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Garry and Bronwyn Todd


Building a business brings its share of challenges but can also be hugely rewarding, as Garry and Bronwyn Todd can testify. Since they set up Huddersfield-based electrical contractors JGT Electrical Limited in 1994, after Garry had been made redundant from his previous post, the business has gone from strength to strength.

With Garry’s 45-plus years of experience in the sector and Bronwyn taking control of the financial side, after she quit her own job as a lecturer in hairdressing, the company has since grown to a workforce of 20, working for big name clients including McVitie’s, Huddersfield Royal Infirmary and West Co.

While the business has been a key focus, the couple have also been careful to think about ensuring a secure financial future, by making private pension arrangements when they set up JGT to complement their occupational pensions.

The couple originally had another accountant when they set up the business but after a few years wanted to work with a firm that offered a greater range of services to suit the needs of their growing company.

They moved to Lambert Roper & Horsfield, which initially managed their pension scheme until its sister company LRH Wealth Management subsequently took on that role.

With a time now approaching when the Todds are starting to think about making use of their pensions, they are happy with both the results from their investments and the relationship with LRH Wealth Management.

Bronwyn says: “They invest our pension fund on our behalf and send us regular reports, so we know exactly what is happening at all times. We also meet Sue West, one of the directors at LRH Wealth Management, once or twice a year and I can speak to her at any time on the phone.

“They know exactly what we have and what we are doing with it and we have found it to be a very good relationship.”

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Latest News

Is 2025 your year to incorporate? Here are our top tips

January 16th, 2025

Nearly 900,000 companies were incorporated in 2024 – an 11.2 per cent increase compared to 2023. More entrepreneurs are recognising the benefits of limited companies.

The advantages of limited companies include limited personal liability, mitigated taxation and greater exposure to investment opportunities.

To help you start your journey towards limited company status, here are our top tips:

Research

Taking the first steps towards incorporation should not be taken lightly. Whilst it limits liability if things go wrong, it does come with some strict compliance requirements in regard to regular reporting to Companies House, which you need to prepare for.

Paying yourself

As a director, you can pay yourself via salary, dividends, or both to maximise your take-home pay.

The most efficient approach is often to pay yourself a lower salary, so you are not liable for Income Tax or National Insurance Contributions (NICs), but still contribute enough towards your state pension, and take the rest as dividends, which is subject to a lower tax rate.

Be aware that it may not always be possible to pay a dividend if your profits aren’t sufficient.

Structuring your company

When considering the distribution and management of share rights in a limited company, several key aspects must be carefully planned and managed. You will need to define how dividends are paid, voting rights and share structure.

At this stage, you may also need to discuss a future exit, including transfer, drag-along and tag-along rights.

As part of this process, you will need to address how the shares and shareholder rights align with the company’s Articles of Association.

Open a business bank account

Open a separate bank account for your business as soon as possible. Some founders make the mistake of thinking they can mix personal and business finances at the beginning, but it makes applying for reliefs and paying taxes more complicated as you have to declare what each transaction is for and when it was made.

Treat your business like a separate entity (because it is)

If you plan to inject personal funds into your company or take money out, do it properly through a Director’s Loan Account.

Make sure to detail each transaction going in and out of the business and never take out excessive amounts of money, as this can attract attention from HM Revenue & Customs (HMRC) and lead to fines.

If you are considering incorporation, you should seek professional advice and ongoing support to reduce the potential for errors and non-compliance with Companies House regulations.

Ready to take the next step? Contact us today for expert advice on incorporating your business.

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