About us
N R Gardiner Associates are a firm of financial consultants who specialise in the provision of financial solutions for small to medium size companies, their directors, high net worth individuals and both corporate and individual trustees.
Our Services
We have over 45 years of accumulated experience in offering bespoke tax planning, pensions for directors, companies and individuals, business and personal protection & investment advice.
Find out more
contact us
Please get in contact if you would like to discuss any of the above or to arrange a meeting for a free financial health check.
Contact us via email
+44 (0) 1225 819798
About us
N R Gardiner Assciates are a firm of financial consultants who specialise in the provision of financial solutions for small to medium size companies, their directors, high net worth individuals and both corporate and individual trustees.
We have over 45 years of accumulated experience in offering bespoke tax planning, pensions for directors, companies and individuals, business and personal protection and investment advice.
We aim to provide an unrivalled personal service that makes a real difference to your life goals.
We specialise in Small Self Administered Schemes (SSAS) as we have found that many company directors have found their credit facilities reduced or even removed by their banks; we can potentially facilitate a loan from the director's pension scheme to their company up to the value of 50% of their accumulated pension fund. The company can use the capital for investment and the pension fund has up to 50% which will generate a yield of around 7% per annum.
We also specialise in a little known yet very efficient trust by which we can legitimately save up to 50% of the cost of the directors' premiums to their personal protection plans, such as the life cover in force to cover their personal mortgage.
We are based in the beautiful cotswold village of Corsham which is on the main bath roughly 25 miles from Swindon and 10 miles from Bath town centre.
Please get in contact if you would like to discuss any of the above or to arrange a meeting for a free financial health check.'
Our Services
Bespoke tax planning
The most common complaints encountered from business people is that their accountants only tell them how much tax is due rather than how to avoid it. This view is understandable, but responsibility for that situation rests on both the accountant and the business person.
Talk to us. In all cases you will be given clear advice about the most suitable solution for your plans and its likely cost effectiveness.
Investment Advice
One of the smartest things you can do in life is invest your money. Not only can you invest money in UK markets but also markets around the world. To do this, you definitely need to do your research about your different investment options so that you can find out which are best for you.
This can be time consuming and you still may get incorrect advice at the vital time. NRG Associates are experts in helping companies and directors make the correct choice of investment.
EIS & VCT
If you answer yes to any of the following then you should speak to us about a range of investment opportunities that income attract tax relief, defer any Capital Gas Tax and can invest in a government backed opportunity that is low risk yet offers excellent growth potential:
Do you have any cash ISAs or Chas holdings which are earning low rates of interest?
Are you a higher rate taxpayer and would like to achieve some tax relief without locking your money away in a pension?
Do you hold a stocks and shares portfolio or ISA, direct Unit Trust investments, buy to let property or other assets that would attract a Capital Gains Tax liability that you would like to sell without facing a CGT bill?
Don't delay the government backed solar energy scheme is only available for the remainder of this year, although other investments within the EIS and VCT structure will continue to be available.
Business & Personal Protection
Whether you are self-employed or employed, married or single, it's important to plan how you would maintain a quality of life in adverse circumstances.
Our Business and Personal Protection services include, Life Assurance, Permanent Health Insurance, Critical Illness, Private Medical Insurance, Key Man Insurance and Long Term Care Insurance. For more information contact us today for your free financial health check.
Pensions
Pensions are a growing concern, and not just for those approaching retirement.
Whether you're just setting out on your career path or already a pensioner, we will give you the confidence, security and support to help you ensure a comfortable retirement. It's never too late - or too early - to take out a pension. But which is right for you? Contact us today to find out which one is suitable for your circumstances.
Small Self Administered Schemes (SSAS)
'These specialist pension schemes can be a valuable addition to company directors. The scheme is only available up to a maximum of 11 members so is designed for company executives and directors.
Despite the name the members and trustees do not have to administer the scheme yet will be actively involved in the scheme as it often becomes a valuable asset to the company.
The scheme has a wide selection of investments available to the directors, including shares, Unit Trusts, Commercial Property, Trustee Investment Plans, and of most interest a loan back facility.
The Loanback facility is unique to A SSAS and is greatly appreciated by companies whose lines of credit have been reduced or even stopped by the uncooperative high street banks. The scheme trustees can lend up to 50% of the combined scheme assets to the company on commercial terms. Read More
Case Studies
There is a little known trust which can help company directors save lots of tax on the premiums they pay for their private life insurance, whether it be for family protection or to cover their mortgage.
Mr West, 50% Shareholding Director of a company that returns around £250,000 pre-tax Profits and he is a 40% tax payer.
Mr West required Life cover of £300,000, which costs him around £1,000 per annum in premiums, for the benefit of his family on death.
Current ScenarioHe pays the premiums for the policy himself from his net income.
| Corporation Tax Relief | Tax to Employee | Tax on Benefits |
|---|---|---|
| None | Net Income Tax - 40% (-£666.67) | Tax Free |
| £0.00 | N.I - 1% (£16.67) | £0.00 |
| £0.00 | £683.34 | £0.00 |
| total tax | - £683.34 | |
Gross salary of £1,683.34 per annum required to pay premium (including tax paid)
| Corporation Tax Relief | Tax to Employee | Tax on Benefits |
|---|---|---|
| 21% | P11D - 40% | Tax Free |
| + £210.00 | - £400.00 | £0.00 |
| total tax | - £190.00 | |
Scenario proposed by Mr west's accountantHe gets the company to pay for the policy as a benefit in kind but he owns the policy.
Policy costs company £1,190 per annum (including tax paid)
| Corporation Tax Relief | Tax to Employee | Tax on Benefits |
|---|---|---|
| 21% | Tax Free | Tax Free |
| + £210.00 | - £0.00 | £0.00 |
| total tax | + £210.00 | |
Revised ScenarioMr West arranged for the company to pay the premiums and owns the policy and then places the policy in a Relevant Life Policy Trust for the benefit of his family.
Policy costs him £790 per annum (including tax paid) so resulted in a net annual saving of £893.34 for the same level of lifer cover compared with his current arrangement.
Mr Griffith had just received a redundancy payment of £40,000, of which £10,000 was taxable, and had previously been earning £65,000 per annum. He also has a cash ISA portfolio valued at around £20,000 and some Unit Trusts worth around £50,000, which have been very volatile for some time and are a source of concern for Mr Griffith. Mr Griffith was a higher rate taxpayer.
Mr Griffith has invested the net £100,000 into an EIS, which will invest in a Government backed Solar Panel company which receives a guaranteed feed-in-tariff for the electricity provided for 25 years.
Mr Griffith will receive income tax relief of 30% of his £100,000 contribution into the EIS, being £30,000, which will apply to his total income taxable earnings in the 2011/2012 tax year. As Mr Griffith will not have paid £30,000 income tax this year the unused balance can be carried back to his 2010/2011 income tax paid and can get relief at 20%, which was the rate applicable in that tax year. These tax reliefs are available as providing that Mr Griffith retains the EIS for at least 3 years.
Whereas ISAs and cash do not suffer from Capital Gains Tax, the Unit Trust has made a gain over the annual allowance of £10,200 and he therefore faced a capital Gains tax liability. This Capital Gains Tax liability can be deferred for the lifetime of the EIS; after the EIS has ran the minimum period for tax advantages (3 years) and allowed for a period to liquefy the holdings Mr Griffith can surrender the EIS and retain some of the cash, up to the Capital Gains Tax threshold for both himself and his wife of £20,400, tax free and then re-invest the remainder of the funds into a new EIS and get a further 30% income tax relief on the amount re-invested.
Furthermore, there will be no Capital Gains tax to pay on any gains made within the EIS.
There will also be no liability to inheritance tax providing the EIS has been held for at least 2 years and the EIS is still in force at the date of death, as the companies in which the EIS invests will qualify for Business Property Relief. The 2 year rule makes this particularly attractive to elder clients who have an inheritance tax liability (40% on any assets over £650,000 for a married couple) as they do not have to wait 7 years for the investment to be outside of their estate for Inheritance Tax purposes when compared to making a gift into trust and they also have control of the asset during their lifetime.
I appreciate that sometimes things look to good be true and this attracts scepticism from wary investors so a little background information should help to put this opportunity into context.
The Solar panel Initiative from the government is driven by the UK's commitment to the Kyoto agreement in which we agreed to have 30% of our energy production from renewable sources by the year 2020; we are currently running at about 5.5%. Therefore the government has introduced the fixed-income-tariff whereby they have guaranteed to purchase electricity produced by solar panels for a 25 years term.
The tax relief is granted as the government has realised that in our current economic climate the banks are not lending to small companies in sufficient quantities and the economy is in serious danger of stalling and even entering a double-dip recession. They therefore offer tax relief to private individuals who invest in small qualifying companies; the government even increased the tax relief from 20% to 30% in this tax year in a bid to encourage investors.