020 8652 5240 info@mbassociates.net

RELEVANT LIFE

If you own a limited company, you may be able to take advantage of a tax efficient way to set up life cover as a ‘death in service’ benefit so you and your staff are protected by a life insurance policy provided by the business.

A Relevant Life policy is a scheme approved by HMRC that is subscribed to by a number of insurance providers. This means that directors of limited companies are able to put a policy in place with the premiums being paid for by the business, but due to the way the scheme is structured employees do not pay any tax on the benefit, as the policies are not treated as additional income. This enables the business to cover the cost of the premiums without causing any further tax liability to staff and the cost of the premiums to the company can be treated as a business expense.

To find out more about Relevant Life policies, why not speak to one of our friendly, expert advisers who can talk you through the options available. Contact us to book your free no obligation consultation.

A happier workforce

Financial worries are a common concern for many Brits. *Research conducted in 2019 before the pandemic became prevalent revealed that 77 per cent had money worries that impacted them at work. A third admitted their fears affected their sleep. One in five employees said they worried about their finances regularly.

In the survey of 5000 employees, 34 per cent said they would be unprepared for unexpected financial costs or a loss of income. **In a separate survey, almost 30 per cent confessed to regularly running out of money before pay day. One in seven people would struggle to pay their mortgage if it was just £99 more per month.

Yet with access to the right information, it is possible for employees to improve how they manage their money, resulting in less anxiety and more productivity at work.

MB Associates is offering free financial workshops to improve the wellbeing of employees and enhance employers’ benefits packages. Our informative, friendly workshops will offer fee-free mortgage and financial advice to your staff to help them save money and gain greater control over their finances.

These free workshops can be tailored to suit the requirements of your business and can be delivered via Zoom or in person when permitted. We can also offer informative financial content on a dual-branded portal.

For more information, please contact Monica Bradley at MB Associates on 020 8652 5240 or email monica@mbassociates.net 

*Close Brothers Financial Wellbeing Index
**Financial Times survey

For insurance business we offer products from a choice of insurers.

You may have to pay an early repayment charge to your existing lender if you remortgage.

There is no guarantee that it will be possible to arrange continuous letting of the property, nor that rental income will be sufficient to meet the cost of the mortgage.

Your home may be repossessed if you do not keep up repayments on your mortgage.

A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.