The Hartsfield SSAS is a useful and effective tax planning vehicle, which is registered by HM Revenue & Customs, and owner-managers have been reaping the benefits of the Small Self-Administered Scheme’s (SSAS) model for over forty years.
What if I already have pensions?
If you have individual pensions, you can transfer these into your SSAS. Before you make any decisions though, it is important that you get regulated financial advice to ensure that you do not lose any entitlements. This is especially important if you have a Final Salary Pension Scheme (often referred to as a defined benefit scheme) – please contact us for more information.
You can keep paying in until you reach a Government-directed maximum amount after which you will lose some of the tax advantages.
What makes a SSAS different?
As a general rule, contributions made by your company (the sponsoring or participating employer) will receive Corporation Tax relief. Personal pension contributions may also be made and you could receive tax relief through self-assessment.
This initial tax relief is the key difference between a SSAS and other tax friendly savings, such as an Individual Savings Account (ISA). As your pension grows, the fund is largely free of tax and all the while, you have control of the money you are investing.
It may sound complicated, but Hartsfield will work in partnership with you to put everything carefully in place to make your Hartsfield SSAS work for you and your business, while you save and plan for your future.
Having your pension work for your business is the key difference between a SSAS and a Self-Invested Personal Pension (SIPP). A SIPP will give you freedom to invest funds how you see fit but it does not allow you to invest these funds back into the business by way of a commercial loan.
We believe this means a SSAS is likely to be the most suitable product to meet your short-term business and long-term pension needs.
Please get in touch to talk to the team about a SSAS.