Question: As a business owner I am worried about the recent budget announcement that high earners are to be hit harder. Is there anything I can do to combat this?

Stephen Hill, senior partner with S Hill, investment advisers, replies:

Yes there is, although it depends on what income bracket you fall into. Tax relief on pension contributions will be reduced for those earning more than £150,000 from 2011.

However, those who earn up to £150,000 will still get 40% tax relief on pension contributions, while those who earn more than this figure will see their tax relief reduce on a sliding scale to just 20% for those earning over £180,000.

If you are one of the highest earners who will only get 20% tax relief on your pension contributions, be careful in case you have to pay 40% income tax on the pension income received.

In this case you might be best maximising your ISA allowance first before looking at your pension.

Pension contributions receive tax relief on the way in but the income in retirement is also taxed. ISAs do not receive any tax relief but the proceeds are tax-free.

ISA contribution limits are increasing to £10,200 for the over-50s from this October and this increased limit will be extended to everyone from April 2010.

So the key question for those earning over £150,000 is whether they should invest in ISA, pension or both.

I would suggest that anyone earning more than £150,000 should speak to their financial adviser to have the merits of ISA and pension compared.

If you already have a large pension fund and are likely to be a higher rate taxpayer in retirement, you may wish to consider maximising your ISA allowance first. If you have a more modest existing pension fund and are likely to be a basic rate tax payer in retirement, then pensions probably remain the best option.

However, each individual's financial situation is unique and guidance should be taken before entering into any retirement vehicle contract.

Question: I’ve lost a key customer and need to replace revenue quickly. Have you any advice?

Elaine Curran from Invest NI's trade team replies:

Start by taking a good look at your business to identify its strengths and to be sure you are clear about your unique selling point.

In the current circumstances you may find that this needs to change to fit altered market conditions.

It’s essential to know what your potential customers want and it is worth updating your market research. You may find that you need to introduce new products, change your pricing structure, or rethink how you present your service.

To pinpoint prospects you should draw up a profile of your existing customers and use this to identify similar potential customers.

Look outside your current geographical market area, perhaps to Britain or beyond to western Europe, or even outside your sector.

It’s also useful to find out whom your competitors are selling to.

Opportunities also exist for working in partnership with other businesses that offer complementary services to yours, which are aimed at similar customer groups.

This is a very good way of getting new business and can open up opportunities for product or service development.

Of course there is always potential for selling more to existing customers and this can often be the easiest way of getting immediate sales.

If you have customers that only buy one of your range of products you can pitch your other products to t hem, or introduce a service dimension to your offering, such as training, maintenance or needs analysis.

The nibusinessinfo.co.uk website has a section on spotting market opportunities that gives a lot of useful information on winning new business.

Question: Although the threat of swine flu appears to have receded somewhat, how can my company avoid disruption to their business should it rear its head again?

Lisa Bryson from Carson McDowell solicitors, replies:

Forward planning will inevitably help, no matter how unpredictable a potential pandemic might be.

Flu planning needs to take account of different ways of working that could potentially last for weeks or months.

A number of employers will already have contingency plans in place in relation to how to handle a potential flu pandemic — the need for such a policy was highlighted again a few years ago by the risk of bird flu.

Employers should make plans for running their businesses with minimum staffing and consider retraining or redeploying staff to key or business critical roles.

It may also be necessary to take on temporary staff, so appropriate paperwork, such as temporary contracts, should be put in place in preparation.

Employers should consider ways to reduce the need for face-to-face meetings such as flexible or home working to ensure as many staff as possible can continue to work.

Introducing new methods of communication (such as video conferencing and webcasting) may be helpful in containing the spread of pandemic flu, as employees will not be required to travel unnecessarily.

The introduction of an information bulletin to ensure employees are up to date with all relevant information may also be a useful tool. The bulletin should include numbers to call if employees cannot attend work.

This will be helpful in ensuring that the impact of a pandemic flu is minimised and businesses can continue to function at as close to normal levels as possible. Businesses should also seek to discuss their proposed contingency plans with critical suppliers and banks to ensure they are complementary.