Marshall Financial Solutions – New Income Protection For Directors Of Large Or Small Business

Executive Income Protection is designed for businesses to help protect against the financial impact of their employee’s incapacity on the business.

Businesses can help protect not just an employee’s salary, but can also cover dividends and P11D benefits, which form part of their overall remuneration. Additional cover can also be chosen at outset for an extra cost to cover employer’s pension and National Insurance (NI) contributions.

Proportionate Benefit

Following a claim, an employee could return to work in a reduced capacity, different role, or a lower income as a direct result of the illness or injury. In these cases, the monthly benefit will be reduced in proportion to the lower earnings.

Helps with pension contributions

If chosen for an additional cost at outset, Executive Income Protection can cover employer pension contributions, helping the employee maintain their retirement savings.

Waiver of Premium

Included as standard, covers the cost of premiums after the deferred period, during a valid claim.

Flexible benefit payment options

Deferred period

Choose an appropriate deferred period of 4, 8, 13, 26 or 52 weeks, before the monthly benefit is paid.

Benefit Payment period

Benefits can be paid for either a limited benefit period (depending on what was chosen at outset), or to the employee’s normal retirement age – typically between ages 50-70 years old, for the duration of a valid claim.

Tax treatment

Normally, ‘employer paid premiums’ are not treated as a P11D benefit.

If the premiums are classed as ‘wholly and exclusively’ for the purposes of the business, premiums should qualify as a business expense.

In the event of a claim, the benefit will be treated as a trading receipt. However, it will also be treated as a trading expense, when it is used to fund sick pay for the employee – resulting in a neutral tax position.

The benefit should be paid to the employee through PAYE, after Income Tax and NI deductions. Another option is additional cover for NI and pension contributions.

This information is based on our understanding of current taxation law and HMRC practice; this may change in the future.

Continuation option

If the employee leaves the business, the policy can be continued by a new employer – see Policy Booklet for full details.

If you are interested in the above services call Anthony Marshall on 01264 338 020 / 07872 898900 or emailanthony@marshallfinancialsolutions.co.uk 

Alternatively, contact your account manager on 01604 422844 or email sabrina.jeanpierre@bbxworld.com

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