We started a SIPP last year in order to buy our new workshop, basically the funds from my pension bought the workshop through a SIPP and our business now pays rent for the workshop into the SIPP at the going rate for the size of the premises. This rent goes directly into the SIPP therefore increasing the funds in the pension at a pretty dramatic rate.
There is a £400 /year charge for the management of the SIPP. However when we come to sell the workshop any profit from the sale is not liable to CGT, whereas if I'd bought it through Lionheart Cleaning or Ian Rochester then it would have been liable. Alternatively we could rent out the workshop to another business and draw an income from the SIPP at age 50. (2yrs 10 month!)
It really is worth looking at long term plans for your businesses, as self employed people the only ones looking after your financial interests in old age is yourselves, a lot of people say "get an accountant" and yes you definately do need a good accountant, however you also need a good Independant Financial Advisor to help you decide how best to invest any spare income you have by maximising it's growth and spreading the risks. I took on an IFA 5 years ago and we meet every 6 months to look at our options.
When my daughter turned 13 she became an employee of the business as she works weekends and helps out in the office (think it was Derek West who advised me on this at a CCDO) and we also started a pension for her at the same time.