Are you a property investor, self employed or business owner?
Are you paying life insurance out of your post tax income?
If yes to both we can probably save you a considerable amount of tax and NI
There is an amazingly tax efficient life insurance product that if paid by your company is fully tax deductible for corporation tax purposes, it is not a benefit in kind, and the proceeds can be paid into a discretionary trust sitting outside your estate.
Suppose you are currently paying £100 a month out of your net salary into your existing life insurance, and you are a higher rate (40% ) tax payer with 2% employee's national insurance. Your gross pay would need to be £172.41, and your company would need to pay 13.8% NI, so a total of £196.21
In other words you are paying about double after you take NI and tax into account.
If you already have life insurance paid out of your personal money, net salary or dividends or if you would like to explore getting a new policy, then please get in touch and I can set up a quick call to explore how we can help you save a lot of tax and NI.
If you have a property portfolio and you die, it is quite possible that the lender will want all its money back, and your properties could end up in a forced sale at auction at a greatly reduced sales price. Therefore many investors make sure they have life insurance to cover the full amount of their debt.
We can also help with any type of business insurance or mortgage. Please get in touch 🙂