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David Jarvis Construction

SSAS - Pension Fund

Newmarket Plant Hire Ltd was established in 1987 and is an independently owned plant and tool hire company supplying mechanical plant and equipment to the construction and civil engineering industry.

The company has grown considerably over the past few years and now includes six depots in East Anglia, the Midlands, South East of England, London and the Home Counties.

Managing Director, Carl Jarvis, was introduced to Mattioli Woods by his long-term accountant, Phil Needham, who had assisted with a number of financial aspects of the expansion of the company.

Prior to being introduced to Mattioli Woods, Carl had lost faith in the benefits a self-administered pension scheme could provide, not only due to the constant changes to pension legislation introduced by various governments, but also because the existing administrators failed to provide the necessary advice and guidance required to address the issues of the vast changes within the pensions arena. The existing small self-administered scheme (SSAS), which was originally established by his parents over 20 years ago, had in effect become dormant without any contributions having been made for a number of years.

Following a review of the scheme, Carl was made aware of the changes to the tax liability on beneficiaries in the event of death, and the amendments to contributions that could be made by a company or an individual to obtain tax relief. This resulted in the company making a contribution of £255,000 to the pension scheme before the year-end and subsequently loaning this back to the business within a few days. This measure alone resulted in a corporation tax saving of approximately £50,000, without the loss of any liquidity or cash flow within the business.

There is now a structured plan in place to review the possibility of further pension contributions to create additional tax savings, and to monitor Carl’s parents’ pensions and tax position on an ongoing basis.