Financial planning for professional partnerships
Becoming a partner or a member of an LLP is a real achievement, but it also changes your financial life in ways that catch many people out. Your income can be higher but less predictable, your tax position becomes more complex, and you are suddenly responsible for your own pension and protection in a way you may not have been as an employee.
Partners in law firms, accountancy practices and medical partnerships face a distinct set of financial challenges, and they deserve advice that understands them. We help partners and members across Buckinghamshire, Berkshire and Oxfordshire make the most of their position and plan properly for the future.
The financial challenges partners face
Moving from employment to partnership changes almost everything about your finances. Your income may come as profit share rather than salary, which affects how and when you are taxed. You often lose employer pension contributions and employer protection benefits, leaving you to arrange your own.
Higher earnings bring their own planning considerations around allowances and tax. We help you navigate all of it, so your new status works for you rather than catching you out.
How we help
Managing a variable and higher income
Profit share can rise and fall, and the tax treatment is different from a salary. We help you plan around a variable income, put money aside efficiently, and make sure you are not caught out by tax bills or payments on account.
Building your own pension provision
As a partner you are usually responsible for your own retirement savings. We help you build a pension plan that makes the most of the allowances available to you, which matters even more when your earnings are high.
Protecting your income and your family
Without employer benefits to fall back on, protecting your income becomes your responsibility. We help you put the right protection in place, so an illness or injury would not undermine everything you have worked for.
Planning for the long term
From tax-efficient saving to eventual retirement from the partnership, we help you plan ahead, so your financial future is as well managed as your career.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
Protection plans do not acquire a cash value. The cover provided will cease if premiums are stopped.
Working alongside your firm and your accountant
Partnership finances rarely sit in one place. There is the firm’s own arrangements, your accountant’s advice on tax, and your personal planning, and they need to point in the same direction.
We are happy to work alongside both, so nothing is duplicated and nothing important falls between the two.
Let us talk
If you are a partner or member of an LLP and want advice from someone who understands your position, a conversation is the best place to start. No obligation.