Business Action | February / March 2021
February / March 2021 issue of the independent North Devon-based business magazine covering news on business and enterprise in the area. This issue features our Business Activists answering your business questions plus full details of the Business Action North Devon Business Awards 2021 and how you can enter them. And there's news of businesses of every size and sector from the communities across North Devon.
February / March 2021 issue of the independent North Devon-based business magazine covering news on business and enterprise in the area. This issue features our Business Activists answering your business questions plus full details of the Business Action North Devon Business Awards 2021 and how you can enter them. And there's news of businesses of every size and sector from the communities across North Devon.
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Q&A ~ your business questions answered<br />
north enterprise<br />
growth<br />
devon<br />
news<br />
innovation<br />
& views<br />
QI run a<br />
business and<br />
am many years<br />
from retiring. Is it<br />
too soon to think<br />
about a pension?<br />
BUSINESS FINANCE<br />
Philip Milton<br />
Managing Director<br />
Philip J Milton & Company plc<br />
t: 01271 344300<br />
w: miltonpj.net<br />
Anotherpointwitha<br />
pensionisthattheearlieryou<br />
start,thegreaterthecompound<br />
growthyoushouldachieveona<br />
sensibleportfolioofassetsin<br />
yourplan.Sothelateryouleave<br />
it,themoreyou’llhaveto<br />
contributetoaccumulatea<br />
meaningfulsum.<br />
Whenyounear57,youcan<br />
affordtoputmoremoneyinto<br />
theplan(uptothelimits),<br />
becauseyouknowthatifpush<br />
comestoshove,youcantakeit<br />
outagain.Youdon’tneedloads<br />
ofcashforemergencies,asyou<br />
canputitintoyourpension<br />
andtakethetaxman’sbonus.<br />
Anuntouchedpensionisalsoa<br />
formoffreelifeinsuranceand,<br />
indeed,youcansave<br />
inheritancetaxtooifyoudie<br />
withouthavingdrawnitallout.<br />
Formanysuccessfulbusiness<br />
people,theycanhopetohave<br />
asmuchaspossibleina<br />
pensionplanandthennot<br />
touchitatall,spendingless<br />
attractiveassetsfirstand<br />
leavingallthepensiontotheir<br />
familiesfreeoftax.<br />
Finally,selectagood<br />
independentfinancialadviser<br />
withasolidpension‘product’<br />
whichitcanmanagewithyou,<br />
sothatyoucanseeeasilywhat<br />
itisdoingandhowitcanadapt<br />
toyouandyourcircumstances.<br />
Who can<br />
you ask?<br />
<strong>Business</strong> owners are not ‘born’<br />
and must learn how to run a<br />
always clear who to ask when we<br />
A Apensionisdesignedto<br />
provideflexibilitywhenit<br />
have questions about what to do.<br />
comestoretirement.Themore<br />
youhave,thebiggerthepot,<br />
thegreatertheincomeitcan<br />
generateandthemorecapital<br />
Thank you to our <strong>Business</strong><br />
Activists for offering their time<br />
youcanaccesstoo.Remember,<br />
and expertise to answer your<br />
a‘pension’issimplya earnenough).Soifyouarea<br />
questions.<br />
receptacletoholdmoney–you 40%taxpayer,yousave40%on<br />
candirectwhereitisinvested. allyourpaymentsandthepot<br />
We publish their contact details,<br />
Isapensionjustfor thengrowsfreeofalltax.You<br />
retirement?It’sagreatsavings don’thavethatbonuswithany<br />
as they are also happy to talk<br />
plan,whichisaccessibletoyou<br />
fromtheageof57(55today!).<br />
otherinvestmentandit’sbestto<br />
doasmuchasyoucannow,as<br />
through general enquiries and<br />
offer guidance, although will<br />
However,justbecauseyoucan itislikelythereliefwillbecut.<br />
charge when you require them to<br />
accessitthen,itisprobably Itmaysoundcontroversial,<br />
give specific professional advice.<br />
NOTtherightthingtotouchit butconsidernotpayingoff<br />
tillyoudesperatelyneedto. debtsyet–there’snoreliefon<br />
IMPORTANT: The answers on<br />
Apensionisveryattractive thosecapitalrepaymentsand<br />
these pages are intended as<br />
forsavings,becausethetaxman loaninterestcostsaresolow<br />
addstaxreliefatyourhighest<br />
marginalrateoftaxtoevery<br />
poundyousubscribe(youcan<br />
thesedays.Remember,when<br />
youare57,ifyouneedto,you<br />
canaccessyourpensionplan<br />
general information. You should<br />
seek specific professional advice<br />
before taking any action in<br />
evenreceivetaxreliefifyou forthetax-freecashtorepay<br />
aren’tworking(uptoage75)or thedebtandenjoytaxreliefon<br />
relation to your own business.<br />
ifyoupaynotax,asyoudon’t allinterestcostsmeantime.<br />
learn ► grow ► excel<br />
business as they go along. It’s not<br />
Ifatfirstyoudon’tsucceed,<br />
rescheduleyourbusiness<br />
workshoponanewdate.<br />
That’swhatwearedoingfor<br />
our learn ► grow ► excel<br />
workshopsafterhavingto<br />
cancelthefirstoneinJanuary<br />
duetothelockdown.<br />
Fromourexperienceof<br />
hostingBBxpo,thebiggest<br />
business-to-businesseventin<br />
NorthDevon,andpublishing<br />
<strong>Business</strong><strong>Action</strong>magazine,we<br />
havelearntthatsomany<br />
NorthDevonbusinesses<br />
cannotfindtheadviceand<br />
supporttheyneed.<br />
Affordable workshops<br />
Thatiswhywedeveloped<br />
learn ► grow ► excelasa<br />
Practical business training and advice<br />
programmeofaffordable<br />
businesssupportwewilltake<br />
outtocommunitiesacross<br />
NorthDevon.<br />
Theseworkshopscombine<br />
practicaltrainingandadvice–<br />
SevenStepstoResilienceand<br />
Excellence–tohelpbusinesses<br />
thriveandincludemembership<br />
ofourexclusiveonlineprivate<br />
supportgroupwherewe<br />
discussactualbusinessissues,<br />
andshareproblemsand<br />
solutionswitheachother.<br />
Thecostoftheseinitial<br />
workshopshasbeensetat£30<br />
tobeaffordableforall,<br />
especiallybusinessesoperating<br />
SEVEN STEPS TO RESILIENCE AND EXCELLENCE<br />
VISIBILITY ►Ensurecustomersfindyourbusinesswhenthey<br />
arelookingtobuy UNDERSTANDING ►Explainyouroffering<br />
clearlysocustomersknowwhatitis OPPORTUNITY ►Tapinto<br />
marketsyoumightbemissing EFFICIENCY ►Optimiseyour<br />
businessbycuttingoutunnecessaryexpenses COMMUNITY ►<br />
Developyoursocialvalueonline MOTIVATION ►Buildyour<br />
resiliencesoyoumoveyourbusinessforward,evenonbaddays<br />
SUPPORT ►Findsupportinourexclusiveprivateonlinegroup<br />
underseverelimitationsdue<br />
tothepressurescreatedby<br />
Coronavirusandlockdowns.<br />
■ Toregisteryourinterestin<br />
attendingworkshop(s)when<br />
weannouncefuturedates,<br />
pleaseemailask@businessaction.co.ukorwatchourfor<br />
announcementsat<br />
northdevonevents.co.uk<br />
@businessactionm | <strong>February</strong> / <strong>March</strong> <strong>2021</strong> | business action 9
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