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Business Owners Neglect Own Finances
Business owners are increasingly reliant on their business as a "job for life" which will pay for their retirement, and this is leading them to neglect planning for both their personal finances and the succession of their business.
Research undertaken by Crimson Publishing on behalf of accountancy firm Kingston Smith LLP revealed that over half of entrepreneurs have no pension plan in place, and are instead relying on their business to be their pension.
Just 49% of entrepreneurs claim to review their personal finances regularly, and 29% admitted they had not done so in the last twelve months. On April 6th 2006, the government introduced Pensions A-Day, a new universal regime governing the taxation of pensions designed to simplify the system. Under the new rules....
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