How Small Business Owners Save for Retirement

When you run a small business, it is easy to get caught up in the daily hustle of grind of winning business, delivering a great service and keeping people happy. But when you are so focused on growth and success in the short term, it can be difficult to think about the next few months, let alone decades.

This may be part of the reason why so many freelancers, limited company directors and other small business owners seem to be so ill-prepared for retirement.

1 in 5 pensioners face tax return ‘misery’

We all know that filling out a tax return can be painful, but while you might have thought that retirement would release you from HM Revenue & Customs’ clutches, that no longer seems to be the case.
The number of pensioners who filed a tax return last year hit 1.7m, a figure that has jumped significantly in the last two decades.
Figures obtained from HMRC by insurance company Royal London show that in the 2015-16 tax year, 1.7m of the 10m who completed an individual tax return were aged 65 or older.
More than 250,000 of these tax return pensioners were aged 80 or over.

The Pension Changes Employers Need to Know About

All employers, including small businesses, need to be aware of changes to auto-enrolment pension schemes that take effect in the new tax year.

Starting on 6 April 2019, employers will need to increase the minimum contributions that they and employees pay into an auto-enrolment workplace pension scheme.