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Prevention, Loss Control and Protection of Personal Assets
I am not at all advocating that business owners, directors or who ever might be responsible and accountable for causing an organisation to get distressed will not be held accountable if the worst happens. Especially if through fraud, negligence or sheer incompetence people loose their jobs and livelihoods, suppliers are not being paid and might go out of business and customers are left without products they paid for, I have no sympathy and say that those responsible for creating disaster must...
January 7 @ 11:44am

Prevention, Loss Control and Protection of Personal Assets

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http://hugopercysteward.com/index.php?module=news&type=article&newsId=117

I am not at all advocating that business owners, directors or who ever might be responsible and accountable for causing an organisation to get distressed will not be held accountable if the worst happens. Especially if through fraud, negligence or sheer incompetence people loose their jobs and livelihoods, suppliers are not being paid and might go out of business and customers are left without products they paid for, I have no sympathy and say that those responsible for creating disaster must face the consequences of their deeds or omissions.
However, the honest, law abiding, hardworking business owner has a right and a responsibility to himself and his family, to protect his personal assets. That’s why the concept of a Limited Company has been created in the first place, and law and moral is completely at ease with the fact that entrepreneurs are able to protect their personal assets from the grasp of creditors and HMRC. After all, being an entrepreneur is a risky business and nobody would become one if with each business venture private assets would be at stake. Given the fact that the economy consists of SME’s by 90%, such precautions are a sheer necessity.
I have often met clients who had substantial private property on their business books. Asked why they did that, the most frequent answer was that they wanted to enhance the reputation of their business and its financial standing. Although an honourable idea, it is very risky and I have always advised them to take personal property out of the company name, after all if you run a UK Ltd. you do so for a reason, and if you run a PLC or are a sole trader then there are equally good reasons for that.
But most people don’t do more to protect their assets and increase their personal wealth. Perhaps because they don’t know what else to do and how.
There are very sophisticated laws in the UK that allow you to plan and avoid taxes and protect your assets. There is a big difference between tax avoidance and tax evasion and a lot of people don’t know the difference: Tax evasion is immoral and illegal. It means evading tax payments after becoming liable for tax. Tax avoidance, however, is completely legal and good common sense. When you buy second hand cars where there is no VAT on it, when you make a donation, when you write off equipment, when you reclaim VAT, you avoid taxes, and that’s completely legal.
If you decide to have your business headquartered in another country because taxes are lower there, that’s completely legal too. If you decide to have your business headquartered in a tax haven, it is still completely legal.
If you are a UK Ltd. Company director and pay yourself either a salary or dividends (or both), it is completely legal to use intelligent tax planning by using trusts in tax havens to avoid taxes. Rich people do it for decades, and more and more SMEs do it each year.
Even if you are a small business and have at least £ 100 K taxable income, you can reduce your taxes to zero and protect your personal property completely against all risks of loss, completely legal and at affordable costs.
I cannot go into details at this topic would burst the scope of this report, but if follow this link you will see a schematic illustration about the function of a remuneration trust and a personal wealth management trust. Purpose built for UK Ltd. companies by one of the countries leading tax and law firms, it is the ultimate protection and peace of mind for business owners.
Readers have often written to me and asked me to publish the contact details of my tax advisor. I won’t do that because I don’t want the poor people to be inundated with hundreds of inquiries, but if you are seriously interested to meet them and learn about a personal asset protection scheme, I am more than happy to give out the contact details, just call, write or email me.




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