the relationship that exists between persons carrying on a business in common with a view to profit”.

The value of pensions and the income they produce can fall as well as rise, you may get back less than you invested.

PARTNERSHIP PROTECTION

The 1890 Partnership Act states that, unless a partnership agreement is set up to say otherwise, the partnership must be dissolved on the death of a partner.

This gives powers to the deceased partner’s heirs. They can, if necessary, sue for a share of the value of the dissolution profits.

So there are two key issues:

  • Ensuring the partnership can continue when a partner dies.
  • That surviving partners maintain control of the partnership.

WHAT IS A PARTNERSHIP AGREEMENT?

This ensures that the partnership doesn’t have to be dissolved and that the surviving partners can purchase the deceased partner’s share from their heirs, if they want to.

As well as a partnership agreement, one of the following should be set up alongside the protection plans:

BUY AND SELL AGREEMENT

This binds the deceased’s heirs to sell the share of the partnership and the remaining partners to buy it.

CROSS OPTION AGREEMENT (also called a double option agreement)

As per the buy and sell agreement, but this time the deceased’s heirs have the OPTION to sell and the surviving partners have the OPTION to buy, within certain timescales. Whichever party invokes the agreement, the other party must abide with their wishes. This form of agreement is seen as more flexible for inheritance tax purposes that the buy and sell agreement.

For these first two agreements to work, life assurance needs to be put in place to provide the surviving partners with money to purchase the partnership share from the deceased’s heirs.

AUTOMATIC ACCRUAL METHOD

More, complicated, but it does avoid the surviving partners needing to purchase the share of the partnership from the deceased partner’s heirs.

The deceased partner’s share passes automatically to the surviving partners, so there is no need for life assurance to provide cash with which to purchase the share from the deceased’s heirs. Personal life assurances may still be considered to “compensate” the heirs for the loss of the share of the partnership.

Please contact us to arrange an Business Planning Review. A Review is free and without obligation.

Thursday Thoughts 💭

We are always pleased and honoured to receive testimonials from our clients 😀

#thursdaythoughts
#throwbackthursday
#thankfulthursday
#thankyou
#keepingitlocal
#familybusiness
#financialadvice
#feedback
#thursday
#thursdaytip
#torbaybusiness
#torbay
#torbaylife
#financialadvice
#testimonial
...

Thursday Thoughts 💭

We are always pleased and honoured to receive testimonials from our clients  😀

#thursdaythoughts
#throwbackthursday
#thankfulthursday
#thankyou
#keepingitlocal
#familybusiness
#financialadvice
#feedback
#thursday
#thursdaytip
#torbaybusiness
#torbay
#torbaylife
#financialadvice
#testimonial

Put a spring in your step – make the most of tax relief

Saving into a pension is one of the most tax-efficient ways you can save. But it’s something many of us don’t know much about.

Standard Life carried out research last year and 40% of people said "they weren’t aware of it,” says David Downie, pension tax expert at Standard Life.

It means that every £100 contribution into your pension pot costs you just £80 if you’re a basic-rate taxpayer paying 20% tax.

For a free informal chat and more information about this please give Paul our adviser a call.

🌐https://torbayfinancialservices.co.uk/retirement/

#retirement
#financialadvice
#tax
#taxefficient
#standardlife
#wednesdaywisdom
#toptips
#keepingitlocal
#boosttorbay
#stmarychurchtorquay
#torbay
#familybusiness
#wearehereforyou
#free
...

Put a spring in your step – make the most of tax relief

Saving into a pension is one of the most tax-efficient ways you can save. But it’s something many of us don’t know much about.

Standard Life carried out research last year and 40% of people said they weren’t aware of it,” says David Downie, pension tax expert at Standard Life.

It means that every £100 contribution into your pension pot costs you just £80 if you’re a basic-rate taxpayer paying 20% tax.

For a free informal chat and more information about this please give Paul our adviser a call.

🌐https://torbayfinancialservices.co.uk/retirement/

#retirement
#financialadvice
#tax
#taxefficient
#standardlife
#wednesdaywisdom
#toptips
#keepingitlocal
#boosttorbay
#stmarychurchtorquay
#torbay
#familybusiness
#wearehereforyou
#free

TAKING A QUARTER OF YOUR PENSION SAVINGS TAX FREE

A lot of people know that they can access some of their pension money without paying tax but perhaps aren’t sure how it works.

When you access your pension savings, you can normally take a quarter – 25% – tax free. If you have a modern, flexible pension plan, when you take this is up to you. You can take it all at once. But you don’t have to.

You can take it in slices over a number of years if the pension plan you have lets you. This is known as phasing, and could be a smart move as it tends to be more tax efficient overall.

And, of course, just because you can, doesn’t mean you should take all – or any of it. The longer your money stays untouched inside your pension plan, the more potential it has to grow in a tax-efficient way and the higher your tax-free amount could be. Of course, that’s not guaranteed and because money in your pension is invested, its value can go down as well as up and could be worth less than what’s been paid in.

For advice on how, and if, it's suitable to access your pension savings please give us a call.
Paul (adviser) ☎️ 07891 614559
💻 paul@torbayfinancialservices.co.uk

#pension
#pensionadvice
#financialfreedom
#finance
#financialplanning
#tax
#taxes
#keepingitlocal
#stmarychurchtorquay
#babbacombestyle
#torbaybusiness
#torbayhour
#torbaybusinessnetwork
#torbaylife
#boosttorbay
#retirement
#retirementplanning
#retirementplan
#retirementgoals
#holiday
...

TAKING A QUARTER OF YOUR PENSION SAVINGS TAX FREE

A lot of people know that they can access some of their pension money without paying tax but perhaps aren’t sure how it works.

When you access your pension savings, you can normally take a quarter – 25% – tax free. If you have a modern, flexible pension plan, when you take this is up to you. You can take it all at once. But you don’t have to.

You can take it in slices over a number of years if the pension plan you have lets you. This is known as phasing, and could be a smart move as it tends to be more tax efficient overall.

And, of course, just because you can, doesn’t mean you should take all – or any of it. The longer your money stays untouched inside your pension plan, the more potential it has to grow in a tax-efficient way and the higher your tax-free amount could be. Of course, that’s not guaranteed and because money in your pension is invested, its value can go down as well as up and could be worth less than what’s been paid in.

For advice on how, and if, its suitable to access your pension savings please give us a call.
Paul (adviser) ☎️ 07891 614559 
                              💻 paul@torbayfinancialservices.co.uk  

#pension
#pensionadvice
#financialfreedom
#finance
#financialplanning
#tax
#taxes
#keepingitlocal
#stmarychurchtorquay
#babbacombestyle
#torbaybusiness
#torbayhour
#torbaybusinessnetwork
#torbaylife
#boosttorbay
#retirement
#retirementplanning
#retirementplan
#retirementgoals
#holiday

Don't pay more tax then you need to....

⭐ISAS – Don’t miss out on tax savings
⭐Use your annual ISA allowance
⭐Check your existing cash ISA holdings
⭐Consider junior ISAs (JISA)
⭐Maximise your pension contributions
⭐Don’t forget IHT and capital gains tax
⭐Act now!

Call or email us for more information and advice.

📱Paul ~ 07891 614559
💻 paul@torbayfinancialservices.co.uk
🌐 torbayfinancialservices.co.uk/
...

Dont pay more tax then you need to....

⭐ISAS – Don’t miss out on tax savings 
⭐Use your annual ISA allowance 
⭐Check your existing cash ISA holdings
⭐Consider junior ISAs (JISA) 
⭐Maximise your pension contributions
⭐Don’t forget IHT and capital gains tax 
⭐Act now!

Call or email us for more information and advice.

📱Paul ~ 07891 614559
💻 paul@torbayfinancialservices.co.uk   
🌐 https://torbayfinancialservices.co.uk/

The ground may have been a little frosty over the last week or two..... but we never are 😀

For friendly, informal and expert advice on all financial matters we are here to help and guide.

Wishing you all a super Sunday ❄️ keep safe ~ keep warm

Paul and Jacqui

#sundayvibes
#supersunday
#weeekendvibes
#walking
#staysafe
#keepwarm
#frost
#wellbeing
...

The ground may have been a little frosty over the last week or two..... but we never are 😀

For friendly, informal and expert advice on all financial matters we are here to help and guide.

Wishing you all a super Sunday ❄️ keep safe ~ keep warm

Paul and Jacqui 

#sundayvibes
#supersunday
#weeekendvibes
#walking
#staysafe
#keepwarm
#frost
#wellbeing
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66 Fore Street
St Marychurch, Torquay
Devon TQ1 4LX

e: paul@torbayfinancialservices.co.uk
t: 01803 411460   m: 07891 614559

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