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My business is my pension. Really?

Session: Thursday 21 April 2022

Should your business be your pension? How do you plan for your current and future needs? And what do national insurance, dividend tax and corporation tax changes mean for advice to your Small and Medium Sized Enterprise (SME) clients.

On this webinar Les Cameron, Head of Technical and Mark Devlin Senior Technical Manager from the M&G Wealth Technical Team had a look at retirement planning for the SME business owner.

After taking part in that session you should now be able to:

  • Describe the financial planning considerations when advising business owners on retirement planning

  • Evaluate the tax implications of salary, dividend and employer pension contributions

  • Describe the impact of the corporation tax changes on profit extraction

Presenters  - Les Cameron – Head of Technical

                     -  Mark Devlin – Senior Technical Manager

To claim your CPD certificate, test your knowledge with the questions below.

Write down your answers to each of the following questions and check your answers when you click through to claim your CPD certificate on the link below.
 

Test your knowledge

 

1.       The standard fraction for calculating corporation tax between £50,000 and £250,000 of profits for limited companies from 1 April 2023 will be;
 

a.       1/200

b.       3/200

c.       5/200

d.       100/200
 

2.       Employers NI above the secondary threshold for the 2022/23 tax year will be;
 

a.       3.25%  

b.       13.25%

c.       13.8%

d.       15.05%

 

3.       The basic, higher and additional rates of dividend taxation for 2022/23 is;
 

a.       7.5%, 32.5% and 38.1%

b.       20%, 40% and 45%

c.       8.75%, 33.75% and 39.35%

d.       19%, 40% and 45%
 

4.       The NI Primary threshold for limited company owners taking a salary for 2022/23 is effectively?
 

a.       £9,100

b.       £9,880

c.       £11,908

d.       £12,570

 

Claim your CPD certificate