When considering the best vehicle through which to operate a business, tax is a major consideration which can affect that decision, but it’s not the only one; practical and legal issues should be considered as well. A limited company is a ‘body corporate’ (i.e., a separate legal person). The company owns the assets, the profits, […]
New Business: Company Or Partnership? Read More »
Steps to close a limited company involves a series of steps and considerations. The two main ways to close a limited company in the UK are through a voluntary liquidation, also known as a creditors voluntary liquidation (CVL), or through a compulsory liquidation initiated by creditors or HMRC. The specific process and requirements can differ
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Some advantages of a limited company include limited liability to protect your assets, the ability to establish a separate legal entity and potential access to funding options and tax advantages. These advantages can contribute to the credibility, stability, and growth potential of your company. It’s important to fully understand these benefits and their implications before
What are Advantages of a Limited Company? Read More »
If you run your property business from home, you may wish to use simplified expenses to claim relief for associated household costs. You can also use simplified expenses to disallow the private element if you live in your business premises, as may be the case if you run a B&B. You can only use simplified
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Many business owners set up a limited company without knowing ‘what is a limited company?’ This business structure is legally separate from its owners or is a separate legal entity. It needs to be registered at Companies House in the UK. A limited company is solely responsible for its finances, actions and liabilities. Let’s delve
What is a Limited Company? A Basic Guide Read More »
Before jumping into the business world, you need to understand the different types of business and choose one that suits you. There are many business structures to choose from, so you need to do your research beforehand to be legally compliant. And to be saved from the hassle of legal complications and most importantly to
Types of Businesses in the UK Read More »
For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on taking a salary if the company is making a loss, the same is not true
Take dividends while you can Read More »
Most landlords will need some sort of finance in order to invest in property to let out. However, while tax relief for mortgage and finance costs are available regardless of whether the property business is operated as an unincorporated property business or whether it is run through a limited company, the mechanism and extent of
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