Business Finance Archives - Page 7 of 9

HGV Finance Options

Posted on June 18, 2018 Written by Administrator

Let’s begin by stating the obvious – buying an HGV is an expensive business!

What that means is that it’s essential to secure a financing deal that is a suitable and cost-effective solution for your particular business circumstances.

Your options

Discounting the theoretical possibility that your business is sufficiently cash-rich to purchase the vehicle outright from its own financial resources, you are likely to be facing HGV finance options that come into one of the following three categories:

Hire Purchase (HP);
finance leasing;
operating leasing.

All of these have their own respective characteristics. Very briefly they can be described as:

hire purchase. The familiar “HP” is well known. It primarily involves somebody purchasing the truck and then allowing you to use it in return for a monthly repayment of the capital sum plus charges. Essentially that means that you are buying the vehicle back from them in instalments;
finance leasing. In this option, the funds provider will purchase the vehicle, and you will pay a monthly sum to use it. The value of the vehicle will be covered over the term of the agreement which should be for the entire economically viable life of the vehicle as a new asset.

At the end of the agreed period of the lease, you have two main options – enter into a peppercorn rental and carry on using the vehicle. This is typically the equivalent of one monthly rent per annum. You might also sell the vehicle on behalf of the finance company and typically retain 95% of the sale’s proceeds.

operating leasing. This means that a portion of the vehicle’s total value will be recovered from you by the lender over the term of the agreement. At the end of the term and your monthly repayments, you are free to return the vehicle to them without further responsibilities on your part. The vehicle may be treated as off balance sheet – subject to your auditor’s approval

Which is appropriate for you?

The above description is only a very brief summary of the characteristics of the three options.

Each of them has its own implications for things such as your balance sheet, asset register and possibly tax liabilities. To decide which is the most suitable HGV finance option for you, it will be necessary to look at the financial position of your business and to understand your strategic objectives for the period ahead.

For example, in the case of an operating lease, the monthly payments can be considered to be, for all intents and purposes, rental. As such, that monthly cost can be taken into your standard profit and loss accounting as an allowable business expense. The equipment may be treated as off-balance sheet – subject to your auditor’s approval.

Whether or not that is advantageous to you or fits in with your plans would need to be ascertained.

Finding finance

HGV finance is typically regarded as being something of a specialist area.

In very general terms again, your business will need to meet certain criteria to be eligible for some of the facilities mentioned above. Typically, it will need to be seen to be an active business entity with some form of verifiable history and accounts that are capable of being objectively analysed to be sure that the repayments will be affordable.

It may be possible to have an initial and entirely informal discussion with a specialist provider of HGV finance. Once they understand your requirements in more detail, they may be able to give you some initial guidance on options that might be open to you.

Business Finance FAQs

Posted on May 17, 2018 Written by Administrator

Here a specialist in finance responds to frequently asked questions on the subject.

These cover business finance FAQs and more general issues.

What sort of things can business finance be used for?

Typically, virtually anything.

Of course, some lenders may have business areas they specialise in and they may be reluctant to lend for purposes they are less familiar with.

Generally speaking, providing that thing you are purchasing is legal and clearly related to the progression of your business, you may be able to secure business finance to assist.

A big factor in securing finance is usually whether or not you and your business are assessed as being an acceptable risk in terms of being able to afford the repayments.

What does “acceptable risk” mean in terms of repayments?

Any provider of finance will wish to ensure that there is a high probability of them being able to recover, in line with the loan agreement, any sums they are advancing.

As part of reviewing an application for business finance, they will typically look at a number of factors surrounding both the purpose of the loan and the nature of the person/business applying. A number of elements of that will result in the production of what’s called an overall “risk profile” for the application.

If that risk profile is within the acceptable limits, the money will usually be provided. If it isn’t, they may require additional formalities to be completed or decline the application.

Where does a credit risk assessment fit into this?

The specifics here may vary depending upon the size and nature of the business concerned. What might be required for sole traders or small partnerships is not necessarily the same as the processes required for a PLC.

Typically, a potential lender will be looking to see two things when considering a request for a business loan:

how the business has performed historically and its financial health today. That usually entails looking at things such as annual accounts;
possibly individual credit risk assessments for the business owners in the case of sole traders and smaller partnerships. This might typically be conducted through one of the major credit risk agencies.

It is worth commenting here that business lenders are inclined towards approving applications, rather than trying to find justifications for refusing them.

Is business finance available for start-ups?

This is one of the most commonly asked business finance faqs – but it’s not necessarily an easy one to definitively answer.

In very general terms, lenders that advance finance to companies that are already up and running tend to be different to those who are providing start-up finance for “greenfield” enterprises.

The degree of risk for a lender in the case of an entirely new and unproven business is typically higher than in the case of an existing and successful business. So, understandably, these tend to be two different markets.

However, start-up business finance may well be available from a variety of sources.

Is business finance only advanced for asset acquisitions?

No, it can be made available for qualifying non-asset related reasons.

For example, that might entail situations where there is a short-term cash flow problem and some form of bridging finance is required.

Will people lend to businesses that are in trouble?

You may be surprised to know that the answer to that one is “yes” but an important caveat is that the business must be seen as being viable overall.

Some types of business problem may put the enterprise at risk but for short-term or simple misfortune-of-timing reasons. Examples might include where a major client has entered into bankruptcy and failed to pay their debts, meaning that the supplier company is at risk even though the business is successful in general terms.

Of course, if the business applying for finance is fundamentally flawed and is never likely to constitute a successful enterprise in future, irrespective of what actions are taken, lenders may decline to advance funding.

Could your business benefit from SEIS or EIS when raising funds?

Posted on February 28, 2018 Written by Administrator

The Enterprise Investment Scheme (EIS) and the Seed Enterprise Investment Scheme (SEIS) are both designed to help new and growing young businesses secure much-needed investment.

EIS was introduced in 1994 and SEIS debuted in 2012 – their aim is to help attract investors to start-ups that may have otherwise have been viewed, rightly or wrongly, as too risky.

SEIS is for companies that have been trading for under two years, whereas EIS helps early-stage companies raise funds to help grow the business.

SEIS

Businesses raising money under SEIS can receive a maximum of £150,000 through the scheme, offering private investors 50% up front tax relief against their income tax bill.

The businesses must have assets of no more than £200,000 and have fewer than 25 employees.

The company must be based in the UK. HMRC says proof of a company’s permanent establishment in the UK includes having an office of factory or one of the following:

a place of management
a branch
a workshop
a quarry, mine, oil or gas well,
a building site, such as a construction or installation project.

This is not an exhaustive list, but the type of business a company carries out will be the deciding factor in what premises and facilities are required to meet the conditions for investment.

EIS

EIS is for those seeking funding of up to £5m and gives investors 30% upfront tax relief and must have less than £15m of assets and up to 250 employees and therefore is open to far more companies than SEIS.

The same qualifying factors on UK residency apply. Companies cannot raise more than £5m each year and more than £12m in their lifetime, from the four venture capital schemes that currently exist. Individuals cannot invest more than £1m each year.

Any gains from SEIS and EIS investment are 100% exempt from inheritance tax, capital gains tax and income tax.

Will your business qualify?

Most trades qualify but there are exceptions; coal or steel production, farming or market gardening, leasing activities, legal or financial services, property development, running a hotel or nursing home, and electricity, heat, gas or fuel generation.

Apart from being established in the UK, they must not be trading on a recognised stock exchange at the time of the share issue and they must not have any arrangements in place to become quoted.

For start-ups, SEIS is an attractive way to target much needed funding. Just because a company has used the SEIS scheme, it does not mean it cannot go on to raise further funding with EIS – although the amount it can raise will be reduced to up to £4.85m.

What next?

If you are a company seeking investment, you have got to get a specialist tax adviser to help you acquire the necessary approval to do so, the tax relief accreditation letter and advance assurance.

You have either got to market it through a fund manager or a corporate finance house to high-net-worth individuals who are qualified to look at it.

For most of the EIS opportunities you need an introducer or specialist finance companies that will manage everything and probably have a roster of companies for which they want to raise money.

You must complete a separate application for each share issue and if your application is successful, HMRC will confirm the decision and send you compliance certificates to give to your investors.

Your investors cannot claim the tax relief until they receive their compliance certificate.

Is it successful?

Yes. The latest available HMRC statistics show that since EIS was introduced, 26,355 companies have received investment and almost £16.2bn of funds have been raised.

In 2015-16, 2,360 companies received investment through SEIS and £180m of funds were raised – similar to 2014-15, when 2,365 companies raised a total of £180m.

Are there other venture capital schemes?

There are four schemes in total. SEIS and EIS, plus Social Investment Tax Relief (SITR) and Venture Capital Trusts (VCTs).

SITR allows individuals to claim relief on £1m of annual investment and provides 30% of income tax relief.

VCTs allow an annual investment of £200,000 on which they can claim 30% tax relief. With VCTs no tax is payable on dividends where it is on SITR, SEIS and EIS.

Investors can get capital gains tax relief on any profits they make under all four of the schemes.

The rules of VCTs can be quite complex to navigate for both company and investor, so it’s best to get professional help.

Conclusion

Overall, these tax relief schemes are very attractive and can make it easier for companies to secure investment – as long as the rules are followed. HMRC stresses that tax reliefs will be withheld or withdrawn from investors if companies do not follow the rules for at least three years after the investment is made. So be sure to get expert and experienced help – to avoid getting your fingers burnt.

ABOUT THE AUTHOR

Clive Hyman FCA is founder of Hyman Capital Services offering expertise in due diligence and managing change in business including raising equity and debt capital, mergers and acquisitions, interim management, board management and governance, deal structuring, and company turnaround. See: www.hymancapital.com

Social media:

https://www.linkedin.com/in/clivehyman

Twitter: @clivehyman

How will the new SEIS/EIS guidelines affect crowdfunders?

Posted on February 22, 2018 Written by Administrator

At the start of this year the new guidelines in relation to SEIS and EIS came into force. SEIS and EIS provide investors with up to 80% protection against an investment they make into a UK startup, which is taken as a tax relief against your income tax bill.

Most of what the new guidelines say provides context to their decisions, but this is the part that matters most to crowdfunders:

From 2 January 2018 we will not provide an advance assurance on speculative applications. More than a third of the advance assurances we provide do not result in an investment. To ensure HMRC resources are used efficiently, therefore, we will only provide an opinion where the application names the individual(s), fund manager(s) or other promoter(s) who are expected to make the investment. Though we do not expect the company making the application to have formalised offers of investment, we do expect the company to have approached potential investors before making the advance assurance application to determine the likelihood that they will attract actual investment.

You can read the full guidelines here: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/663935/Tax-advantaged_venture_capital_schemes-streamlining_advance_assurance_service-Gov_response.pdf

If you’re thinking of crowdfunding, how will this impact you?

As is the case with guidelines, they’re open to interpretation. So, we spoke to the platforms to ask for clarification and, in-turn, they contacted HMRC. HMRC responded by saying that a crowdfunding platform alone won’t be considered a sponsor, since so many of their campaigns go on to fail. Therefore, to successfully receive advanced assurance, it’s important that you name individuals or institutions who you are in advanced discussions with. This doesn’t mean that the deal has to be done – just that there are serious conversations taking place.

The good news for crowdfunders is that you should be lining-up these conversations in advance anyway, so if you’re planning your campaign properly, it won’t make much difference – other than to give you an advantage over those who aren’t properly prepared.

Most of your effort and resource for crowdfunding will go into preparing your campaign for the public raise, and a large part of this effort will be applied to finding lead investment.

Companies we work with typically take 2-3 months prep time, and with the new guidelines we don’t expect this to change – HMRC is planning on reducing advanced assurance applications to 15 days. The very first thing we encourage campaigners to do is initiate conversations with angel investors, institutions and friends & family – the most common source of the lead investment that will be put into a campaign

Our recommendation is to try and line-up as much of your initial target as possible before launching to the public. Not all of it will close, of course, but if you are confident of hitting between 60-100% of your target in the first few days, this will give HMRC confidence, as well as providing the early momentum that sets apart the most successful crowdfunding campaigns.

The most ambiguous aspect of the guidelines is the use of the word ‘sponsor’. The crowdfunding platforms have been told they aren’t sponsors. So, who else might you turn to strengthen your application?

We’ve seen a number of other service providers spring up as the crowdfunding market matures, and I expect some of these providers will classify as sponsors, whereas others won’t. Ultimately, it will come down to how successful they typically are.

At TribeFirst, we have a greater than 87% success rate, and 100% in the last six months, which will give extra confidence to HMRC that our client’s campaign will probably go on to fund.

There are other options available to you, such as companies like Focused for Business, or IdeaSquares who run their own crowdfunding accelerators. Or you can work directly with these organisations on a 1-2-1 basis, where they help to connect you with lead investors and use their higher-than-average crowdfunding success rates to show that you’re more likely to gain funding.

I believe the new guidelines for SEIS/EIS advanced assurance will provide a significant uplift in equity crowdfunding success rates across the sector, because companies that don’t properly prepare won’t receive advanced assurance, so they will realise they’re at a disadvantage and either choose not to campaign, or do the legwork to find lead investors.

Overall the new guidelines should be seen as a good thing for the industry, and a good thing for your campaign. It will only encourage you to run the right kind of campaign – the well-prepared kind.

ABOUT THE AUTHOR

John Auckland is a crowdfunding specialist and founder of TribeFirst, a global crowdfunding communications agency that has helped raise in excess of £4m for over 20 companies on platforms such as Crowdcube, Seedrs, Indiegogo and Kickstarter. TribeFirst is the world’s first dedicated marketing communications agency to support equity crowdfunding campaigns and the first in the UK to provide PR and Marketing campaigns on a mainly risk/reward basis. John is also Virgin StartUp’s crowdfunding trainer and consultant, helping them to run branded workshops, webinars and programmes on crowdfunding. John is passionate about working with start-ups and sees crowdfunding as more than just raising funds; it’s an opportunity to build a loyal tribe of lifelong customers.

See: http://www.tribefirst.co.uk

Twitter: @Tribe1st

Using the small claims court to recover money your business is owed

Posted on February 22, 2018 Written by Administrator

Is your business owed money? Is the debtor ignoring all your phone calls and letters? Wondering what to do next in order to ensure you get paid for the work you have done?

Consider using the ‘Small Claims Court’.

This is part of the County Court and enables a lay-person (someone who is not legally qualified) to take another individual to court. The maximum amount of a claim that you can deal with yourself in the Small Claims Court is £10,000.

There is a fee to file the claim, starting at £25. (for the fee structure see: https://www.gov.uk/make-court-claim-for-money/court-fees ). Additional fees are payable if it gets to hearing or eventually requires the services of a bailiff.

Start by writing the other party a letter clarifying why they owe you money and that you are thinking of taking court action if the amount owed is not paid by a certain date (state the date clearly). All the necessary evidence must be provided with the letter even though you know they have the facts already.

Writing a letter before taking any action is a very important part of the process and fulfills what is known as the ‘protocol’. Without having done so, you may jeopardise your case if it does end up in court.

An alternative to going to court is mediation. This provides individuals and businesses with a low-cost method of resolving a legal dispute without the need to go to court. There is usually a fixed hourly fee to pay by both parties.

If going to court is your intended action, then after you have sent the ‘protocol’ letter and the time limit for payment has passed, you will need to fill in a form either online or by downloading and printing it. The form is known as a Claim Form N1. You then send the completed form and fees to the County Court Money Claims Centre in Salford.

The Defendant has 14 days to respond, after which time, if there is no response, you may decide to issue a county court judgment (commonly known as a CCJ) against the Defendant. This, in itself, has quite serious consequences for the Defendant because a copy of all CCJs go to a public company and may affect any credit search made against the Defendant’s name – a good and useful tool to add into any pre-action protocol letter that you send.

Once you have the judgement the Defendant may still choose to ignore you and not pay – in which case you’ll need to consider enforcing the Judgement – for example, engaging the services of a bailiff to seize property to cover the amount you are owed.

You can action the entire process above without the help of a solicitor. However, if you feel you do need a bit of extra advice or support then consider using a Paralegal. Paralegals are less costly than a solicitor and can help you in exactly the same way as a solicitor would. Check that your chosen Paralegal is registered with a membership body like NALP, and holds the relevant Paralegal qualifications and insurance.

ABOUT THE AUTHOR

Amanda Hamilton is Chief Executive of the National Association of Licenced Paralegals (NALP), a non-profit Membership Body and the only Paralegal body that is recognised as an awarding organisation by Ofqual (the regulator of qualifications in England). Through its training arm, NALP Training, accredited recognised professional paralegal qualifications are offered for a career as a paralegal professional.

See: http://www.nationalparalegals.co.uk and http://www.nalptraining.co.uk/nalp_training

Twitter: @NALP_UK

Facebook: https://www.facebook.com/NationalAssocationsofLicensedParalegals/

LinkedIn – https://www.linkedin.com/in/amanda-hamilton-llb-hons-840a6a16/

British Business Bank announces bank lending to SMEs down by £2.3bn

Posted on February 21, 2018 Written by Administrator

With this week’s launch of the British Business Bank’s figures showing bank lending to SMEs in 2017 was down by £2.3bn on 2016, Mayfair based private equity house IW Capital has launched it’s new report showing that a fifth of investors are now choosing SME investments over traditional stocks and shares.

Looking to circumvent cumbersome banking structures, an increasing number of SMEs are also turning to alternative finance organisations to fill the funding gap.

Tech-sector breakdown of investment intentions in 2018

60% – Investments that benefit society
59% – Energy tech
58% – Med-tech
48% – Fin-tech

Ethical concerns influence investment decisions

Over 12million (24%) investors would now refrain from pursuing an investment decision because of their personal or ethical concerns surrounding the nature of the product or service
36% of investors now believe the ethical, social or environmental impact of the company they are investing into is just as important as the financial return
A third of London based investors and consumers would now hold back on investment decisions because of their own moral or ethical concerns about the company, a 50% increase on the number of people in the regions who would make the same decision

The headline figures also reveal:

A fifth more 18-24 years olds olds are looking to invest in SMEs to deliver social change in 2018 than the over 55s
54% of investors do not know what knowledge-intensive, in an EIS context, means
Investors in London are twice as likely (29%) as the regions (12%) to prefer investing in SMEs, rather than stocks and shares, as an actively conscious investment choice
47% of 18-24 year olds would invest in fintech in 2018, compared to 39% of 35-54 year olds and only 34% of over 55s
1 in 5 people in the UK with between £75,000 and £100,000 in investable assets are now considering knowledge-intensive companies as an investment option due to the Chancellor’s doubling of the EIS cap

Luke Davis, CEO of IW Capital said of the results:

“The UK investment population now navigates a landscape of opportunities that demand a far greater sense of responsibility than that of a decade ago. An increase in the level of education and awareness available, not to mention opportunities that were traditionally reserved for larger institutions, has meant that our investment decisions no longer sit in isolation from our personal lives. Instead, these decisions now directly influence the society we live in. The results are both encouraging and a definite call to action for industry partners across the nation to acknowledge what is a significant shift in investor sentiment, ensuring we respond to it effectively with education, effective guidance and forward-facing opportunity”

Bus finance explained

Posted on February 10, 2018 Written by Administrator

Buying a bus may sound like simplicity itself.

True, the formalities can be relatively straightforward, but if you’d like to ensure that you have found a suitable and cost-effective financing deal, it’ll be worth spending a few minutes reading what follows below.

The basics

As with any sort of finance, whether you are applying as an individual or a company, you are likely to have to meet certain criteria before funds will be advanced:

you will typically have to find a percentage of the total cost involved, from your own financial resources. Today this is still typically, if inaccurately in some cases, called “the deposit”;
you or your company will need to be able to show that you have the financial ability to meet the agreed monthly payments of whatever form agreed. If you are a limited company or a public limited company, that will usually involve a review of two years’ of your audited annual accounts or bank statements for very small companies;
typically there will be some requirement for a background and credit check;
there will need to be evidence of the reason for the finance and that the sum being requested is sensible given the vehicle being acquired.

Assuming none of those is a problem, you may be faced with a choice between three generic types of bus and coach finance.

Hire purchase

This is a very familiar and comfortable form of bus and coach finance. Its key attributes are:

the funds’ provider will purchase a vehicle;
they will be officially listed as the legal owner but they will nominate you as the vehicle’s “official keeper”;
you will typically be able to use the vehicle as if you owned it, with possibly some conditions attached;
each month you will make a fixed payment over an agreed total period of time;
at the end of that term, after you make your last payment, legal ownership of the vehicle will be transferred to you;
while you are the vehicle’s registered keeper, as opposed to its owner, you must not sell it or otherwise transfer responsibility for it to any other party.

Operating lease

This is essentially a form of rental. Its characteristics include:

the value of the bus or coach will be divided over the period of the lease;
the vehicle’s residual value at the end of the lease period will be deducted and an agreed monthly repayment schedule put into place. Typically the entire lifetime value of the vehicle is not used as the basis of the monthly repayment calculation;
you do not automatically become the owner of the vehicle at the end of the lease and the asset is returned to the financing company. In some cases, the lease may offer special preferential outright purchase rates upon termination;
the monthly costs are written off in your business expense profit and loss account;
the asset does not appear on your balance sheet which can improve gearing and provide additional tax efficiency.

Finance lease

In many respects, this is a form of bus and coach finance that is similar to the above.

It differs largely in:

the entire economic lifetime value of the vehicle is recovered over the full period of the lease;
the item can appear on your balance sheet. The monthly costs do not appear as a business expense in your P&L;
at the end of the lease period, you may have the option to purchase the vehicle outright for a final “balloon payment”.

Selection

Deciding which type of finance is most suitable for your position, is not always easy.

A lot will depend upon your existing business and taxation situation, as well as the advice of your accountant.

Because of the different financing options available, it may make sense to also take specialist advice from an expert in bus and coach finance.

Give yourself the option to retire earlier

Posted on February 2, 2018 Written by Administrator

Do you know when you want to retire? Are you confident that your retirement planning will help you achieve this? Many business owners may find that their planned retirement is delayed unless they take action. The crunch issue is the need to review the fees being charged on your retirement and investment plans. Let me explain why and give you an example to demonstrate what can be achieved.

The Financial Services Industry charges fees on all investment products – that’s how they get paid for the advice they offer and the work they do setting up and managing funds and portfolios. There is nothing wrong with that – but most people, even business people, have no idea what these fees are, and they have virtually no understanding of the impact these fees have on the value of their retirement fund.

Why don’t we shop around on fees for what is really important in our lives; our retirement lifestyle? Even if you love your business if you could get the same return on your money with the same consumer protection, but by shopping around you could retire sooner – why wouldn’t you?

Regardless of age or how much money you have, high industry fees can delay you reaching your desired date to sell your business, or hand it on to the next generation; the day you start your retirement. With the changes implemented following the ‘Retail Distribution Review’ (RDR) five years ago and the new update to the Markets in Financial Instruments Directive (MiFID 11) which came into force on the 3^rd January 2018, investors have never had so much information available to them. Investors now have the power to take back control of their money from the Financial Services Industry and do what’s right for them. After all, this is your money and you are saving for your retirement not your fund manager’s. Yet very few investors understand the fees they are paying and the impact of those fees.

And that’s the problem; without knowing the total Financial Services Industry charges and the impact that has on our long-term future wealth, why would we do anything about it, and how would we know what to do?

Perhaps it is because we do not have sufficient information presented to us when we invest, to allow us to make that decision, or we do not want to look ignorant in front of our trusted advisor or perhaps we do not think it is happening to us.

Let’s have a look at an example:

Sara is aged 45 and has pension and ISA savings valued at £300,000 and wishes to retire with a fund in the region of £750,000 and preferably at the age of 65. The total financial services industry cost on her money is 2.5% per annum. Assuming an average growth rate of 6% per annum the fund value would not achieve the target value until she is aged 73.

Remember, £300,000 of this fund value was Sara’s money to start with, a profit of £467,000 has been generated and it has taken 28 years to achieve target value. You may be surprised to find out that the total Financial Services Industry charges have totalled £345,512 over this time.

This means it has cost Sara £345,512 to make £467,000 and she’s lost eight years of her desired retirement lifestyle.

Adnan, also aged 45 and with pension and ISA savings valued at £300,000, wishes to retire with a fund in the region of £750,000 and preferably at the age of 65. He decided to review the industry costs. Adnan realised that he could get the same returns and same consumer protection for 1.1% per annum. He also achieved an average 6% return per annum on his money meaning that he achieved a target fund value of £773,000 by age 65 – eight years earlier than Sara.

By shopping around to get the best fees he has achieved his target retirement fund value at his projected retirement date.

As £300,000 was Adnan’s money anyway he has made a profit of £473,000 in 20 years not 28 and it has cost him only £102,000 (not £345,512) to make £473,000 and achieve his lifestyle objective. If at the time he decided to delay retirement to age 73, like Sara, the fund value would continue to compound and be in the region of £1,128,500, an additional increase of £360,000.

The question: is which of these two investors does your retirement planning mirror?

Running your business maybe your passion yet the day will come when you want to retire. Make sure you take control so that you can retire on the date you want to with the income you need to enjoy the lifestyle you want to have.

About the Author

Hannah Goldsmith is founder of Goldsmiths Financial Solutions and author of ‘Retire Faster’. Hannah specialises in Low Fee Investing and is challenging the way financial services are delivered to consumers in the UK, by enabling each client to understand the nature of investment costs and the impact these costs have on their future lifestyle.

Goldsmiths complimentary ‘Second Opinion Service’ reviews investors’ existing portfolios and makes recommendations on Risk, Diversification, Performance, Cost and Tax efficiency, making investors’ money grow in a more transparent and financially efficient way.

Web: http://goldsmithfs.co.uk

Twitter: https://twitter.com/hannahgfs

LinkedIn: https://www.linkedin.com/in/hannahgoldsmith/

Facebook: https://www.facebook.com/GoldsmithFinancialSolutions/