Sole-Trader Wind-Up: Securing Income for Husband & Wife
How we helped our client feel secure in their future
Written by Brandon Hart FMAAT, Client Accountant
The client, a small sole trader nearing retirement, faced significant financial uncertainty. The husband and wife team were concerned about their financial stability once the husband ceased full-time work.
Two years prior, the wife had begun receiving a small state pension. Her qualifying years included:
- 5 years of earnings before becoming a full-time mother.
- 15 years of earnings after their children left home.
Finding their pension
This did not serve as enough “qualifying years” for a full State Pension. However, after discussing with the client, we learnt that the client received “family allowance” for some 20+ years whilst the children were growing up and in full-time education.
The clients did not know that these years counted towards her state pension qualifying years and therefore she had sufficient qualifying years for the full state pension.
A stable future income
After a short phone call from us to HMRC, the client received a back payment of £3,500 and an increased state pension going forward. The back payment provided immediate financial relief, and the increased state pension ensured a more stable income in the future.
They still thank us for this golden piece of information whenever we see them.
Other Case Studies
We engaged with a limited company client to review their financial performance and tax obligations
Moving a successfully operating with a handwritten bookkeeping system to the digital world
Aiding the smooth sale of a business in the education sector to a Private Investment Company.
We offer FREE discovery calls to limited companies, sole traders and tax-return prospects.
Once we’ve had a chat, we’ll arrange a proposal meeting to discuss your goals, what services you need, and what our fees will be.