Advice for Businesses in the UK struggling to pay Pensions

At Boardroom Punks, we take an innovative new approach to helping businesses. We aim to work on every financial solution possible before the insolvency practitioners are called in. If you are seeking advice to help you navigate your issues with pension payments, be assured that we have your interests in mind. SMEs are the backbone of our local economy, and we want to ensure that they are protected at all costs. Jobs, livelihoods, families, and futures are all interconnected with SMEs. The alternative approaches we offer are designed to protect both your business and lifestyle.

We have an elite team of financial experts that are serious about their trade. We have various team members at Boardroom Punks with expertise in debt, VAT bills, business and project management, and government loans. Whatever advice you need regarding your employees, salary, and pension, ensure you have the right experts in your corner. We know how stressful it is to balance the costs of your business, especially if you have fallen behind on pensions agreements. Whatever stage you may be at, the Boardroom Punks will do their very best to come to the best possible solutions for your company.

Not only do we have experience across the board, but our business model was founded upon our managing director David Morgan. In 2008 he received the news that his chain of opticians was trading insolvent. After battling with the liquidators and the loss of £250,000, Morgan dedicated his time to finding alternative solutions that would help with restructuring both his own business and the SMEs of the future. Today, Boardroom Punks is the solution that our director strived for, and we believe that we have the right tools in place to get any business back to a state where it can stand on its own two feet.

However, don’t just take the claims of expertise from ourselves. Our business experts have put their skills to the test in many different trading models. Beauty salons, haulage companies, decorators, and even jewellers have all needed the advice of Boardroom Punks. Whatever SME you are looking to salvage, know that our solutions have been tried and tested across many different businesses. Some of the cases we are currently working on include businesses in the fitness industry, window installation, and wine. We always encourage our future clients to reach out and speak to those who have worked with us, as they are the best proof of our success.

A director is legally required to enrol 5% of revenue into the pension plan. Pensions are beneficial for many reasons. Firstly, they communicate with employees that their livelihoods are taken into consideration. They are also tax efficient as they are considered as an allowable business expense. For any company that wants to reduce its total corporation tax, pensions may be an effective way of doing this.

If an enterprise falls behind on its pensions plan, then this could have an impact on both staff and taxation. For instance, if there is a failure or a default on pension payments, then the tax reduction no longer applies. This, in turn, will impact the amount of tax a company must pay. A failure to pay taxes will lead to problems with HMRC in the long run, and it can lead to insolvency issues down the line. Keeping on top of a pension plan benefits both the employer and the employee.