Money Maximising Advisors Ltd.
Financial Plan for Business Owners
Make your business work for your financial future
Running a business in Ireland can give you independence and opportunity. It can also mean irregular income, tax deadlines, financial commitments and a retirement that depends too heavily on the value of the business.
We help you connect
- Personal income
- Pensions
- Cash flow
- Mortgages
- Investments
- Protection
- Handover or sale
WHO WE HELP
A financial plan for the person behind the business
At MM Advisors, we help business owners connect the finances of their business with the needs of their household. We look at personal income, pensions, cash flow, mortgages, investments, protection and the eventual handover or sale of the business. We work alongside your accountant and solicitor where appropriate.
You might be a sole trader, a partner in a professional practice, a limited company owner, a franchise operator or someone growing a side business alongside employment. These structures have different pension, tax and ownership rules. A plan should begin with your actual legal and financial position, not a one-size-fits-all product.
Your financial plan
What your business owner financial plan should cover
The goal is a practical, reviewable plan with priorities, recommended actions and an understanding of the costs and trade-offs.
- Reliable personal income without weakening trading cash reserves.
- Pension and investment planning that does not rely solely on selling the business.
- Separate business and household budgets, tax reserves and emergency funds.
- Mortgage planning based on properly documented income and affordability.
- Protection for your family, livelihood and business continuity.
- A realistic path to stepping back, selling, transferring or closing the business.
INCOME & TAX
Understand the money available to you
Sole trader or partnership income
As a sole trader, business drawings are not a salary paid by a separate company. Income tax is generally assessed on taxable trading profits, not simply the amount you transfer to your personal account.
A partner's position depends on the partnership agreement and the share of taxable profits. Your accountant should confirm profit, deductions and tax provisions before deciding how much is affordable to take home.
Limited company owners
A company's cash is not automatically the owner's personal money. Salary, bonuses, employer pension contributions and dividends where the owner is a shareholder have distinct legal and tax consequences.
Dividends require distributable profits and correct corporate procedures; personal spending through the company can create tax liabilities. We coordinate income and pension planning with your accountant.
Plan for tax deadlines and fluctuating profits
For self-assessed individuals, preliminary tax, the prior-year balancing payment and the annual return need to be planned for.
Irish business owners may also have VAT, payroll and corporation tax obligations depending on their structure. Seasonal income, delayed customer payments and a large annual tax bill should not undermine the household budget.
Decide what stays in the business
Allow for stock, wages, supplier invoices, finance repayments, tax and reinvestment before assessing surplus.
A growing business can appear profitable while still needing cash. The correct reserve will depend on the industry, debt commitments and trading pattern.
PENSIONS
Build pensions around the business you own
Sole traders and partners: personal pension options
We assess personal pension arrangements and PRSAs where appropriate, based on your net relevant earnings, age, existing pension benefits and retirement goals.
€115,000current aggregate annual earnings limit for personal pension relief
Tax relief on personal pension contributions is subject to age-related percentages and an aggregate annual earnings limit, currently €115,000. Unused earnings limits do not create unrestricted pension funding.
Limited company owners: employer funding
A company employing you may be able to make employer pension contributions under the relevant rules. The current employer PRSA exemption limit is generally 100% of the employee's annual emoluments from that employer; a benefit-in-kind charge can arise on the excess.
100%of annual emoluments from that employer: the current employer PRSA exemption limit
Occupational pension arrangements have different funding rules. The suitability, deductibility and timing of any contribution require separate review.
Pension versus accessible savings
Pension assets are intended for retirement and are subject to access conditions.
An emergency fund and accessible investments may be needed for a home purchase, a business expansion, a career break or the years before retirement benefits become available. We help decide how to divide available resources between these aims.
If you also work in another job
A business owner may also be employed in the private sector or public service. For example, a teacher with a separate tutoring or education business might already have public service pension benefits.
We assess both sources of income and the interaction of pension contribution limits rather than assuming each income stream has an independent full relief cap. School employment, tax and conflict-of-interest obligations should also be considered where relevant.
Forecast retirement rather than assuming a sale
We estimate potential retirement income from pensions, investments, State Pension entitlements where eligible and any possible business proceeds.
We model different retirement dates and outcomes if the business is sold for less than expected or cannot be sold.
CASH FLOW
Put structure around business and household cash flow
Create separate reserves with distinct purposes
1Business
Business operating account
Trading receipts and legitimate business costs.
Tax provision
Expected Income Tax, VAT, PAYE and corporation tax as applicable.
Business contingency fund
Cover disruption, repairs, delayed receipts and opportunities.
2Household
Personal income and bills accounts
Keep household commitments predictable.
Household emergency savings
Allow for time off or a fall in income.
3Long-term
Long-term pension and investment contributions
Made at an affordable level.
An organised transfer schedule can help, but accounting treatment matters. Sole trader drawings, partner distributions and company payments are different transactions. You keep control of accounts and authorise transfers.
Test decisions against weaker trading periods
Would you still manage mortgage payments if sales fell for six months? Could you afford a new employee, additional premises or a reduced working week? We model practical scenarios and adjust reserves, borrowing and personal spending assumptions.
Make home ownership and borrowing part of the plan
Irish mortgage lenders can consider self-employed borrowers, but documentation and income assessment differ. Depending on the case, you may need accounts, Revenue assessments, business bank statements and evidence of stable earnings. Company turnover is not automatically personal income, while one exceptional year may not represent sustainable borrowing capacity.
We assess buying, moving, switching, equity release and mortgage overpayments against other goals, including the cash needed to maintain and grow the business. Lending remains subject to provider criteria and affordability.
YOUR FAMILY
Include your partner and family
01
When both partners earn
We assess each partner's income, tax position, pension benefits, liabilities and intended retirement dates. A spouse working in the public sector may have a different pension access age or income structure from a business owner. We model the household as a whole rather than planning each income separately.
02
When one person relies on the business income
Where the household depends mainly on one business, a reserve and appropriate personal protection can be especially important. We consider childcare, unpaid caring responsibilities, education expenses, debts and the financial impact of illness or death.
03
Family members working in the business
Paying a spouse or adult child for real work may be appropriate if duties, remuneration, employment conditions and payroll are genuine and properly recorded. It should not be presented as an automatic tax-saving arrangement. Your accountant and, where needed, an employment adviser should assess the rules.
04
Savings and investments for children
We review education targets, timing, regular saving, ownership and tax treatment. Money intended for school or college in the near term may call for a different approach from longer-term investing. Gifts and inheritances can have Capital Acquisitions Tax implications.
05
Protect the income your family relies upon
A business owner may not have the sick-pay, death-in-service or disability benefits available to some employees. We assess income protection, life assurance, specified illness cover and mortgage protection alongside any existing policies and employee benefits. Terms, exclusions and underwriting vary, and income protection is not a substitute for appropriate business reserves.
INVESTMENTS
Invest and grow wealth beyond the business
Avoid putting every financial goal into one asset
For many owners, the business represents a large portion of their assets and income.
We review how much of your long-term future depends on one company, one industry or one property and assess whether diversified personal savings, investments or pensions are appropriate.
Compare personal and company investing
Investment taxation, access to funds and withdrawal costs vary by ownership and product. Corporate investments may expose a close company to surcharge rules and can affect future tax-relief eligibility on a business sale.
We do not assume that retaining money inside a company is always the most efficient choice. Your accountant should confirm the treatment.
Business premises, commercial property and investment property
We can review the wider affordability and financing implications of purchasing premises or investment property where suitable products are available.
Ownership through a person, company, SPV or pension arrangement has materially different risks, legal requirements and tax treatment. Seek specialist advice before committing.
CONTINUITY & SUCCESSION
Plan for business continuity and succession
What happens if you cannot work?
A sole trader's absence may immediately affect income. A business employing staff may face additional payroll and continuity obligations.
We review the role of key person insurance, business loans, emergency cash and documented responsibilities, alongside personal protection.
If ownership is shared
Where there are multiple owners, the partnership or shareholder agreement should deal with death, disability, disputes and departure.
Shareholder or partnership protection may help fund a transfer of ownership if appropriately arranged. Legal structure, beneficiary wording, taxation and insurance ownership matter.
Prepare early for selling or handing over the business
Understand your options before you need to exit
Your eventual exit might be a sale to a third party, a management buyout, a transfer to family, phased retirement or closure.
We estimate what each could mean for your personal finances after transaction costs, debt, taxes and timing uncertainty.
Review Irish business disposal reliefs
Revised Entrepreneur Relief can apply a 10% Capital Gains Tax rate to qualifying gains, subject to strict conditions and a lifetime gains limit of €1.5 million for qualifying disposals from 1 January 2026.
10%Capital Gains Tax rate on qualifying gains under Revised Entrepreneur Relief, subject to strict conditions
Retirement Relief may be available on qualifying business disposals, with age, ownership, value, recipient and other conditions. The name does not necessarily mean you must actually retire. These are not automatic entitlements for every business owner.
Where a business is being passed to family, Capital Acquisitions Tax Business Relief may also merit review. CGT, CAT and stamp duty consequences must be assessed separately by appropriate tax and legal advisers.
Make a plan for the family estate
We consider wills, pension death benefits, life cover, property, ownership records and the ability of surviving family members to meet liabilities.
Where suitable, Section 72 life assurance may be considered to help fund qualifying inheritance tax liabilities, subject to policy and statutory conditions.
ILLUSTRATIVE EXAMPLES
See how a business owner financial plan could work
Example 01
A shop owner with irregular income
Sole traderRetail businessUneven cash flowMortgage
A sole trader runs a successful local retail business but faces uneven monthly cash flow. Their family has a mortgage and growing education expenses.
Their plan could
Separate tax and working-capital reserves, set a sustainable household transfer, review protection and establish regular retirement saving that can adjust when trading changes.
Example 02
A limited company owner nearing retirement
Limited companyIn their fiftiesPlanning to sell
A company owner in their fifties wants to reduce hours and eventually sell.
Their plan could
Review salary and employer pension funding with their accountant, test what happens if the sale is delayed, assess surplus investing and begin succession and relief eligibility discussions with specialist advisers.
Example 03
A teacher with a separate education business
TeacherTutoring businessPublic service pension
A teacher works in an Irish school and operates a legitimate tutoring business outside school hours.
Their plan could
Review PAYE and self-assessment obligations, existing public service pension rights, any AVCs and pension funding connected with self-employed profits. It would also separate side-business income from predictable household costs and consider insurance and any applicable employment restrictions.
Illustrative scenarios only. Available options depend on the individual's verified circumstances, product terms and independent tax and legal advice where appropriate.
Illustrative examples only. Figures are simplified for illustration; actual outcomes will depend on your individual circumstances.
FROM WHERE YOU ARE TO WHERE YOU WANT TO BE
How MM Advisors can help
- 01Understand
Understand your goals and business structure
We discuss household objectives and the role the business plays.
- 02Gather
Gather the relevant facts
We review income, assets, liabilities, pensions and the financial information needed.
- 03Compare
Compare practical choices
We outline cash-flow, protection, pension, mortgage and investment options with costs and risks.
- 04Implement
Coordinate implementation
We arrange suitable products within our service scope and engage your accountant or solicitor where needed.
- 05Review
Agree a review process
The plan is revisited when profits, family circumstances or retirement objectives change.
We explain relevant planning fees, product charges and commission arrangements before you proceed. Your accountant remains responsible for tax returns and tax treatment, and your solicitor for legal documentation.
FREQUENTLY ASKED QUESTIONS (FAQs)
Before you build a plan, you may be wondering…
A few of the questions that often come up with Business Owners.
Is financial planning only for limited company owners?
No. Sole traders, business partners and company owners can benefit, although the legal, tax and pension options vary by structure.
Can my business pay into my pension?
A sole trader generally funds personal pension contributions from qualifying personal earnings rather than receiving employer pension contributions from a separate company. A limited company may make employer contributions for eligible employees, subject to the applicable rules.
What if my income changes every month?
We can build a budget around essential household costs, appropriate cash reserves and a sustainable transfer policy, with review points when trading changes.
Can I get a mortgage if I am self-employed?
Yes, subject to lender assessment. Evidence of sustainable income, accounts, tax records and affordability will normally be important.
Should I leave surplus money in my company?
That depends on cash needs, tax treatment, investment plans, possible surcharges, future extraction and succession objectives. There is no universal answer.
Can I protect my income if I become ill?
Potentially. Income protection may be available subject to eligibility, underwriting, occupation and policy conditions. We also review reserves and other cover.
Does selling my business qualify for the 10% CGT rate?
Not automatically. Revised Entrepreneur Relief has detailed qualifying business, ownership, activity and other requirements, and a lifetime limit.
Do I have to retire to qualify for Retirement Relief?
Not necessarily. Revenue confirms the relief does not always require actual retirement, but all relevant conditions must be satisfied.
Can my spouse work in the business?
Yes, where the role is genuine and employment, payroll and tax requirements are met. Appropriate pay and pension eligibility must be considered separately.
What if I am also employed, including as a teacher?
We consider both sources of income, tax reporting obligations and existing workplace or public service pensions. Pension relief limits may interact, so separate full allowances should not be assumed.
MORE FINANCIAL PLANS
Explore other financial plans
MORE HELPFUL GUIDES & ADVICE
Guides for Financial Planning for Business Owners
CLIENT TESTIMONIALS
What Our Clients Say
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Your business is important, but so is the financial life you want outside it.
Tell us what you are working towards and we can discuss the next practical steps.
Money Maximising Advisors Limited is regulated by the Central Bank of Ireland – C154250
General information only, not personalised financial, tax or legal advice. Investments can fall as well as rise in value and you may get back less than you invest. Pension access and tax relief restrictions apply. Mortgage lending is subject to status, affordability and lender approval. Insurance cover is subject to underwriting and terms.