Making your business simple…

New to Limited Company contracting 

If you are new to contracting or running your own limited comapny then you have come to the right place. We offer unlimited advice and guidance on everything related to running your own business. Please ask a member of our team for more details.

Online Portal Features

Manage your accounts on the go from anywhere with our online portal
Create expense claims and upload receipts directly in to the portal
Add miles travelled and the app will monitor HMRC approved mileage rates

Dashboard provides quick pay calculations
Use the dashboard to quickly monitor what you can take in expenses, wages and dividends
Check out your accountant easily and contact them directly
Quick access links helps you get to the page you want to go to quickly

Add and manage expenses and mileage claims
Create expense claims and view receipts
Quickly monitor what expenses you are owed at any one point in time

Create sales invoices and send directly by email or simply download to PDF
Quickly check who is owing and send reminders effortlessly
Enter different types of sales, time, quantity or lump sum amounts easily

Easily create VAT return calculations using a number of different schemes
Save VAT returns so that easier to claim missed VAT from a previous period
Your accountant will submit the return internally and update the system

What We Offer

We Offer a comprehensive financial advice service, which includes all forms of insurance, investments and pensions.

Critical Illness

Alongside life assurance we always recommend critical illness cover.  This is a type of insurance that will provide you with a lump sum payment if you were to be diagnosed with a critical illness during the term of the policy.  This can be used to repay a mortgage in full or to provide additional cash in order to pay for expensive treatment or care or to provide a replacement of the affected party’s income.

This can be considered an even more crucial insurance than life cover due to increased life expectancy.  Critical illnesses are becoming more and more treatable and people are recovering at much greater rates than ever before.  It is obviously a fantastic thing that people are recovering from serious illness but it does raise other issues.  The affected party may have been unable to work and may have required expensive care.  With just life assurance in place the policy would only have paid out if the person had died.  If the affected person survived there would be no insurance payment, the mortgage would remain in place and the income may have stopped.  Without critical illness cover attached to the policy nothing would be paid out but your position financially may become very difficult.

Due to the frequency of critical illness in people under 65, the cost of this cover is high in comparison to life cover and is one of those plans that you hope is never used – but if a claim has to be made it becomes priceless.

Mortgage Protection

When arranging a mortgage it is essential that you consider what life cover you need to arrange in support of the lending.  If you have dependents there is a definite requirement for adequate life assurance to make sure that if you were to pass away the mortgage is cleared in full and that your dependents continue to live in your home.

Often we also find that partners can be vulnerable if one salary is removed from a household and again to avoid the need to sell the property during a difficult period of loss we would suggest that full cover is arranged and maintained.

The banks do not insist upon life assurance but they do strongly recommend it.

Income Protection

At Financial Options we understand the importance of protecting your income if you are unable to work.  There are a range of products available to meet these requirements:

Permanent Health Insurance (PHI)

This policy will pay a percentage of your normal income after a set deferment period if you are unable to work due to sickness or accident.  Usually the deferment period is 3 or 6 months and this cover comes into play once the employer ceases paying the salary.

This cover can pay an increasing level of cover for the rest of your expected working life unless you return to work before retirement.  The benefit is taxable as income for a Manx resident.

Accident & Sickness Protection

This is similar to the PHI policy mentioned above but is not underwritten.  It also offers back to day one cover and can be a cheaper option then the PHI policy but will only pay out a benefit for 12 or 24 months.  This sort of cover can also be used to cover redundancy and cover mortgage, rent or loan payments.

Private Medical Insurance

We all know that the National Health Service provides the best service that they can but what happens when you are faced with a difficult medical issue but there are long waiting lists?  This type of cover will mean that you can seek private medical attention and resolve the problem a lot sooner.  Certain policies also cover dental and physiotherapy costs.